Key View

• Portugal's construction industry will see real growth of 4.4% y-o-y during 2021, having managed to remain in positive real growth territory during 2020 despite the broad economic impact of the Covid-19 pandemic.
• The imminent disbursement of the European Union's 'Next Generation EU' recovery funding will spur activity to develop green

Key View

• At Fitch Solutions, we believe that Portugal’s medical device market will be negatively impacted by the slow economic recovery from the recession resulting from the Covid-19 pandemic.
• Insufficient investment into the National Health Service characterises the market and high debt to hospitals will continue to impede Portugal’s

Key View

• Portugal looks to be past the worst of the Covid-19 pandemic, having had one of the worst global outbreaks of the virus in early 2021.
• Loosening restrictions will provide a boost to the tourism sector and the wider economy, leading to an improvement in conditions for households.
• However, the scars of the pandemic on the labour

Key View

• Recent data releases support our view that Portugal is set for a record economic recession in 2020, with real GDP set to decline by 8.0% according to our forecasts.
• At Fitch Solutions, we also believe that the country's economic recovery from the crisis will be sluggish rather than spectacular in the years ahead.
• We forecast real

Key View

• Tower sales will alleviate pressure on operators' cash-flows to develop service-led differentiation growth strategies in the 5G era.
• The risk is that, by splitting 5G spectrum auctions across two or three sales, operators may resort to highly commoditised bundling strategies to secure rapid 5G adoption, which would blunt returns on

Key View

• Demand for Volkswagen's T-Roc will sustain robust growth in passenger vehicle output in 2020.
• Light commercial vehicle production growth will slow on the back of weaker demand in Europe.
• The domestic automotive market will provide little support as lingering Brexit-related uncertainties and Sino-American trade confrontations remain

Key View

• We at Fitch Solutions have increased our real GDP growth forecasts for Portugal in 2019 and 2020.
• The main reason for the increase is an expectation that the European Central Bank will cut interest rates in the coming months and keep them low in 2020, which will decrease debt servicing costs for the Portuguese public and corporate

Key View

• Portugal's cooling economic performance in 2019, coupled with a largely satisfied consumer base, will drive vehicle sales in the country into a contraction over this period.
• Despite the relatively strong growth of 1.8% y-o-y in Q119, we maintain our real GDP forecast growth for Portugal at 1.6% for 2019, implying that we expect the