from Algarve on 01 Oct 2022, 12:42. - 09 Nov 2022, 10:19, In News, Portugal - 09 Nov 2022, 17:04. The Chip PERTE project: will Spain manage to gain a foothold in the microchip industry? So while we need to keep an eye on market volatility for the . (iii) Lines of credit with a state guarantee, aimed especially at the export sector with 700 billion euros (250 billion more than before). He's lying through his teeth. Our Standards: The Thomson Reuters Trust Principles. GDP [Gross Domestic Product], revising upwards and increasing the share of salaries. case since November 2015, he underlined. +351 282 341 100 - 03 Nov 2022, 15:04, In News, Portugal, Politics Antnio Costa said that on Monday the Government will case since November 2015, he underlined. Anshika Mishra. Share, In News, Portugal seriousness" in the electoral program and was maintained in the In addition, the public accounts ended 2019 with a surplus, the current account balance was close to equilibrium, and unemployment stood below 7%. Read More. For the first time in 45 years, the government . Source: Shutterstock Let's get into everything investors need to know about signs for a. Although inflation is largely seen as negative indication . 2022 Portuguese legislative election Early legislative elections were held on 30 January 2022 in Portugal to elect members of the Assembly of the Republic to the 15th Legislature of the Third Portuguese Republic. Still, net exports of services, including the key tourism sector that represented almost 15% of GDP before the pandemic, increased. - 06 Nov 2022, 08:03, In News, Portugal, Property Lower revenue compels businesses to cut back on staff, which leads to higher unemployment. The head of government responded to the sole deputy of Uncertainty surrounding the economic impact of the COVID-19 pandemic is high, but the sudden stagnation in the closing weeks of March will mean that this impact will already be evident in the economic activity figures for Q1. The world's major economies are staring at a steep recession. By Ana Beatriz Bartolo. Send us your comments or opinion on this article. sustain without fuelling the inflation spiral. By Geoffrey Ryder Payments of contributory taxes are also being made more flexible, and this is expected to affect payments amounting to 1 billion euros (0.5% of GDP). - 09 Nov 2022, 17:04. will continue to support the growth of the Portuguese economy, as has been the Although we do not yet have economic indicators that capture the impact of the COVID-19 pandemic on economic activity in Portugal (where the outbreak was not felt until early March), the entry into force on 18 March of the state of emergency (with the consequent social isolation measures, key to halting the spread of the pandemic) has resulted in a freeze of economic activity. 1. stop renting, start owning. Economy Dec 30, 2021 06:01AM ET. - 09 Nov 2022, 13:01, In News from Algarve on 01 Oct 2022, 12:42. Send us your comments or opinion on this article. will continue to support the growth of the Portuguese economy, as has been the For example, during the inflation-driven recessions of both 1982-1983, when the Fed raised its policy rate to 20%, and 1973-1974, when the rate reached 11%, S&P 500 profits fell 14% and 15%, respectively. 1 Comments. Picking the Right Recession Indicators Both of these measures will make it possible to inject funding resources into the underlying recipient firms, amounting to 400 billion euros. The worst-case scenario is far direr. According to data from IAPMEI and eGOV. Welcome! Portugal Economic Growth The GDP growth estimate for 2022 was revised significantly upwards this edition, as panelists factored in an unexpectedly strong performance during Q1. The GDP dropped 0.6% in the second quarter of 2022 after falling 1.6% in the first quarter of 2022, data shows. LISBON (Reuters) - Portugal's parliament easily approved the majority Socialist government's 2023 budget bill on its first reading on Thursday, paving the way for planned further deficit and debt. - 09 Nov 2022, 19:03, In News, Portugal, Crime In the UK it is measured in sterling and is a calculation of the value of goods and services produced over a period of time. - 09 Nov 2022, 11:00, In News, Portugal Via BLS.gov This figure assumes that sectors such as tourism, accommodation, catering or cultural activities, among others, will experience a complete shutdown or will be seriously affected (with a relative weight of around 20% of the GVA); others, such as industry, construction and real estate activities, will see their activity limited by the mitigation and isolation measures (together, accounting for around 40% of the GVA), while the remaining sectors are assumed to maintain a more normal level of activity, provided they can adapt to remote working. Portugal has emerged from two and a half years of deep recession with economic growth of 1.1 per. These are channelled through the banking sector and offer more favourable financing conditions than ordinary lines of credit: lower interest rates, interest payment grace periods and longer maturities, among others. In 2021, GDP growth would reach around 6%, primarily due to the base effects. Speaking a week after the . As an example, Social Security contributions for the months of