SYNTHESIS INE@COVID-19, 6 Nov-2020

November . 06 . 2020 SYNTH SIS IN @ COVID-19 www.ine.pt page 10/15 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt GDP in volume registered a year-on-year rate of change of -5.8% and a quarter-on-quarter rate of change of +13.2% In the 3 rd quarter of 2020, the year-on-year rate of change in Gross Domestic Product (GDP) in volume was -5.8% (-16.4% in the previous quarter). This less marked reduction in GDP in the 3 rd quarter occurred in the context of a gradual re-opening of economic activity, which followed the application of containment measures to the spread of COVID-19, with a strong economic impact in the first two months of the second quarter. This result is largely due to the contribution of domestic demand, considerably less negative than in the previous quarter, mainly reflecting the lower contraction of private consumption. The negative contribution of net external demand was less marked in the 3 rd quarter, as a result of a more significant recovery in Exports of Goods and Services than that observed in Imports of Goods and Services, largely due to the evolution of exports of goods (exports of services continued to decline significantly). The GDP increased by 13.2% in real terms, compared with the 2 nd quarter of 2020, after the sharp decline observed in the previous quarter (-13.9%). This result is also largely explained by the significant positive contribution of domestic demand; the contribution of net external demand went from very negative to very positive, with a sharp growth in exports of goods. Gross Domestic Product in volume (reference year =2016) Seasonally and calendar effects adjusted data Year-on-Year rate of change, % More information available at: Quarterly national accounts – Flash estimate (30 days), 3 rd quarter 2020 (30 October 2020) -20 -15 -10 -5 0 5 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020