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Financial News: Portugal GDP Rebounds In Q2

Portugal GDP Rebounds In Q2

07/30/2021 - 12:07:00 (RTTNews)

(RTTNews) - Portugal's economy expanded in the second quarter after contracting in the previous three months, as activity began to gradually recover after a lockdown to curb the a fresh wave of the coronavirus pandemic. Gross domestic product grew 4.9 percent from the first quarter, when it shrunk 3.2 percent, preliminary estimates from Statistics Portugal showed Friday. "There was a general confinement due to the worsening of the pandemic, followed by a plan to gradually reopen the economy as of mid-March," the statistical office said. Quarterly growth was largely driven by the positive contribution of domestic demand and a less negative contribution of net external demand. Year-on-year, GDP rose 15.5 percent in the second quarter after a 5.3 percent fall in the previous quarter. The increase was the first since the fourth quarter of 2019. "This evolution is influenced by a base effect, as the restrictions imposed 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 to unprecedented contraction of economic activity," Statistics Portugal said.

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