Portugal’s economic activity continues to resist the effects of the war in Ukraine and the acceleration of inflation, which grew significantly in April, by more than 9% year-on-year. (DEI), calculated by the Bank of Portugal (BdP), which was updated this Thursday.
According to a note published by the BdP on its website, “in the week ending 24 April, the daily economic activity indicator (DEI) refers to the annual rate of change in activity, which is similar to the previous week”. .
This week – which covers the period from 18 April to 24 April – the DEI’s weekly moving average shows an annual growth rate of 9.4% in economic activity.
This is an increase of 9.7% since the previous week – covering the period from 11 April to 17 April. In the week of 4 to 10 April, DEI recorded a 10.4% increase in economic activity in Portugal.
These figures show that economic activity in Portugal is growing at a good pace compared to the same period last year.
In addition, unlike until mid-March, DEI values are compared to the period last year when the country was already “reopening” after the second covid-19 pandemic was halted.
The Banco de Portugal is also lowering the three-year DEI rate, which reflects the three-year growth rate. However, in the week ending 24 April, this percentage shows an increase of 4.2% which shows that economic activity in Portugal was higher than in the same week in 2019, before the covid-19 pandemic.
This three-year interest rate has been in positive terms since mid-February, indicating that the Portuguese economy has been above 2019 levels since then.
The DEI is a composite indicator calculated by the BdP that collects high-frequency data and aims to provide a near real-time picture of the development of economic activity in Portugal. Thus, it covers several dimensions and summarizes data on the following daily variables: heavy goods vehicle road transport on motorways, electricity and natural gas consumption, cargo and mail unloaded at national airports, and card purchases by residents and foreigners in Portugal. population. The BdP usually updates the data on Thursday.