Portugal goes from a deficit of 1.2% to a surplus of 0.9% of GDP in the first quarter of 2022 – Executive Digest
Eurostat, the statistical institute of the European Union, revealed this Thursday that Portugal went from a seasonally adjusted deficit of 1.2% of GDP in the fourth quarter of 2021 to a seasonally adjusted surplus of 0.9% of GDP in the first quarter of 2022.
In the first quarter of 2020, the pre-pandemic period, Portugal recorded a deficit of 0.1% of GDP. And not adjusted for seasonal variations, in the first quarter of 2022, there was a deficit of 0.4% of GDP in the territory.
As regards the total, the seasonally adjusted deficits of the Euro Zone and the EU fell compared to the fourth quarter of 2021. In the first quarter of 2022, the Euro Zone deficit was 2.3% of GDP and that of the EU was 2.3% of GDP. 2.2% of GDP.
“As compared to the period before the other quarter of 2021, they were observed in the Eurozone and in the EU, but will remain at a high level, reveals the EU statistical office, adding that this indicator has retreated due to a more robust fall in total expenditure, compared to the fall in total revenues” and also due to a higher GDP compared to the fourth quarter of 2021.
“Total income and total expenditure continued to be influenced by policy responses to the Covid-19 pandemic, but to a greater degree than in previous quarters. In the first quarter of 2022, most Member States continued to record a deficit”, concludes Eurostat.
The institute realizes that the data for the first quarter of 2022 are provisional.