CINXE.COM

<!DOCTYPE html><html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# schema: http://schema.org/ sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema# "><head><meta charset="utf-8" /><meta name="description" content="Portugal’s GDP recorded only a small advance in Q2, and job creation and inflation slowed in August." /><link rel="canonical" href="https://www.caixabankresearch.com/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" /><meta name="robots" content="index, follow" /><link rel="image_src" href="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=k-ZDsT-i" /><meta property="og:site_name" content="CaixaBank Research" /><meta property="og:url" content="https://www.caixabankresearch.com/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" /><meta property="og:title" content="The Portuguese economy loses momentum in Q2" /><meta property="og:description" content="Portugal’s GDP recorded only a small advance in Q2, and job creation and inflation slowed in August." /><meta property="og:image" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=k-ZDsT-i" /><meta property="og:image:url" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=k-ZDsT-i" /><meta property="og:image:secure_url" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=k-ZDsT-i" /><meta property="article:published_time" content="2024-09-16T12:52:07+02:00" /><meta property="article:modified_time" content="2024-09-16T12:56:59+02:00" /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:description" content="Portugal’s GDP recorded only a small advance in Q2, and job creation and inflation slowed in August." /><meta name="twitter:title" content="The Portuguese economy loses momentum in Q2" /><meta name="twitter:image" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=k-ZDsT-i" /><meta name="Generator" content="Drupal 9 (https://www.drupal.org)" /><meta name="MobileOptimized" content="width" /><meta name="HandheldFriendly" content="true" /><meta name="viewport" content="width=device-width, initial-scale=1.0" /><script type="application/ld+json">{"@context": "https://schema.org","@graph": [{"@type": "NewsArticle","headline": "The Portuguese economy loses momentum in Q2","name": "The Portuguese economy loses momentum in Q2","description": "Portugal’s GDP recorded only a small advance in Q2, and job creation and inflation slowed in August.","image": {"@type": "ImageObject","representativeOfPage": "True","url": "https://www.caixabankresearch.com/sites/default/files/styles/teaser/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?itok=h-rkmxr5","width": "340","height": "277"},"datePublished": "2024-09-16T12:52:07+0200","dateModified": "2024-09-16T12:52:07+0200","isAccessibleForFree": "True","author": {"@type": "Person","@id": "/taxonomy/term/1165","name": "CaixaBank Research","url": "/taxonomy/term/1165","logo": {"@type": "ImageObject","representativeOfPage": "True","url": "]","width": "340","height": "277"}},"publisher": {"@type": "Organization","@id": "CaixabankResearch","name": "CaixabankResearch","url": "https://www.caixabankresearch.com"},"mainEntityOfPage": "https://www.caixabankresearch.com/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2"}] }</script><link rel="icon" href="/themes/custom/caixabank/favicon.ico" type="image/vnd.microsoft.icon" /><link rel="alternate" hreflang="ca" href="https://www.caixabankresearch.com/ca/economia-i-mercats/analisi-conjuntura/leconomia-portuguesa-perd-vigor-2t" /><link rel="alternate" hreflang="es" href="https://www.caixabankresearch.com/es/economia-y-mercados/analisis-coyuntura/economia-portuguesa-pierde-brio-2t" /><link rel="alternate" hreflang="en" href="https://www.caixabankresearch.com/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" /><script src="/sites/default/files/google_tag/google_tag_manager_prod/google_tag.script.js?snwb2c" defer></script><title>The Portuguese economy loses momentum in Q2</title><link rel="dns-prefetch" href="//www.googletagmanager.com/" ><link rel="dns-prefetch" href="//static.addtoany.com/menu/page.js" ><link href="https://www.googletagmanager.com/gtm.js?id=GTM-WJ23CKP" rel="preload" as="script"><style id="critical-css">@font-face{font-family:Merriweather;font-style:normal;font-weight:700;font-display:swap;src:url(/themes/custom/caixabank/css/../fonts/u-4n0qyriQwlOrhSvowK_l52xwNZWMf6hPvhPQ.woff2) format("woff2");unicode-range:U+0000-00FF,U+0131,U+0152-0153,U+02BB-02BC,U+02C6,U+02DA,U+02DC,U+2000-206F,U+2074,U+20AC,U+2122,U+2191,U+2193,U+2212,U+2215,U+FEFF,U+FFFD}@font-face{font-family:'Open