SYNTHESIS INE@COVID-19, 8-Sept -2020

www.ine.pt page 6/10 September . 08. 2020 SYNTH SIS IN @ COVID-19 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt In comparison with the first quarter of 2020, GDP decreased by 13.9% in real terms (-3.8% in the precedent quarter). This result is also explained, to a large extent, by the negative contribution (-10.7 p.p.) of domestic demand, and also by the more negative contribution of net external demand (-3.1 p.p.). In nominal terms, the GDP declined by 12.4% in the second quarter compared to the same period a year earlier (-0.5% in the previous quarter). -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 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Gross Domestic Product in volume (reference year =2016) Seasonally and calendar effects adjusted data Year-on-Year rate of change, % Private consumption presented a year-on-year rate of change of -14.5% in real terms (-1.0% in the precedent quarter), while Investment decreased by 10.8% (-3.5% in the first quarter). Public consumption also decreased in volume, recording a year-on-year rate of change of -3.4% (0.4% in the previous quarter), reflecting to some extent the negative impact on non-market production of the measures adopted to reduce the spread of COVID-19, which implied the closure of several public services, such as courts and offices with public service, among others. On the contrary, in nominal terms, there was an increase in this aggregate. Final consumption expenditure of Resident Households diminished by 15.0% In the secondquarter of 2020, final consumptionexpenditure of Resident Households recorded a year-on-year decrease of 15.0% (+1.0% in the previous quarter). Final Consumption Expenditure of Resident Households in durable goods registered a negative year-on-year change of 27.6% (-4.9% in the previous quarter), mainly reflecting the strong reduction in the acquisition of motor vehicles. The year-on-year change in the 2 nd quarter of 2020 is practically at the same level as in the 4 th quarter of 2011 (-28.8%), the biggest decrease seen in the consumption of durable goods in this century so far. The non-durable goods and services component recorded a year-on-year decrease of 13.6% (-0.6% in the previous quarter), although there was a more marked growth in the component of food products in the first and second quarters. Final consumption expenditure Resident households (Year-on-year change) -27.6% -15.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Durable goods Total I III I III I III I III I III I III I III I III I III I III I III I III I III I 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020