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Macroeconomic outlook report: Portugal

First quarter of 2019

During the first quarter of 2019, Portugal's GDP accelerated by 0.11 p.p. to a year-over-year growth rate of 1.80%, mainly due to the performance of the domestic sector. With regard to the labor market, the unemployment rate fell during the quarter to 6.57%, while the year-over-year growth rate of employment reduced its growth rate with respect to the previous quarter, to 1.50%. The euro remained constant against the dollar, with an exchange rate of 1.14 $/€. Lastly, inflation stood at 0.76%.

Macroeconomic overview

    • During the first quarter of the year, the Portuguese economy accelerated with respect to the previous quarter by 0.11 p.p. to reach a rate of 1.80%. This performance was explained by the behavior of the domestic sector, as the external sector slowed this growth.
    • In the labor market, the unemployment rate fell by 0.10 p.p. to 6.57%, while the pace of employment creation grew 1.50% year-over-year, 0.39 p.p. lower than the growth recorded in 4Q18. 
    • The euro kept at the same level against the US dollar, reaching an exchange rate of 1.14 $/€, which was the same exchange rate than the registered in 4Q18.
    • Inflation in Portugal stood at 0.76% in the first quarter of 2019, 0.07 p.p. lower than in the previous quarter.

    For more information access the executive document in pdf (avalaible in Spanish and Portuguese).

    © GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.