Sans';font-style:normal;font-weight:300;font-stretch:100%;font-display:swap;src:url(../fonts/memvYaGs126MiZpBA-UvWbX2vVnXBbObj2OVTSGmu0SC55K5gw.woff2) format('woff2');unicode-range:U+0100-024F,U+0259,U+1E00-1EFF,U+2020,U+20A0-20AB,U+20AD-20CF,U+2113,U+2C60-2C7F,U+A720-A7FF}.hidden{display:none}.visually-hidden{position:absolute!important;overflow:hidden;clip:rect(1px,1px,1px,1px);width:1px;height:1px;word-wrap:normal}*,:after,:before{box-sizing:border-box}ul[class]{padding:0}body,h2,li,ul[class]{margin:0}body{min-height:100vh;text-rendering:optimizeSpeed;line-height:1.4;color:#000}ul[class]{list-style:none}a:not([class]){text-decoration-skip-ink:auto}img{max-width:100%;display:block;height:auto}input{font:inherit}@media (prefers-reduced-motion:reduce){*{animation-duration:NaNs!important;animation-iteration-count:1!important;scroll-behavior:auto!important}}a{color:#111}.primary_color{color:#007faf}#block-caixabank-cookiesui{position:fixed;z-index:1000}h2{font-family:Merriweather}body{padding:0;margin:0;font-family:"Open Sans",sans-serif;font-size:18px;font-weight:400;color:#000}body a{text-decoration:none;color:inherit}body h1{font-size:35px;font-weight:700;line-height:1.25em;margin:0 0 26px;display:inline-block}body ul{margin:0;padding:0}body ul li{list-style:none}body .container{max-width:100%;width:100%;margin:0 auto;padding:0 15px}body h2{line-height:1.25em;font-size:22px}.text_regular{font-weight:400!important}.ctlogo0{fill:#ffcb05}.ctlogo1{fill:#ed1c24}.ctlogo2{fill:#00aeef}.ctlogo3{fill:#231f20}.share{position:fixed;z-index:11;bottom:0;background-color:#f5f5f5;width:100vw;transform:translateX(100%);left:0}.share a{padding:0}.share #share_button,.share #share_close{display:flex;justify-content:center;align-items:center;width:40px;padding:5px 7px}.share #share_button svg,.share #share_close svg{width:25px;height:25px}.share #share_close svg{width:14px;height:14px}.share .a2a_kit{line-height:18px!important;padding:5px 7px;display:flex;justify-content:space-around;align-items:center;width:calc(100% - 40px);box-shadow:1px 4px 11px -7px rgba(0,0,0,.7)}.bread-level-0{font-family:"Open Sans",sans-serif;font-weight:300;font-size:15px;color:#767676;margin-bottom:0;min-height:21px}.bread-level-1{font-family:"Open Sans",sans-serif;font-weight:700;font-size:22px;margin-top:8px;margin-bottom:0}.category{margin-bottom:8px;font-weight:500;font-size:16px}.category a{font-weight:500;font-size:16px;color:#007faf}.category a:before{content:"/ ";display:inline}.category a:first-child:before{display:none}.autor .nom{font-weight:500;font-size:15px;line-height:20px}.download,.red_link{font-weight:300;font-size:13px;color:#ec0d00}.download{display:flex;align-items:center;flex-wrap:wrap}main .content-header .image{flex-basis:100%;margin-top:0;margin-bottom:10px;order:1;display:flex;flex-direction:column}main .content-header .info .download{padding-top:10px}.download .cta,.download .print{padding:15px 0 0}.download .print{margin-right:25px}.download .print a:after{content:"";background:url(/themes/custom/caixabank/css/../images/impresora-roja.svg) no-repeat 0 0 transparent;width:21px;height:19px;display:inline-block;vertical-align:middle;position:relative;margin-left:15px}.user_area_menu{display:none;align-items:center;margin-left:40px}.user_area_menu ul.menu li>a{color:#fff;position:relative;font-size:15px;font-weight:300;margin-bottom:7px;display:block}#side-navigation{overflow:hidden}#side-navigation .container{padding:0;max-width:100%}#side-navigation .container .sidebar-wrapper{top:70px;height:calc(100vh - 70px);background:#fff;display:flex;flex-direction:column;width:100%;left:-100%;position:fixed;z-index:99}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar{color:#000;background-color:#fff;padding:0 32px;max-height:70vh;overflow:scroll}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar a{font-weight:500}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar li li{border-bottom:none;padding:12.5px 20px}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar li li a{color:#757575}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar .menu-level-0>li{border-bottom:1px solid #dfdfdf;padding:0}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar .menu-level-0>li>a{position:relative;font-style:normal;font-weight:500;line-height:22px;color:#222;padding:13px 0;display:block}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar .menu-level-0>li.menu-item--expanded>a:after{content:" ";transform:rotate(45deg);border:none;border-bottom:1px solid #222;border-right:1px solid #222;width:5px;height:5px;position:absolute;top:45%;right:1px;background:#fff;z-index:1;display:inline}#side-navigation .container .sidebar-wrapper #block-caixabank-navegacionprincipal-sidebar .menu-level-0>li.menu-item--expanded .menu-level-1{display:none}#side-navigation #block-caixabank-alternadordeidioma{margin-top:auto;display:flex;align-items:center;justify-content:center;color:#197eae;font-weight:400;margin-bottom:20px}#side-navigation #block-caixabank-alternadordeidioma .links{display:flex}#side-navigation #block-caixabank-alternadordeidioma .links li{margin:0 10px;text-transform:uppercase}#side-navigation #block-caixabank-alternadordeidioma .links li.is-active{text-decoration:underline;font-weight:700}#side-navigation .btn-bottom-mobile{background-color:#fff;border:.2rem solid #197eae;color:#197eae;padding:8px 0;width:90%;margin:0 auto;display:block;text-align:center;margin-bottom:20px;font-weight:600}header .header{display:none;height:70px;background:#197eae}header.sticky{position:fixed;top:0;left:0;right:0;z-index:99;border-bottom:1px solid #ebeff2;background:#fff}header .header .container{padding:0}header .header .container .header-wrapper{padding:15px 15px 13px 0;justify-content:flex-end;display:flex}header .header .container .header-wrapper .social-top{margin-right:60px;margin-bottom:2px}header .header .container .header-wrapper .social-top svg{width:19px;top:0;position:relative}header .header .container .header-wrapper .social-top.twitter-link{margin-left:auto;margin-right:20px}header .header div#block-caixabank-languageswitcher .links{display:flex}header .header div#block-caixabank-languageswitcher .links>li{padding-right:17px;text-transform:uppercase;color:#fff;line-height:19px}header .header div#block-caixabank-languageswitcher .links>li a{font-weight:200;font-size:14px}header .header div#block-caixabank-languageswitcher .links>li a.is-active{font-weight:700}header .main_navigation{display:block;width:100%;height:72px;position:relative}header .main_navigation>.container{display:flex;flex-wrap:nowrap;align-content:center;align-items:center;justify-content:space-between}header .main_navigation .secondary-switcher{background:#fff;float:left;padding:0;position:relative;padding-top:20px;display:flex;justify-content:center;width:56px;height:56px}header .main_navigation .secondary-switcher .menu-mobile{position:relative;width:35px;height:24px}header .main_navigation .secondary-switcher .menu-mobile span{height:2px;width:100%;background:#000;border-radius:5px;display:block;position:absolute;width:100%;transform-origin:center}header .main_navigation .secondary-switcher .menu-mobile span:nth-child(2){transform:translateY(12px)}header .main_navigation .secondary-switcher .menu-mobile span:nth-child(3){transform:translateY(24px)}header .main_navigation #block-caixabank-logo svg{height:45px;width:167.75px}header .main_navigation #block-caixabank-navegacionprincipal{display:none;flex-basis:80%;-webkit-font-smoothing:antialiased}header .main_navigation #block-caixabank-lupa{width:56px;height:56px;padding-top:20px;justify-content:center;flex-basis:auto;align-items:center;padding-left:15px}.block-buscador{position:fixed;z-index:100;background-color:rgba(0,0,0,.75);left:0;padding:40vh 35px 0;display:none;top:0;justify-content:center;align-items:flex-start;height:100vh;width:100%}.block-buscador #block-close{width:65px;position:absolute;top:0;right:10px;height:65px;display:flex;align-items:center}.block-buscador #block-close:after,.block-buscador #block-close:before{content:"";width:35px;height:2px;display:inline-block;transform:rotate(43deg);position:absolute;top:50%;left:calc(50% - 17px);background-color:#fff}.block-buscador #block-close:after{transform:rotate(-43deg)}.block-buscador form{display:flex;align-items:flex-start;margin-top:80px;max-width:100%;width:900px;position:relative;border-bottom:1px solid #fff}.block-buscador form .form-item-buscar{max-width:calc(100% - 50px);vertical-align:bottom}.block-buscador form .form-item-buscar label{display:none}.block-buscador form .form-item-buscar