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Economic activity in Portugal declined markedly in the first weeks of November

18.12.2020

Economics in a picture: Economic activity in Portugal declined markedly in the first weeks of November

The use of high-frequency data has intensified following the crisis triggered by the SARS-CoV-2 outbreak. These data are released with a short lag vis-à-vis the reference period, thus allowing to identify sudden changes in economic activity in a timely manner.

According to the daily economic indicator (DEI) developed for Portugal, after a globally upward trend since the beginning of June, economic activity decreased markedly in the beginning of November with the imposition of restrictions on mobility and the declaration of the new state of emergency. However, there was a partial recovery in the last week of that month.

 

For more details, see Lourenço and Rua (2020), “The DEI: tracking economic activity daily during the lockdown”, Banco de Portugal Working Paper 13, Banco de Portugal Economic Bulletin of December 2020 and Financial Stability Report of December 2020 (in Portuguese only).

 

Prepared by Nuno Lourenço and António Rua. The analyses, opinions and findings expressed above represent the views of the authors and not necessarily those of Banco de Portugal or the Eurosystem.

 

 

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