PremiumGDP drop in Portugal and Spain: the perfect storm

The reduction in Portuguese GDP is accompanied by an even greater reduction in the main export market. Economists Alberto Castro and Paulo Alcarva and the president of the textile association are pessimistic.

“The situation is very complicated”: the reduction in Portuguese GDP in the second quarter of the year to 14,1% in the chain and 16,5% in year-on-year terms, adds a drop in the Spanish GDP of 18,5% in chain terms and 22,1% year on year.

For the economist Alberto Castro, the crisis that hit the biggest customer of national exports, Spain, is sufficiently extensive to prevent any favorable development in front of exports - the one that has sustained a substantial part of the growth of the Portuguese economy in recent years.

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