In 1986, Portugal joined the European Economic Community (EEC) that later became the European Union (EU).

Portugal - GDP GDP records largest drop on record in Q2 on Covid-19 impact. Though tourism activity picked up in July from the previous month, according to a separate INE release, the coronavirus outbreak still devastated the industry as travel restrictions kept visitors from Britain - Portugal’s largest market - away until late August. Portugal. Latest official GDP figures published by the World Bank. According to preliminary estimates, the economy shrank 13.9% in seasonally-adjusted quarter-on-quarter terms in Q2 amid Covid-19 containment measures, after contracting 3.8% in Q1. In the following years Portugal's economy progressed considerably as a result of EEC/EU structural and … “It was a brutal stop that the Portuguese economy had and we are still only (seeing) the tip of the iceberg,” President Marcelo Rebelo de Sousa told reporters after the data was released. Exports of just services, which are predominantly tourism-related, plunged 56% to around 3 billion euros.

It is estimated that the application of the latest standard would add US$824 billion.Most American countries use a national income accounting standard that fails to record the informal economy.

GDP per Capita in Portugal (with a population of 10,288,527 people) was $23,224 in … Portugal's economy contracted a record 13.9% in the second quarter of 2020 from the previous three-month period due to the impact of the coronavirus pandemic … Reporting by Catarina Demony, Sérgio Gonçalves and Maria Gonçalves; editing by Andrei Khalip and Susan Fenton

Tourism is classified as an export under Portugal’s GDP calculations because the sector brings in money from overseas. It gave a breakdown of GDP components such as domestic and external demand. Economic forecast for Portugal. Real GDP (constant, inflation adjusted) of Portugal reached $238,940,661,115 in 2017. HCI and GDP Per Capita PPP (log scale, horizontal axis) Productivity relative to benchmark of complete education and full health. Accordingly, GDP contracted 16.3% on an annual basis, also the worst … Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless.The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity.The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. GDP Growth Rate in 2017 was 2.68%, representing a change of 6,496,912,253 US$ over 2016, when Real GDP was $232,443,748,862. Population figures based on United Nations data. Nominal (current) Gross Domestic Product (GDP) of Portugal is $219,308,128,887 (USD) as of 2017. LISBON (Reuters) - Portugal’s record economic contraction in the second quarter saw exports of goods and services plunge by 40% as the coronavirus eroded revenue from overseas tourists, a breakdown of official GDP data showed on Monday. “We are going to respond to this crisis with the same determination we had to overcome the previous one” in 2010-14, he said. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of … Data from the National Statistics Institute (INE) confirmed its previous estimate that, between April and June, gross domestic product shrank 16.3% from a year earlier and 13.9% from the preceding quarter.

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