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Impact of uncertainty measures on the Portuguese economy

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The purpose of this article is to review developments in a number of uncertainty measures for Portugal and gauge their impact on macroeconomic developments in recent years, particularly on GDP, GFCF and private consumption. Our analysis shows that elevated uncertainty had a significant negative impact on economic activity during the financial and sovereign debt crises, while the unwinding in uncertainty associated with the conclusion of the economic and financial assistance programme in 2014 boosted the subsequent recovery.
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