input{font-size:30px;padding:10px 0;border:none;width:100%;color:#fff;background:0 0;background-size:30px}.block-buscador form input.form-submit,.block-buscador form input.webform-button--submit{height:35px;padding:10px 0;margin-top:2px;box-sizing:content-box;margin-bottom:2px;width:50px;overflow:hidden;text-indent:-1000px;display:inline-block;appearance:none;border:none;background:url(/themes/custom/caixabank/css/../images/lupa-buscador-blanca.svg) no-repeat center;background-size:25px;margin-right:0}.block-buscador form #edit-cancel{display:none}.block-buscador form #linkAZ{position:absolute;z-index:1;right:0;bottom:-50px;display:inline-block;padding:7px 25px;background-color:#00a1df00;border-radius:20px;color:#fff;border:1px solid #fff}.box_author_date{display:flex}.box_author_date.box_ad{flex-direction:column;justify-content:flex-start;align-content:flex-start}.box_author_date.box_ad.box_no_image{padding-bottom:20px}.box_author_date.box_ad.box_no_image .created{transform:translateY(-5px)}.box_author_date .field_author{margin-bottom:10px;display:inline-block;vertical-align:top}.box_author_date .field_author .author-info{transform:translate(-3px,-14px)}.box_author_date .created{transform:translate3d(84px,-45px,0);font-weight:300;font-size:15px}.field_author{display:inline-block;width:100%}.field_author .author-complete-teaser{display:flex;align-items:center;position:relative}.field_author .author-complete-teaser a,.field_author .author-complete-teaser span.external{display:flex;align-items:center}.field_author .author-complete-teaser span.external .author-info{transform:none}.field_author .author-complete-teaser img{display:block;border-radius:50%;width:68px;height:68px;margin-right:20px}.field_author .autor .nom .name:after{content:",";display:inline-block;margin-right:3px}.field_author .autor:last-child .nom .name:after{display:none}main{max-width:100vw;overflow:hidden;position:relative;z-index:0}main .context-header{margin-top:40px}main .context-header .context-header-top{margin-bottom:25px;border-bottom:1px solid #b1b1b1;min-height:80px;height:auto;position:relative;padding-bottom:15px}main .context-header .context-header-top .red_link{margin:0 0 2px 58px;position:relative;transform:translate(120px,-57px)}main .content-header{display:flex;flex-wrap:wrap;justify-content:space-between;border-bottom:none;margin-bottom:40px;padding-bottom:40px}main .content-header.bottom-short{margin:40px 0 40px}main .content-header .info{position:relative;flex-basis:100%;padding-right:0;order:2}article{-webkit-font-smoothing:antialiased}article .content .col-left{font-weight:300;position:fixed;bottom:51px;right:0;z-index:9;width:0;font-size:15px;transform:translateX(40px)}article .content .col-left:before{content:"";width:40px;height:40px;background:url(/themes/custom/caixabank/css/../images/navigation-left.svg) no-repeat center #00a1df;background-size:18px;display:inline-block;position:fixed;right:0;bottom:-10px}article .content .col-left .menu_anchors_fixed{background:#fff;position:relative;width:100%;right:-100%;bottom:-10px;top:inherit;padding:20px;box-shadow:0 0 15px rgba(0,0,0,.3);max-height:calc(100vh - 125px);overflow-y:scroll;display:block!important;height:auto}article .content .col-left .menu_anchors_fixed label{font-size:24px;font-weight:700}article .content .col-left .menu_anchors_fixed ul{height:calc(100% - 40px);padding-bottom:40px;overflow:scroll;scrollbar-width:none;-ms-overflow-style:none}article .content .col-left .menu_anchors_fixed ul::-webkit-scrollbar{width:0!important}.form-submit{margin-right:35px}@media (min-width:500px){.block-buscador form{margin-top:0;align-items:flex-end}.block-buscador form .form-item-buscar input{font-size:40px;padding:10px 0}.block-buscador form .form-actions{width:80px}.block-buscador form .form-actions input{height:68px;background-size:auto;padding:0}main .context-header .context-header-top .red_link{transform:translate(290px,0);margin-top:-20px}}.translations{font-size:15px;font-weight:300;display:flex;margin-bottom:12px}@media (min-width:768px){body h1{font-size:42px}.share{display:flex!important;transform:translateY(-50%)!important;flex-direction:column;width:initial;align-items:center;top:50%;bottom:initial}.share #share_button,.share #share_close{display:none}.share .a2a_kit{flex-direction:column}}.index-button{position:relative;right:0;bottom:0}.index-button