GDP per capita in Portugal

Portugal GDP per capita (USD) | Economic News & Forecasts

Portugal - GDP per capita (U.S. Dollars)

Economy picks up slightly in Q1

Detailed national accounts released on 31 May confirmed that the economy grew 0.5% in quarter-on-quarter, seasonally-adjusted terms in Q1 2019 (Q4 2018: +0.4% quarter-on-quarter). Meanwhile, the economy grew 1.8% in annual terms, after expanding 1.7% year-on-year in the previous quarter.

A marked acceleration in domestic demand (Q1: +2.1% qoq; Q4 2018: +0.8% qoq) powered the quarterly expansion, outweighing weakness in the external sector. Particularly, surging fixed investment led the charge (Q1: +8.3% qoq; Q4: +0.2% qoq), propelled by markedly higher construction investment. On the other hand, private consumption growth slowed considerably, from 1.3% to 0.3%; growing pessimism over general economic conditions and personal finances caused consumer confidence to slide in the period, weighing on household spending in turn. The government also tightened its belt, with public spending growth decelerating to 0.4% from 0.7% in the previous quarter, on attempts to strengthen the fiscal account.

Meanwhile, export growth sped up to 2.9% in the quarter (Q4: +1.6% qoq), although remained relatively tepid amid a cooling global economy. Nevertheless, the external sector dragged more severely on growth, deducting 1.7 points from the headline print following the 0.4 percentage-point subtraction in Q4, as imports continued to outpace exports. Import growth climbed to 6.0% in Q1 from 2.3% in the previous quarter, reflecting a significant rise in the purchase of capital goods from overseas.

Despite marginally improving in Q1, economic growth is expected to weaken this year on a slowdown in exports and cooling tourism activity amid increasingly challenging global conditions. While EU structural funds will aid the rollout of several delayed investment projects, domestic demand is also set to lose momentum, with downbeat sentiment among households and businesses capping consumption spending and investment.

The Bank of Portugal projects the economy will grow 1.7% in both 2019 and 2020. Met the why particular Consensus Forecast panelists expect GDP to expand 1.7% in 2019, which is unchanged from last month’s forecast, and 1.5% in 2020.

Portugal - GDP per capita (USD) Data

2013  2014  2015  2016  2017  
GDP per capita (USD)21,555  22,152  19,386  19,921  21,126  

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Portugal Facts

ValueChangeDate
Bond Yield0.61-1.90 %Jun 14
Exchange Rate1.120.65 %Jun 14
Stock Market5,130-0.02 %Jun 14

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