"The Gross Domestic Product (GDP) in chained volume of the fourth quarter of 2020, compared to the previous quarter, seasonally adjusted, recorded a growth of 0.6 percent, and compared to the fourth quarter of the previous year recorded a fall of 5.4 percent; the preliminary annual GDP, resulting from the four quarters of 2020, retreated 5.2 percent compared to the year 2019," reads the note available on the INE website, consulted this Monday by Lusa.
Last year, it is thus confirmed, was the fifth consecutive year in which the national economy lost ground, after declines of 2.6 percent in 2016, 0.2 percent in 2017, 2.1 percent in 2018 and 0.6 percent in 2019, according to data presented by the INE.
Last year, the economy of the second largest oil producer was always in negative territory, starting in the first quarter with a 0.8 percent drop, which deepened to 8.5 percent from April to June, and then slowed to 6.2 percent in the following three months and to 5.4 percent in the last quarter of last year.
According to INE, "the performance of economic activities in the fourth quarter of 2020 relative to the fourth quarter of 2019, in terms of negative change, is mainly attributable to the activities of Construction (-41.5 percent), Transport and Storage (-13.2 percent), Post and Telecommunications (-16.9 percent), Oil Extraction and Refining (-10.8 percent), Public Administration (-6.8 percent), Other Services (-2.8 percent), Electricity and Water (-2.9 percent)," reads the presentation of the fourth quarter National Accounts.
For this year, the government estimates a positive growth close to 0 percent, while the International Monetary Fund last week revised downwards its growth forecast for 2021, from 3.2 percent to 0.4 percent.
