Estimates for year-on-year growth range between 1.4% and 1.9%.
In the first quarter of this year, the Gross Domestic Product (GDP) contracted by 0.5% quarter-on-quarter, growing 1.6% year-on-year, with most analysts predicting a recovery in the second quarter.
Economists at the Católica-Lisbon Forecasting Lab (NECEP) are the most optimistic, forecasting that the Portuguese economy likely grew 0.7% quarter-on-quarter and 1.9% year-on-year in the second quarter, “offsetting the previous quarter’s 0.5% contraction.”
The Forum for Competitiveness estimates that the quarter-on-quarter change shifted from a 0.5% decline to a recovery between 0.2% and 0.5%, corresponding to a year-on-year variation between 1.4% and 1.7%.
In its June economic bulletin, the Bank of Portugal indicated that “for the second quarter, a quarter-on-quarter GDP variation of 0.4% is projected, linked to the recovery of GFCF [Gross Fixed Capital Formation] and exports.”
