1H22 Financial Performance
Portuguese macroeconomic environment
Macroeconomic environment
GDP is estimated to have increased around 9% YoY in the first half of 2022, supported by favourable base effects, a
strong recovery in tourism, a rise in net exports and resilient private consumption.
GDP increased 2.6% QoQ and 11.9% YoY in
1Q 2022, above the Euro Area average of 0.6%
QoQ and 5.4% YoY, due to:
• favorable base effects, given the fall in GDP
in 1Q 2021;
earlier removal of Covid-19 constraints in
Portugal, with high Covid vaccination rates;
strong improvement in tourism activity and
higher exports growth;
resilient private consumption, in part
supported by the release of savings
accumulated in the pandemic.
GDP is expected to have contracted around
0.3% QoQ in 2Q (+6.9% YoY), following the
unusually strong growth in 1Q, and with the
indirect impacts of the war in Ukraine.
GDP growth
(% QoQ and YoY) 1
QoQ
YOY
0.5
0.8
4.4
2020
-15.2
14.7
Number of Covid-19 cases and deaths
(daily net change)
80000
New cases (LHS)
11.9
70000
New deaths (RHS)
60000
2.7
4.4
6.9
50000
2.6
1.7
0.3
40000
-0.3
30000
20000
10000
0
-2.9
2021
Households' savings rate
(4Q MA, % of disposable income)
15
2022
ил
01/03 30/05 28/08 26/11 24/02 25/05 23/08 21/11 19/02 20/05
Overnight stays in tourist accommodation
establishments (million)
2019 2022
3.03
8.3%
1.99
3.37
2.92
4.61
4.01
6.56 6.51
5.98 6.01
13
11
9
7
5
3
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Jan
Feb
Mar
Арг
May
novobanco (1) 2Q 2022: estimate; Sources: INE, European Commission, DGS, DDAE.
45
350
300
250
200
150
100
50
0View entire presentation