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The Minister of Economy, Pedro Siza Vieira, said today that the 13.2% recovery of the Gross Domestic Product (GDP) in the third quarter compared to the second quarter was above the average of the euro zone, which indicates convergence with the European bloc.
“It is a growth above the average of the euro zone, which shows that once again Portugal continues to converge with the European Union,” the Minister of State, Economy and Digital Transition told journalists, at the entrance of a meeting of Council. Permanent Council for Social Consultation (CPCS), in Lisbon.
Pedro Siza Vieira reacted in this way to the GDP figures for the third quarter, when the Portuguese economy fell 5.8% compared to the same period last year, but recovered 13.2% compared to the second quarter of this year.
“This means that, in fact, the economic trajectory was being consistent with the government’s projections, in the sense that after a very abrupt and violent contraction in the second quarter, we were having a very fast and strong recovery also in the third quarter. trimester. “Emphasized the government official.
The Government foresees a recession of 8.5% for this year, according to the macroeconomic projections associated with the proposed State Budget for 2021.
However, the minister acknowledged that the news about the current health situation “is not good”, which may “have some impact on the economy in the last quarter of this year.”
“What we can feel is that if we have to make some contractions, if we have some of our main export markets, such as Germany, France or Spain, in situations of more restrictions on social activity, this will not have a positive impact. “He continued.
“That is why we have to be more ambitious in the support that we are going to give, in employment and in companies, so that we can go up this path once again”, reinforced Pedro Siza Vieira.
For the minister, “the most important thing is to control the contagion rate”, and “the greatest contribution that each citizen can make to the improvement of the economic and labor situation is to be extremely responsible and prudent on the way they behave.”
The government official also pointed out that the State Budget for 2021 is designed to “help manage various possibilities of behavior of the economy and the pandemic”, so “it is important” to have “a positive result”, with its approval also in the specialty.
The Portuguese Gross Domestic Product (GDP) fell by 5.8% in the third quarter of the year compared to the same period in 2019, but recovered by 13.2% compared to the second quarter of this year, announced today the National Institute of Statistics (INE).
“In the third quarter of 2020, the Gross Domestic Product (GDP) in real terms registered an annual reduction of 5.8%, after the strong contraction of 16.4% in the previous quarter”, can be read in an estimate quick published today. by INE.
Compared to the second quarter, “GDP increased 13.2% in real terms, which compares with the strong contraction observed in the previous quarter (chain variation of -13.9%).”
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