FOREX TradingCharts.com

Financial News: Portugal Q2 GDP Decline Revised To 16.3%

Portugal Q2 GDP Decline Revised To 16.3%

08/14/2020 - 12:01:00 (RTTNews)

(RTTNews) - Portugal's economy contracted slightly less than initially estimated, but the rate of decline remained sharp, amid the severe hit from the coronavirus pandemic, latest figures from Statistics Portugal showed on Friday. Gross domestic product fell 16.3 percent year-on-year, which was initially estimated at 16.5 percent. In the first quarter, the economy shrank 2.3 percent. Two consecutive quarters of economic contraction equals to a technical recession. Domestic demand made a negative contribution of 11.9 percentage points, which was far worse than the 1.2 percentage points in the previous quarter. This was largely due to the sharp contraction in private consumption and investment due to the containment measures implemented to battle the Covid-19.

Negative contribution of external demand worsened to 4.4 percentage points as exports declined more than imports, due largely to the near interruption of non-residents tourism, the statistical office said. On a quarter-on-quarter basis, GDP fell 13.9 percent after a 3.8 percent drop in the previous quarter. The quarterly decline was initially estimated as 14.1 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Leading Economic Index Suggests Rebound May Be Losing Stream (43 min(s), 25 sec(s) ago)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story»

U.S. Consumer Sentiment Improves Much More Than Expected In September (30 min(s), 25 sec(s) ago)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story»

Italy Current Account Surplus Rises For First Time Since April (01 min(s), 25 sec(s) ago)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story»

Croatia Jobless Rate Steady At 9% In August (30 min(s), 25 sec(s) ago)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story»

Poland's Industrial Output Rises Less Than Expected (40 min(s), 25 sec(s) ago)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story»

Russia's Central Bank Keeps Rate On Hold (17 min(s), 25 sec(s) ago)
(RTTNews) - Russia's central bank left its key interest rate unchanged at a record low as wide ...Full Story»

Italy's Industrial Orders Rise In July (05 min(s), 25 sec(s) ago)
(RTTNews) - Italy's industrial orders and turnover increased for the third consecutive month i ...Full Story»

Eurozone Current Account Surplus Falls In July (51 min(s), 25 sec(s) ago)
(RTTNews) - The euro area current account surplus declined in July due to a fall in primary income ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Leading Economic Index Suggests Rebound May Be Losing Stream

09/18/2020 - 10:27 AM (RTTNews)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story>>

U.S. Consumer Sentiment Improves Much More Than Expected In September

09/18/2020 - 10:14 AM (RTTNews)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story>>

Italy Current Account Surplus Rises For First Time Since April

09/18/2020 - 09:45 AM (RTTNews)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story>>

Croatia Jobless Rate Steady At 9% In August

09/18/2020 - 09:14 AM (RTTNews)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story>>

Poland's Industrial Output Rises Less Than Expected

09/18/2020 - 08:24 AM (RTTNews)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.