April, May and June will be paid in the second half of 2020. Unfortunately, growth is not linear and even in 2020 and scenario of convergence with the European Union, he added. We don't yet have the figures for the next three-month period, but on 3 November, the Bank of England warned that the UK "is expected to be in recession for a prolonged period". trajectory. INE said the economy expanded 6.9% from the same period a year earlier, well below the 11.8% recorded in the preceding quarter. to converge with the European Union and we hope that this convergence will also Consider deploying fresh cash toward investment-grade bonds, international stocks and cyclical sectors such as financials, energy and industrials. However, the National Bureau of Economic Research (NBER) of Cambridge, Massachusetts, a private, nonpartisan organization of nearly 1,700 economists that analyze major economic issues, defines a recession as "a significant decline . realities. Send us your comments or opinion on this article. GDP has grown by 20% and that this has been the countrys sustained growth Kinsella said there are a number of meanings to the word 'recession': The most technical definition is a two quarter decline in Gross Domestic Product (GDP). A growing number of experts see the country entering a recession in late 2022 or 2023 as the Federal Reserve's efforts to cool inflation dramatically slow down economic growth. 5. On Friday we barely escaped closing in bear market territory ending the week off -18.6% from the highs last year. With the recession, everything you see will be 'On Sale'. Among these measures, those with a direct impact on public spending and that have already been announced (bolstering the national health system and subsidies for households) represent 1.1% of GDP. The measures aimed at tackling companies liquidity problems amount to 10.6 billion euros (5.1% of GDP) and are mainly focused on: i) Deferring tax payments and making them more flexible.4 The government estimates the sum of these deferrals to be 5.2 billion euros (2.5% of GDP). The INE separately said that consumer prices jumped 9.1% year on year in July, the fastest pace since November 1992 and up from 8.7% in June. recession in 2023, the Government changes its target of the share of wages in Smaller companies generally have limited financial, managerial and technological resources. on the contrary, the scenario we have is that portugal will continue to grow, obviously at a slower rate than this year 2022, and that we will continue to converge with the european union and we hope that this convergence will also take place with the convergence of wages, and what's more, that wage growth will continue to support the growth of According to the Prime Minister, the economic scenario for grow, obviously at a slower rate than this year 2022, and that we will continue However, the recession of 2009-12, has seen a rapid increase in the level of debt, despite efforts to reduce public spending and austerity measures pursued by the government. In addition, the Bank of Portugal has suggested a relaxation of the conditions for access to personal credit.7 Finally, various financial institutions have announced measures to support businesses and households, such as making the conditions required to access moratoriums on credit repayments more flexible. +1.11%. By Lisa trajectory. 1. The European Union will struggle to fill its gas storage tanks next summer, the head of its executive warned on Wednesday as she announced measures to boost renewable energy supply but stopped short of backing a price cap that has split opinion across the region. By Fred Doe On average they get hit about 13%. But the measurement most people focus on is the percentage . 2022: Threat of Recession Haunts Brazil. It might be a "mild" recession, but don't be surprised if a whole lot of retail . your password - 09 Nov 2022, 11:04, In Lifestyle portugal is home to a number of notable leading companies with worldwide reputations, such as the navigator company, a major world player in the international paper market; sonae indstria, the largest producer of wood-based panels in the world; corticeira amorim, the world leader in cork production; conservas ramirez, the oldest canned food Livre, Rui Tavares, in the debate in parliament on general policy. In addition, payments of personal income tax withholdings and VAT can be postponed by between 3 and 6 months from April. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. On the contrary, the scenario we have is that Portugal will continue to This compares with profit declines of 57% during the Great Financial Crisis and 32% during the tech crash. Beyond these measures, there are others aimed at supporting households and firms, which include the elimination of minimum charges on electronic payments in shops and the deferral of loan repayment instalments. Recession-proof stocks People need to eat, heat their homes and pay their car insurance. According to public statements, the monthly cost is 1 billion euros. The prime minister, Antnio Costa, has reassured the Portuguese people that "it is not foreseen in the macroeconomic scenario" of Portugal "any recession next year", stressing that the country. seriousness" in the electoral program and was maintained in the Financial markets . 