SYNTHESIS [email protected], 12 Feb-2021

February . 12 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 3/7 Communication Unit | tel: +351 21 842 61 10 | [email protected] More information available at: Quarterly National Accounts – flash estimate, 4 th quarter of 2020 (02 February 2021) Gross Domestic Product decreases by 5.9% in volume in the 4 th quarter of 2020 and 7.6% in 2020 Gross domestic product (GDP), in real terms, recorded a year-on-year rate of change of -5.9% in the 4 th quarter of 2020 (-5.7% in the previous quarter). This was the result of: • A less negative contribution from domestic demand than in the 3 rd quarter, due to a less intense decline in investment and despite a greater reduction in private consumption; • A more negative contribution of net external demand, due to the more intense contraction of Exports of Goods and Services than that observed in Imports of Goods and Services. Compared to the 3 rd quarter of 2020, GDP increased by 0.4% in volume (-13.9% and +13.3% in the 2 nd and 3 rd quarters respectively). The contributions of domestic demand and net external demand to the quarter-on-quarter rate of change in GDP were both positive. In 2020, GDP contracted by 7.6% in volume (+2.2% in 2019), the strongest in the current series of National Accounts, reflecting the markedly adverse effects of the COVID-19 pandemic on economic activity. This annual result is explained by: • The significant negative contribution of domestic demand, mainly due to the contraction of private consumption; • Also, the negative contribution of net external demand, with intensive reductions in exports and imports of goods and services, particularly in terms of tourism. 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 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

RkJQdWJsaXNoZXIy MjM5MTA=