GDP swells 4.9% in Q2 for YoY growth of 15.5% as economy reopens
The growth reflects a "period in which there was a plan to gradually reopen the economy, after a new general lockdown at the beginning of the year due to the worsening of the pandemic," says INE.
Portugal’s gross domestic product (GDP) swelled by 4.9% in the second quarter from the first, and was 15.5% larger than in the second quarter of last year, Statistics Portugal (INE) said on Tuesday, in a release containing preliminary calculations for the period.
According to the release, the growth reflects a “period in which there was a plan to gradually reopen the economy, after a new general lockdown at the beginning of the year due to the worsening of the pandemic.”
The INE notes that the year-on-year change in the first quarter, when GDP was 5.3% less than a year earlier, was “influenced by a base effect, as the restrictions on economic activity as a result of the pandemic were felt more intensely in the first two months of the second quarter of 2020, leading then to an unprecedented contraction in economic activity.”
