Despite looser Covid-19 restrictions, Portuguese economy has slowed down

  • ECO News
  • 2 September 2021

The Bank of Portugal (Bop) revealed this Thursday that the country's economy has slowed down in the last week of August.

Despite the country having advanced this week to the second phase of the deconfinement plan, the economic activity slowed down at the end of August, according to the Bank of Portugal (BoP). However, the Portuguese economy continues to grow compared to last year.

“In the week ended on August 29th, the daily economic indicator (DEI) and the corresponding biennial rate decreased compared to the previous week,” the central bank reveals this Thursday.

In straight comparison with 2020, the central bank’s indicator has shown strong growth since the end of the second lockdown in March. On August 29, the last day on which the DEI was calculated, the year-on-year growth of the indicator was 1.1%, well below the 8% of the previous week. As for the weekly moving average, the latest figure is that of August 26: a year-on-year rise of 1.7%, well below the 5.6% of the previous week.

The next DEI release is scheduled for September 9.