Portuguese GDP growth “encouraging”

4.9% GDP growth

Graph showing GDP growth

The Portugal News recently reported that the Portuguese Prime Minister, António Costa, considered the growth of 4.9% growth in the Portuguese Gross Domestic Product (GDP) in the second quarter of the year as an “encouraging sign of recovery”.

“The signs of recovery are encouraging. We must keep working”, the head of Government said whilst visiting Portalegre. Asked by journalists about the GDP figures, released by the National Statistics Institute (INE), António Costa insisted that they are “an excellent sign” of the “resilience of the economy, with the set of measures that have been adopted”.

This combination allowed “sustaining employment”, he defended, referring to the numbers that came out at the end of July that show that the country has an “employment rate similar” to the one it had at the beginning of the pandemic.

The Portuguese GDP growth was 4.9% in the second quarter compared to the first, and 15.5% over the same period last year, according to data released by the National Statistics Institute (INE).

“Gross Domestic Product (GDP), in real terms, registered a year-on-year change of 15.5% in the 2nd quarter of 2021 (-5.3% in the previous quarter)”, can be read in a press release released by the institute of statistics.

According to INE, “this evolution is influenced by a base effect, since the restrictions on economic activity as a result of the pandemic were felt more intensely in the first two months of the second quarter of 2020, leading then to a contraction without precedent of economic activity”.

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