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Macroeconomic outlook report: Portugal

Second quarter of 2019

During the second quarter of 2019, Portugal's GDP remained constant in to a year-over-year growth rate of 1.80%. With regard to the labor market, the unemployment rate increased during the quarter to 6.60%, while the year-over-year growth rate of employment reduced its growth rate with respect to the previous quarter, to 0.81%. The euro depreciated against the dollar, with an exchange rate of 1.13 $/€. Lastly, inflation stood at 0.53%.

Macroeconomic overview

    • During the second quarter of the year, the Portuguese economy kept its growth constant with respect to the previous quarter in a rate of 1.80%. This performance was explained by the deceleration of the domestic sector, while the performance of the external sector compensated it.
    • In the labor market, the unemployment rate increased by 0.07 p.p. to 6.60%, while the pace of employment creation grew 0.81% year-over-year, 0.69 p.p. lower than the growth recorded in 1Q19. 
    • The euro depreciated against the US dollar by 0.01 $/€, reaching an exchange rate of 1.13 $/€.
    • Inflation in Portugal stood at 0.53% in the second quarter of 2019, 0.23 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.