SYNTHSIS [email protected], 19 Nov-2020

November . 19 . 2020 SYNTH SIS IN @ COVID-19 www.ine.pt page 13/17 Communication Unit | tel: +351 21 842 61 10 | [email protected] GDP in volume accounted for a year-on-year rate of change of -5.7% and a quarter-on-quarter rate of change of +13.3% In the 3 rd quarter of 2020, the Gross Domestic Product (GDP) in real terms registered a year-on-year reduction of 5.7%, after the strong contraction of 16.4% in the previous quarter which was the strongest in the available series. This less intense year-on-year reduction in the 3 rd quarter was mostly due to: • The performance of domestic demand, which made a less negative contribution to the year-on-year change in GDP: -4.1 percentage points (p.p.), compared with -11.8 p.p. in the previous quarter. This evolution was mainly due to the performance of private consumption, which recorded a significantly less intense year-on-year decline than that observed in the previous quarter; • A less marked negative contribution (-1.5 p.p.) from the net external demand than in the previous quarter (-4.6 p.p.). The recovery of Exports of Goods and Services (from -39.4% in the 2 nd quarter to -15.2% in the 3 rd ) was more significant than that observed in Imports of Goods and Services (from -29.2% in the 2 nd quarter to -11.6% in the 3 rd ), largely due to the evolution of exports of goods (exports of services maintained significant reductions). GDP increased by 13.3% in real terms in the 2 nd quarter of 2020, after decreasing considerably in the previous quarter (-13.9%). This outcome was due to: • The quite positive contribution of domestic demand to the quarter-on-quarter rate of change in GDP (10.6 p.p.), after the strongly negative contribution in the 2 nd quarter (-10.9 p.p.); • The also positive contribution of net external demand (+2.7 p.p., compared with -3.0 p.p. in the previous quarter), due to a steep growth in Exports of Goods and Services. The results presented, which correspond to the second estimate of GDP for the 3 rd quarter of 2020, show the effects of the progressive re-opening of the economic activity and revised upwards (+0.1 p.p.) the rates of change presented in the first quick estimate, due to the integration of additional primary information, namely on international trade in services. Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data (year-on-year rate of change, %) More information available at: Quarterly National Accounts – flash estimate (13 November 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

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