SYNTHESIS INE@COVID-19, 07 may-2021

May . 07 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 9/15 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt Gross Domestic Product in volume decreased by 5.4% year-on-year and declined by 3.3% quarter-on-quarter Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of -5.4% in the 1 st quarter of 2021 (-6.1% in the previous quarter). This outcome is the result of: • A more negative contribution of domestic demand than in the previous quarter, largely reflecting a sharper reduction in private consumption; • The contribution of net external demand was less negative than in the 4 th quarter of 2020, but the contraction of Exports of Goods and Services continued to be more intense than that observed in Imports of Goods and Services, with emphasis on the very significant reduction of non- -resident tourism. Compared to the 4 th quarter of 2020, GDP decreased by 3.3% in volume (+0.2% in the previous quarter). The contributions of domestic demand and net external demand to the quarter-on-quarter rate of change in GDP were both negative, with the former being particularly intense. It should be noted that the year-on-year evolution in the first quarter is influenced by a base effect, since, for the first time, the comparison refers to a quarter already affected by the pandemic in the last month (March 2020). Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data Year-on-year rate of change, % -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 IV I 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 More information available at: Quarterly national accounts – flash estimate, 1 st quarter of 2021 (30 April 2021)