7. There are sectors and companies which have reported declines in their activity of more than 70% in the second half of March (bakeries and restaurants), while motorway traffic fell by 75% in the third week of March.1 These measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their withdrawal. The central bank,. And therefore, this is not the deputy asked Antnio Costa if he could guarantee that, in the event of a The Livre In addition, Portugal ranks in the top five eurozone countries with the highest share of small companies (defined as companies with 0 to 9 employees). Paula Carvalho, Teresa Gil Pinheiro and Daniel Belo. from Algarve on 01 Oct 2022, 09:37, By J (ii) Lines of credit for companies5 amounting to 3 billion euros (1.5% of GDP). The National Statistics Institute (INE) said in its flash estimate that gross domestic product (GDP) contracted 0.2% in the second quarter of 2022 from the previous three-month period, when it grew 2.5%, due to "the negative contribution of domestic demand" - private consumption and investment - to GDP. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The government estimates the sum of these deferrals to be 5.2 billion euros (2.5% of GDP). of course there will be a recession, only he doesnt know it! If, as we estimate, these measures are in force for two months, then the total cost of the support measures for temporary lay-offs will amount to 2 billion euros (1% of GDP).3. Ultimately, higher unemployment leads to lower consumer spending and that creates a vicious cycle. "This not only reduces the confidence of the Portuguese, but also forces them to change their shopping basket," he said. Lower revenue compels businesses to cut back on staff, which leads to higher unemployment . "Despite everything, the Portuguese economy continues to be in good shape this year, consolidating its position as one of the fastest growing in Europe," he said. July 23, 2022. Supplement Your Income. In this group, of particular note are the subsidies for households and the simplified scheme for the temporary suspension of labour contracts, under which around 50% of the gross remuneration is ensured by Social Security, up to a maximum of 1,905 euros. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Wall Street is on edge. The head of government responded to the sole deputy of By Ian One member preferred to increase Bank Rate by 0.25 percentage points, to 1.5%. - 09 Nov 2022, 12:26, In News, Portugal, Business At Fitch Solutions, we also believe that the country's economic recovery from the crisis will be sluggish rather than spectacular in the years ahead. Recent data releases support our view that Portugal is set for a record economic recession in 2020, with real GDP set to decline by 8.0% according to our forecasts. If it contracts again this quarter, then that will fit the definition of a recession. Estimates based on the impact of a shutdown of around eight weeks on the GVA of the various sectors, which are classified as being in shutdown, being limited, operating normally and in overdrive. These are channelled through the banking sector and offer more favourable financing conditions than ordinary lines of credit: lower interest rates, interest payment grace periods and longer maturities, among others. [1] Via BEA.gov The U.S. unemployment rate continued to stay low at 3.6% June 2022 after declining after the pandemic. - 09 Nov 2022, 11:04, In Lifestyle GDP has grown by 20% and that this has been the countrys sustained growth In most recessions, economic output and employment decline simultaneously. The prime minister stated that from 2015 to today, nominal On the contrary, the scenario we have is that Portugal will continue to a day ago. Livre, Rui Tavares, in the debate in parliament on general policy. What is a recession? Share this article: In addition, the Bank of Portugal has suggested a relaxation of the conditions for access to personal credit. [2] This drop in sales must be verified on the date the line of credit is contracted. The IMF forecasts global growth in 2022 at 4.4%, but these projections are being revised downwards due to conflict and the fallout from sanctions. See here for a complete list of exchanges and delays. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. grow. BRL/USD. Obviously it is." For now, economists appear more sanguine about the US economy than the general public. In 2019, its GDP grew well above the eurozone average, and it started this year at a similar pace. Multiple forward-looking indicators that historically predict recessions are now blinking red. grow. Reaching over 400,000 people a week with news about Portugal, written in English, Dutch, German, French, Swedish, Spanish, Italian, Russian, Romanian, Turkish and Chinese. Portugal is celebrating an economic recovery after a prolonged recession that began in 2003 and worsened after the 2008 Great Recession. that we are not immune and therefore Portugal will grow less than it did this Finally, various financial institutions have announced measures to support businesses and households, such as making the conditions required to access moratoriums on credit repayments more flexible. 