Portugal’s economy stagnates in Q2, says Eurostat
The GDP in the Eurozone increased by 0.8% quarter-on-quarter (QoQ). Portugal had the fifth worst performance among European Union countries.
The Eurozone economy increased by 0.8% in Q2 compared to the previous one, accelerating very slightly from 0.7% in Q1, according to the latest Eurostat report. Even with INE’s upward revision of GDP to 0%, Portugal had the fifth worst performance among European Union countries.
However, in year-on-year terms, the Portuguese economy is one of the fastest-growing countries. The GDP increased by 7.1% in the second quarter, exceeding Eurozone’s 4.1%. Only Ireland, Greece, Croatia, Malta, Slovenia and the Netherlands grew more than Portugal.
In the EU, GDP rose by 0.7% quarter-on-quarter, a tenth less than the pace recorded between January and March. Compared to the same period in 2021, the bloc’s economy increased by 4.2%.
During the second quarter, household (1.3% growth in the Eurozone and 1.2% in the EU) and government final consumption expenditure (both 0.6%), as well as gross capital formation (0.9% in the Eurozone and 0.7% in the EU), contributed positively to GDP growth in both the Eurozone and the EU.
The Netherlands (+2.6%) recorded the highest increase of GDP compared to the previous quarter, followed by Romania (+2.1%) and Croatia (+2.0%). Decreases were registered in Poland (-2.1%), Estonia (-1.3%), Latvia (-1.0%) and Lituania (-0.5%).
