Portugal’s economic activity still shows “intense reduction” in June

  • ECO News
  • 17 July 2020

This Friday, INE released the June economic summary and the figures confirm that the recovery continues, but an "intense reduction" of activity remains.

The Portuguese economy continued to recover gradually in June after the strong fall in activity in April, but there is still an “intense reduction” in economic activity. The data is included in the June economic summary released this Friday by the National Statistical Institute (INE).

“n Portugal, not considering three-month moving averages, the information already available for June still reveals an intense contraction in economic activity, although less intense when compared to the previous month,” says the INE highlight. The recovery was across all sectors, but was “more expressive” in manufacturing and services.

In May, the indicators of the economic summary already showed a recovery of the economy: “The available information reveals a less intense contraction of economic activity in May compared with the previous month,” according to the statistics office last month.

With the Eurozone consumer confidence and economic sentiment indicators, the conclusion is similar with consumers also recovering “more intensely” in June than in the previous month, but “still remaining at historically low levels.”