a{display:inline-block;background-color:#1d1d1b;padding:19px 48px 19px 23px;cursor:pointer;font-size:14px;color:#fff;margin-top:20px}.index-button a:after{content:"";background:url(/themes/custom/caixabank/css/../images/index.svg) no-repeat 0 0 transparent;display:inline-block;width:18px;height:18px;position:relative;top:5px;left:21px}@media (min-width:992px){.share .a2a_kit .a2a_svg{background:0 0!important;width:100%;padding:0}.share .a2a_kit .a2a_svg svg{width:29px;height:29px}.a2a_default_style:not(.a2a_flex_style) a{float:left;line-height:16px;padding:0 2px}header .main_navigation #block-caixabank-logo{padding:0!important}body{font-size:20px}.index-button{position:absolute;right:0;bottom:10px}.index-button a{margin-top:0}}@media (min-width:1280px){header .main_navigation #block-caixabank-navegacionprincipal{display:block}header .main_navigation #block-caixabank-navegacionprincipal ul:not(.contextual-links).menu-level-0{padding:24px 0 0 24px;position:relative;padding-left:0;display:flex}header .main_navigation #block-caixabank-navegacionprincipal ul:not(.contextual-links).menu-level-0>li{float:none;font-size:14px;display:flex;padding:0 28px}header .main_navigation #block-caixabank-navegacionprincipal ul:not(.contextual-links).menu-level-0>li:nth-child(1){display:none}header .main_navigation #block-caixabank-navegacionprincipal ul:not(.contextual-links).menu-level-0>li>a{height:48px;display:block;font-weight:600;position:relative;white-space:nowrap;display:inline}header .main_navigation #block-caixabank-navegacionprincipal ul:not(.contextual-links).menu-level-0>li .menu-desplegable{display:none}}</style><link rel="preload" href="/sites/default/files/css/css_WtNnCUHHBbUvDg149-VyBAzphbxbAuQT8vOmjvyC04M.css" as="style" /><link rel="stylesheet" media="print" href="/sites/default/files/css/css_WtNnCUHHBbUvDg149-VyBAzphbxbAuQT8vOmjvyC04M.css" data-onload-media="all" onload="this.onload=null;this.media=this.dataset.onloadMedia" /><noscript><link rel="stylesheet" media="all" href="/sites/default/files/css/css_WtNnCUHHBbUvDg149-VyBAzphbxbAuQT8vOmjvyC04M.css" /></noscript><link rel="preload" href="/sites/default/files/css/css_4jJSIIn4mGTtpyang-EYQXEuaznom8gHEP5XlkrJbHY.css" as="style" /><link rel="stylesheet" media="print" href="/sites/default/files/css/css_4jJSIIn4mGTtpyang-EYQXEuaznom8gHEP5XlkrJbHY.css" data-onload-media="all" onload="this.onload=null;this.media=this.dataset.onloadMedia" /><noscript><link rel="stylesheet" media="all" href="/sites/default/files/css/css_4jJSIIn4mGTtpyang-EYQXEuaznom8gHEP5XlkrJbHY.css" /></noscript></head><body class="role-anonymous path-node notfront path-node type_article"><a href="#main-content" class="visually-hidden focusable"> Skip to main content</a><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-WJ23CKP" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas><div id="side-navigation"><div class="sidebar_navigation"><div class="container"><div class="sidebar-wrapper"> <nav role="navigation" aria-labelledby="block-caixabank-navegacionprincipal-sidebar-menu" id="block-caixabank-navegacionprincipal-sidebar"><h2 class="visually-hidden" id="block-caixabank-navegacionprincipal-sidebar-menu">Navegación principal</h2><ul class="menu menu-level-0"><li class="menu-item"> <a href="/en" data-drupal-link-system-path="<front>">Home</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"></div></li><li class="menu-item menu-item--expanded"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3">Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/indicators-and-forecasts" data-drupal-link-system-path="taxonomy/term/42">Indicators and forecasts</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/recent-developments" data-drupal-link-system-path="taxonomy/term/21">Recent developments</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/activity-growth" data-drupal-link-system-path="taxonomy/term/993">Activity & growth</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/inflation" data-drupal-link-system-path="taxonomy/term/11">Inflation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/commodities" data-drupal-link-system-path="taxonomy/term/6">Commodities</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/labour-market-demographics" data-drupal-link-system-path="taxonomy/term/12">Labour market & demographics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/financial-markets" data-drupal-link-system-path="taxonomy/term/4">Financial markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/monetary-policy" data-drupal-link-system-path="taxonomy/term/5">Monetary policy</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/public-sector" data-drupal-link-system-path="taxonomy/term/14">Public sector</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3">View all about Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/sectoral-analysis/agrifood" data-drupal-link-system-path="taxonomy/term/16">Agrifood</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/banking" data-drupal-link-system-path="taxonomy/term/17">Banking</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/retail" data-drupal-link-system-path="taxonomy/term/1073">Retail</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/consumption" data-drupal-link-system-path="taxonomy/term/1075">Consumption</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/digitalisation" data-drupal-link-system-path="taxonomy/term/1079">Digitalisation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/industry" data-drupal-link-system-path="taxonomy/term/1074">Industry</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/real-estate" data-drupal-link-system-path="taxonomy/term/19">Real Estate</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/tourism" data-drupal-link-system-path="taxonomy/term/20">Tourism</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">View all about Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/international" data-drupal-link-system-path="taxonomy/term/792">International</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">View all about Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/publicaciones/monthly-report" data-drupal-link-system-path="taxonomy/term/48">Monthly Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/pulso-economico-semanal" data-drupal-link-system-path="taxonomy/term/52">Pulso Económico Semanal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/financial-markets-daily-report" data-drupal-link-system-path="taxonomy/term/47">Financial Markets Daily Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/notas-breves-actualidad-economica-y-financiera" data-drupal-link-system-path="taxonomy/term/51">Notas Breves de Actualidad Económica y Financiera</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/monitor-consumo" data-drupal-link-system-path="taxonomy/term/1044">Monitor de consumo</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/sectoral-reports" data-drupal-link-system-path="taxonomy/term/50">Sectoral Reports</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/spains-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2616">Spain's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/autonomous-community-profiles" data-drupal-link-system-path="taxonomy/term/1086">Autonomous Community Profiles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/portugals-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2617">Portugal's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/country-outlook" data-drupal-link-system-path="taxonomy/term/46">Country Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/flash-divisas" data-drupal-link-system-path="taxonomy/term/1166">Flash Divisas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/podcasts" data-drupal-link-system-path="taxonomy/term/62">Pódcast Economía Exprés</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/videos" data-drupal-link-system-path="taxonomy/term/61">Videos</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/working-papers" data-drupal-link-system-path="taxonomy/term/53">Working Papers</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/hemeroteca/academic-articles" data-drupal-link-system-path="taxonomy/term/58">Academic articles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economist-conferences" data-drupal-link-system-path="taxonomy/term/73">Conferences</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/archives" data-drupal-link-system-path="taxonomy/term/49">Archives</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">View all about Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item"> <a href="https://realtimeeconomics.caixabankresearch.com/#/home?lang=ENG" target="_blank">Real-Time Economics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"></div></li></ul> </nav><div