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Portugal’s economy fell 0.2% in the 2nd quarter compared to the first three months, in contrast to the growing eurozone – Observer



Portugal's economy fell 0.2% in the 2nd quarter compared to the first three months, in contrast to the growing eurozone - Observer

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The Portuguese economy grew by 6.9% in the second quarter compared to the same period last year. But it has slowed down compared to the first three months of the year. In the chain, the reduction was 0.2%.

Compared to the first quarter of 2022, GDP decreased by 0.2% after rising by 2.5% in the previous quarter as a result of the negative contribution of domestic demand to GDP change. In the opposite direction, the positive contribution of net external demand increased, reflecting a more accentuated chain growth in exports of goods and services than imports of goods and services.” reveals INE.

The second-quarter contraction in the chain is due to lower personal consumption and lower levels of investment in domestic terms. This was not offset by an increase in net external demand as a result of the acceleration of exports relative to imports.

INE also adds that “Prices implied in international trade flows have risen significantly, with a large acceleration in exports due to service components, which has led to a less severe terms-of-trade deterioration than in the previous quarter.”


The 6.9% year-on-year growth, INE explains, also reflects a base effect, as in the first quarter of 2021, “several measures were still in place to combat the pandemic, driving economic activity.”

This is a quick assessment by INE that will confirm the numbers on August 31st by posting detailed results.

In the first quarter, the Portuguese economy registered growth of 2.5% compared to the fourth quarter of 2021 and 11.8% compared to the same period in 2021, which was still marked by a second constraint due to Covid-19. 19. When it released the national accounts for the first quarter, the values ​​were up a tenth of a point (2.6% chain growth and 11.9% year-on-year growth), which have now been revised down.

“This quick estimate includes new primary information, namely on international merchandise trade for the first quarter of 2022, which resulted in a downward revision of 0.1 percentage point of the annual and quarterly rate of change in GDP disclosed in the report Quarterly National Accounts by Institutional sector of June 24, 2022″.

Source: INE

The government is pointing to growth of 4.9% this year. A less optimistic forecast, published in March, is only for the Public Finance Council – 4.8%. Otherwise, after the revision of the forecasts of other organizations, the Bank of Portugal estimates the annual growth in 2022 of the Portuguese economy at 6.3%, the IMF – at 5.8%, and the European Commission (most optimistic) indicates 6.5%.

Record and more persistent inflation. Prices in Portugal will rise by 6.8% this year and by 3.6% in 2023, Brussels predicts.

The Eurozone still managed to grow by 0.7% in the second quarter, with the Union as a whole growing by 0.6%, according to Preliminary data from Eurostat. In the first quarter, chain growth was 0.5% in the euro area and 0.6% in the European Union.

On an annualized basis, the GDP of the euro area and the European Union grew by 4%, following a growth of 5.4% in the euro area and 5.5% in the European Union in the first quarter of 2022 compared to the same period last year. period in 2021.

Of the eleven countries of the Union already included in the Eurostat statistics, Portugal is one of the three that are experiencing a decline in GDP along the chain. Eurostat will release more details on 17 August.

Sources: Eurostat.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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