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Content ID: PR_WCS01_UCM01139470

Daily Report 08.07.2020

vCE estima contração do PIB português em 9.8%

CE estima contração do PIB português em 9.8% - 08.07.2020

CE estima contração do PIB português em 9.8% - 08.07.2020

CE estima contração do PIB português em 9.8%

  • In yesterday's session, caution returned to financial markets. Investors' concerns over the economic growth were fuelled by the European Commission Summer economic projections, which forecast a sharpest fall this year and a slower recovery, and Fed members' downbeat comments.
  • The EC forecasts the euro area GDP to contract by -8.7% in 2020 and to grow by +6.1% in 2021 (Spring projections: -7.7% and +6.3%). The EC forecasts 2020 GDP will drop by -10.9% in Spain and -9.8% in Portugal (before: -9.4% and -6.8%). In the U.S., regional Fed presidents Mary Daly and Ralph Bostic said that the recovery will take longer than expected.
  • In this context, stock indices declined in most trading floors and the U.S. dollar strengthened against advanced economies' currencies except for the sterling pound, which benefited from advances in the trade negotiations between the UK and the EU. The euro fluctuated below $1.13