2021 we have already surpassed the 48% share of wages in GDP, not because wages 4 Comments. highest growth, next year the recession in many European countries will mean 10 Oct 2022. The Q2 US gross domestic product (GDP) fell an annualized 0.9% after a 1.6% drop in the first three months of the year. ET. - 09 Nov 2022, 16:05, In News, Portugal, Tourism, Algarve What is a recession? Prime Minister sees the coronavirus affecting the economy. - 09 Nov 2022, 15:04, In News, Portugal, Business "This year we are the European Union country that had the highest growth, next year the recession in many European countries will mean that we are not immune and therefore Portugal will grow less than it did this year, but we will not have any scenario of non-growth and even less of recession", he pointed out. Posted Fri 1 Jul 2022 at 6:56am . economic policy, which is to be able to maintain employment and be able to grow, obviously at a slower rate than this year 2022, and that we will continue Real gross domestic product (GDP) decreased at an annual rate of 1.6% in the first quarter of 2022, according to the "third" estimate released by the Bureau of Economic Analysis. - 09 Nov 2022, 15:04, In News, Portugal, Business [1] All 230 seats to the Assembly of the Republic were up for election. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. We appreciate that not everyone can afford to pay for our services but if you are able to, we ask you to support The Portugal News by making a contribution no matter how small. They are available to companies that have experienced a drop in their sales of 20% or more in the last 30 days compared to the immediately preceding 30 days. They include tourism, which represents around 8% of GDP and 15% of household consumption (figures for 2018). there are sectors and companies which have reported declines in their activity of more than 70% in the second half of march (bakeries and restaurants), while motorway traffic fell by 75% in the third week of march.1 these measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their - 09 Nov 2022, 17:04. 4. Right now, experts are forecasting growth of 0.9% in the first. In addition, payments of personal income tax withholdings and VAT can be postponed by between 3 and 6 months from April. As Portugal advances with its Covid-19 vaccination programme, people are hopeful this recession will be relatively shortlived in comparison with the previous downturn. But, as Ian King discussed in his latest article, the odds of a recession right now are only 35%. What will the Portuguese Government do when the country is obliged to actually MAKE contributions to the EC budget instead of being propped up and subsidised by the EC? 2023, on which the State Budget will be based, is of moderate growth, adjusted have grown, but because GDP has sunk. While the stock market is now back where it was three years and $11.5 trillion ago, unemployment has rocketed to catastrophic highs. In a poll carried out on behalf of CNBC last month, 81 percent of US adults said they. In the latter case, for instance, sale transactions could fall by more than 20% in 2020. Portugal was and remains one of the poorest countries in the EC. The prime minister stated that from 2015 to today, nominal 2. Dividend income, no matter what July 29 (Reuters) - Portugal's economy lost momentum in the second quarter after a very strong start to the year, with inflation at a three-decade high weighing on private consumption, official data showed on Friday. 3 Affiliate Marketing According to Statista, affiliate marketing spending in the UUSalone will reach $8.2 billion by 2022. The recovery in the labour market is also likely to be more gradual, and we estimate an unemployment rate of 8.2% for 2020 as a whole (previously 6.4%). +351 282 341 100 - 06 Nov 2022, 08:03, In News, Portugal, Property Central banks and digital currencies: a look at the future of cash, The war in Ukraine is affecting trends in the agrifood sector, Recession inevitable in Portugal, despite the good performance prior to the pandemic, The Portuguese economy was facing 2020 from a position of strength. 1. He's lying through his teeth. This is where it gets important. 9. Goldman Sachs forecasts worse case recession as traders dump stocks & crypto. The industry leader for online information for tax, accounting and finance professionals. from UK on 03 Oct 2022, 15:11. For this reason, find ways to help your business grow, consider building a passive income stream, taking another job, or working more hours at your current job. In 2019, GDP grew by 2.2% (exceeding most forecasts) and the consumption and economic activity indicators for the beginning of 2020 suggested that economic activity remained healthy (in February, the coincident indices for private consumption and aggregate activity suggested growth rates of 2.7% and 2.3%, respectively). - 09 Nov 2022, 11:04, In Lifestyle Unfortunately, growth is not linear and even in 2020 and As such, at the end of 2021 GDP would still stand 1.5% below our previous scenario. - 03 Nov 2022, 15:04, In News, Portugal, Politics In 2022's first quarter, U.S. GDP contracted 1.4%. 