GDP slowed to 2% in 2019 but grew more than Portugal expected
The Portuguese economy grew 2% in 2019, INE revealed this Friday. This increase represents a slowdown compared to the previous year, putting it at a rate equal to that observed in 2016.
The Portuguese economy grew 2% last year, revealed this Friday the Statistics Portugal (INE). This increase represents a slowdown compared to the 2.4% increase in GDP recorded a year earlier and is the same as in 2016. Nevertheless, the Portuguese Finance Minister exceeded the target.
The Government, the International Monetary Fund (IMF), the Public Finance Council (CFP) and the Organisation for Economic Cooperation and Development (OECD) anticipated economic growth of 1.9%. The European Commission and the Bank of Portugal have a growth forecast one tenth higher (2%).
Data published this Friday by INE confirm the good news anticipated this Thursday by Brussels which, in forecasts with more current information (up to February 4th), pointed to a 2% growth in GDP.
The GDP growth rate recorded last year compares with that observed in 2016 when the economy grew precisely 2%. That year, the economy’s performance was charting an upward trajectory that culminated in a GDP increase of 3.5% in 2017. After that, it began to slow down, marking a GDP increase of 2.4% in 2018 and 2% in 2019. Last year was the second year of a slowdown.
