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GDP – 30 days flash estimate
The Portuguese economy grew, in real terms, 15.5% in the second quarter of 2021, comparing with the same quarter
in 2020. This evolution is influenced by the fact that the restrictions on economic activity arising from the pandemic
were more intense in the second quarter of 2020, when the GDP fell 16.4%.
GDP - flash estimate
%
Year-on-year rate of change
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
-17.5
-15
-12.5
-10
-7.5
-5
-2.5
0
2.5
5
7.5
10
12.5
15
17.5
2.4
2.3
2.6
-2.2
-16.4
-5.6
-6.1
-5.4
15.5
Corporations’ indebtedness
In the first half of 2021, the private corporations’ indebtedness grew 4 billion euros to 268 billion euros. Companies in
the industry and trade sectors were the largest contributor to this growth.
Corporations’ indebtedness
B€
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
260
261
262
263
264
265
266
267
268
269
Non-financial corporations’ deposits
In June 2021, the deposits of corporations in Portugal increased around 15% compared to June 2020. Since May 2020
these deposits has been increasing above 15%. It is necessary to go back to 2018 to observe similar values.
Non-financial corporations’ deposits (annual rate of change)
%
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
2.5
5
7.5
10
12.5
15
17.5
20
22.5
25
Exports of goods
In the first semester of 2021, exports of goods increased 25% comparing to the same period of the previous year.
In result of the positive evolution registered since February 2021, the exports of goods in the first semester
overcame the observed values in the same periods of 2020 and 2019 (pre-pandemic period).
Exports of goods monthly evolution
M€
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
2500
3000
3500
4000
4500
5000
5500
6000
Exports of travel
In the 1st semester of 2021, the travel receipts decreased 880 million euros comparing to the same period of 2020 (travel
restrictions, associated to the pandemic, were more severe in the 1st quarter of 2021 than in the 1st quarter of 2020). The
observed recovery in the 2nd quarter of this year was insufficient to reach the levels observed in the pre-pandemic period.
Exports of travel quarter evolution
M€
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
0
1000
2000
3000
4000
5000
6000
7000
8000
General government financing
General government financing stood at €9.7 billion in the first half of 2021, compared to €8.1 billion in the
corresponding period in 2020.
General government financing
B€
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
2019
2020
2021
-4
-2
0
2
4
6
8
10
12
14
Public Debt
Public debt increased by €7.0 billion to €277.5 billion in the first half of 2021. Stood at 132.8% of GDP.
Monthly change of the public debt
B€
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
245
250
255
260
265
270
275
280
Indebtedness of the non-financial sector
The general government, corporations and private individuals’ indebtedness grew up by 14.1 billion euros to
762.5 billion euros, in the first half of 2021.
Indebtedness of the non-financial sector
B€
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
720
725
730
735
740
745
750
755
760
765
Moratoria on loans – Private individuals
In the end of June 2021, the private individuals had €14.4 billion of moratoria on loans, €5.6 billion less when compared
to December of 2020. The amount of moratoria on loans has been decreasing since March of 2021 mainly due to the
end of the private moratorium schemes.
Moratoria on loans to private individuals | June 2021
in billion euros
House purchase: 13
-4 than in Dec. 2020
Public
moratoria: 13
Private
moratoria: 0
-0.3 than in Dec. 2020
-3.8 than in Dec. 2020
(end until 31/12/2021)
(end: 31/03/2021)
Outras finalidades: 1.4
-1.6 than in Dec. 2020
Public
moratoria*: 1.4
Private
moratoria: 0
+0.1 than in Dec. 2020
-1.7 than in Dec. 2020
(end until 31/12/2021)
(end: 30/06/2021)
* Loans to sole proprietors, to non-profit institutions serving households
and loans to households for education.
Interest rates on housing loans
The average interest rate on new housing loans remained at historically low levels. June is the 11th consecutive month
that this rate is below 1%. The lowest value of this time series (January 2003) was recorded in February 2021 (0.76%).
Monthly change of the average interest rate on new housing loans (AAR)
%
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4