Economic slowdown spreads to Lisbon as Portugal's growth halved in Summer


by   |  VIEW 813
Economic slowdown spreads to Lisbon as Portugal's growth halved in Summer

On Friday, the 29th of November 2019, data revealed from the Statistics office INE had casted a caustic cloud over Portuguese economy, as the Southern European country on the Iberian Peninsula bordered with Spain, had been facing off a sharp downturn in its economic growth that was nearly halved in an annualized basis this summer.

Apart from that, according to Friday’s (November 29th) data from Statistics Office INE, Portugal’s GDP (Gross Domestic Product) grew by only 0.3 per cent over the third quarter of the year, partly by a shutdown of British travel and tour organizer, Thomas Cook that went bankrupt in the middle of Summer holidays and resulted in a sharp downward spiral on a tourism-based Portuguese economy.

However, Portugal, a country with the highest immigration rate across the globe, had witnessed a GDP growth of 0.6 per cent in the Spring, nonetheless, following a steep slowdown of external trades, growth momentum failed to gain momentum in the Summer.

Besides, following reveal of Friday’s (November 29th) data, several analysts were quoted saying that Portugal, once a grief-sickened country under former PM Antonio Costa might not be able to hang on to its current economic upswing, as a weaker growth momentum would likely to jeopardize an ongoing consolidation of the nation’s escalating budget deficit, said analysts.