SYNTHESIS INE@COVID-19, 3-Nov-2021

November . 03 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 11/16 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt • For the 2 nd quarter of 2021, GDP increased by 2.9% in volume, with a positive contribution of net external demand to the GDP quarter- -on-quarter growth (it had been declining in the 2 nd quarter) and a less intense positive contribution of domestic demand; • The growth in GDP reflects the gradual easing of the restrictions imposed by the pandemic, on a par with the increase in the pace of vaccination against COVID-19, after two quarters with opposite results: the strong reduction in the 1 st quarter (-3.3%), determined by the general confinement, and an increase of 4.4% in the 2 nd quarter, marked by the gradual lifting of restrictions on mobility. Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data Year-on-year rate of change, % 4.2 -20 -15 -10 -5 0 5 10 15 20 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 More information is available at: Quarterly national accounts – flash estimate, 3 rd quarter of 2021 (29 October 2021) Retail sales growth slows to 2.7% The Retail Trade Turnover Index (RTTI) 1 registered a year-on-year rate of change of 2.7% in September 2021 (3.5% in the previous month). In the 3 rd quarter of 2021, retail sales also grew by 2.7% year-on-year (they had increased by 16.4% in the 2 nd quarter, a period heavily influenced by the base effect). The following year-on-year rates of change were also recorded in September 2021: • Employment index: 2.2% (1.5% in August); • Wages and salaries index: 3.5% (2.9% in August); • Hours worked index 2 : 2.5% (2.7% August). In September, the month-on-month rate of change concerning the RTTI was 1.5% (0.5% in August). 1 Total Business Turnover Index, calendar and seasonally adjusted, deflated. 2 Index of hours worked adjusted for calendar effects.