2. - 09 Nov 2022, 14:03, In News, Portugal, Crime, Algarve Bankruptcy is on the horizon. Fundamentals Are Stronger You can change how much you give or cancel your contributions at any time. - 09 Nov 2022, 12:26, In News, Portugal, Business Core inflation, which strips out volatile food and energy prices, rose 6.2%. Growth will be fueled by a recovery in tourism, robust household spending amid a solid labor market and EU fund inflows. on the contrary, the scenario we have is that portugal will continue to grow, obviously at a slower rate than this year 2022, and that we will continue to converge with the european union and we hope that this convergence will also take place with the convergence of wages, and what's more, that wage growth will continue to support the growth of - 09 Nov 2022, 11:00, In News, Portugal - 09 Nov 2022, 12:26, In News, Portugal, Business from Other on 04 Oct 2022, 15:27, In News info@theportugalnews.com, 2022 The Portugal News - Established 1977. . from Lisbon on 24 Oct 2022, 08:33, In News Costa said that that scenario was presented "with all Notas Breves de Actualidad Econmica y Financiera, Spain's Macroeconomic & Financial Outlook, Portugal's Macroeconomic & Financial Outlook. - 09 Nov 2022, 19:03, In News, Portugal, Crime The labor market is robust. And these indicators, which I will reveal in this post, are screaming that there could be a 90% Chance of Recession in 2022. The official unemployment rate in July was 3.5% - matching a 50-year low reached just before the pandemic. Cabinet Note of 30 March 2020 Extraordinary measures to support the economy and maintain jobs as part of Portugal 2020. to converge with the European Union and we hope that this convergence will also What will the Portuguese Government do when the country is obliged to actually MAKE contributions to the EC budget instead of being propped up and subsidised by the EC? . the face of reality". Around the world, warning signs of a recession are flashing. There are sectors and companies which have reported declines in their activity of more than 70% in the second half of March (bakeries and restaurants), while motorway traffic fell by 75% in the third week of March. The COVID-19 changed completely the outlook. Ultimately, the best way to withstand an economic recession and the coronavirus economy is to make more money. By Fred Doe Investing in the companies that produce and sell such products is one way to reduce the impact of a recession. - 07 Nov 2022, 11:01, In News, Portugal In addition, the public accounts ended 2019 with a surplus, the current account balance was close to equilibrium, and unemployment stood below 7%. In response, Costa said that Portugal will continue to The familiar precursors of a recession have arrived: an inverted yield curve and rising interest rates on the back of high inflation (8.5% in March), with COVID uncertainty and disruptions caused by Russia's invasion of Ukraine thrown in. These measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their withdrawal. 4 Comments. Payments of contributory taxes are also being made more flexible, and this is expected to affect payments amounting to 1 billion euros (0.5% of GDP). Even with . Following a decline of 1.6% in the first three months of 2022, the latest GDP reading came substantially shy of the 0.5% increase forecast by economists, and albeit it was a modest improvement from the prior quarter, the data still meets the definition of a recession. - 09 Nov 2022, 16:05, In News, Portugal, Tourism, Algarve your username. The Bank says it. Last week's consumer price index (CPI) report revealed year-over-year inflation reaching 9.1%, the highest rate since 1981. We appreciate that not everyone can afford to pay for our services but if you are able to, we ask you to support The Portugal News by making a contribution no matter how small. The Livre from Other on 04 Oct 2022, 15:27, In News - 09 Nov 2022, 15:04, In News, Portugal, Business Sr Costa is looking through his rose coloured glasses again. We are proud to provide our readers from around the world with independent, honest and unbiased news for free both online and in print.Our dedicated team supports the local community, foreign residents and visitors of all nationalities through our newspaper, website, social media and our newsletter. CEOs expect 10% hit to profit from a recession TNN / Oct 17, 2022, 06:00 (IST) In 2022, however, unemployment is still at a record low. 3 November 2022 Listen: Rate hikes, recession, rate cuts. Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary Policy . 6. - 09 Nov 2022, 20:03, In News, Portugal It entails a full-fledged recession smashing the US economy, with stocks sliding another 10% to 3,600 by the end of 2022. from UK on 03 Oct 2022, 15:11. - 09 Nov 2022, 14:03, In News, Portugal, Crime, Algarve REUTERS/Pedro Nunes/File Photo July 29 (Reuters) - Portugal's economy lost momentum in the second quarter after a very strong start to the year, with inflation. Workflow experience on desktop, web and mobile steep recession Crime, Algarve Bankruptcy is the... Its GDP grew well above the eurozone average, and it started this year a..., web and mobile estimates the sum of these deferrals to be 5.2 billion euros ( 2.5 % household! Will be relatively shortlived in comparison with the European Union, he added,! Suggested a relaxation of the poorest countries in the second quarter of after. 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