class="language-switcher-language-url block block--fancy language_block:language_interface block-caixabank-alternadordeidioma" id="block-caixabank-alternadordeidioma" role="navigation"><ul class="links"><li hreflang="es" data-drupal-link-system-path="node/12775"><a href="/es/economia-y-mercados/analisis-coyuntura/economia-portuguesa-pierde-brio-2t" class="language-link" hreflang="es" data-drupal-link-system-path="node/12775">CAS</a></li><li hreflang="ca" data-drupal-link-system-path="node/12775"><a href="/ca/economia-i-mercats/analisi-conjuntura/leconomia-portuguesa-perd-vigor-2t" class="language-link" hreflang="ca" data-drupal-link-system-path="node/12775">CAT</a></li><li hreflang="en" data-drupal-link-system-path="node/12775" class="is-active"><a href="/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" class="language-link is-active" hreflang="en" data-drupal-link-system-path="node/12775">ENG</a></li></ul></div> <a href="/en/user/login" class="btn-bottom-mobile">Login</a></div></div></div></div><header role="banner"><div class="header"><div class="container"><div class="header-wrapper"><div class="social-top twitter-link"><a title="Header Twitter Link" target="_blank" href="https://twitter.com/CABK_Research"> <svg version="1.1" id="Layer_1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" width="22.328px" height="18.146px" viewBox="0 0 22.328 18.146" enable-background="new 0 0 22.328 18.146" xml:space="preserve"> <path fill="#FFFFFF" d="M22.328,2.148c-0.82,0.365-1.703,0.611-2.631,0.721c0.946-0.566,1.672-1.464,2.014-2.534 c-0.885,0.525-1.864,0.906-2.908,1.112C17.966,0.557,16.776,0,15.458,0c-2.529,0-4.581,2.052-4.581,4.581 c0,0.359,0.041,0.708,0.119,1.044C7.19,5.435,3.814,3.61,1.555,0.838c-0.394,0.678-0.62,1.465-0.62,2.305 c0,1.589,0.808,2.991,2.037,3.812c-0.75-0.023-1.457-0.229-2.074-0.572C0.897,6.4,0.897,6.419,0.897,6.439 c0,2.219,1.579,4.071,3.675,4.492c-0.384,0.104-0.789,0.16-1.207,0.16c-0.295,0-0.582-0.028-0.862-0.082 c0.583,1.819,2.275,3.144,4.279,3.181c-1.568,1.229-3.543,1.961-5.689,1.961c-0.37,0-0.734-0.022-1.093-0.064 c2.028,1.301,4.436,2.06,7.022,2.06c8.426,0,13.033-6.981,13.033-13.034c0-0.198-0.005-0.396-0.013-0.593 C20.937,3.874,21.714,3.066,22.328,2.148"/> </svg> </a></div><div class="social-top spotify-link"><a title="Header Spotify Link" target="_blank" href="https://open.spotify.com/show/2Fe9ugalc3XYJjRKiInYNQ?go=1&sp_cid=f43ad2b90a329108a9629db7693b3d42&nd=1"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 496 512"> <path fill="#fff" d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8Z"/> <path fill="#197EAE" d="M406.6 231.1c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3zm-31 76.2c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm-26.9 65.6c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4z"/> </svg> </a></div><div class="language-switcher-language-url block block--fancy language_block:language_interface block-caixabank-languageswitcher" id="block-caixabank-languageswitcher" role="navigation"><ul class="links"><li hreflang="es" data-drupal-link-system-path="node/12775"><a href="/es/economia-y-mercados/analisis-coyuntura/economia-portuguesa-pierde-brio-2t" class="language-link" hreflang="es" data-drupal-link-system-path="node/12775">CAS</a></li><li hreflang="ca" data-drupal-link-system-path="node/12775"><a href="/ca/economia-i-mercats/analisi-conjuntura/leconomia-portuguesa-perd-vigor-2t" class="language-link" hreflang="ca" data-drupal-link-system-path="node/12775">CAT</a></li><li hreflang="en" data-drupal-link-system-path="node/12775" class="is-active"><a href="/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" class="language-link is-active" hreflang="en" data-drupal-link-system-path="node/12775">ENG</a></li></ul></div><div id="block-caixabank-menuuserarea" class="block block--fancy user_area_menu block-caixabank-menuuserarea"><ul class="menu"><li><a href="/en/user/login" class="button-newsletter">Newsletters</a></li></ul></div></div></div></div><div class="main_navigation"><div class="container mb-no-padding"><div class="secondary-switcher"><div class="menu-mobile"> <span class="bar top"></span> <span class="bar middle"></span> <span class="bar bottom"></span></div></div><div id="block-caixabank-buscador" class="block block--fancy webform_block block-buscador"><div id="block-close" class="block-close"></div><form class="webform-submission-form webform-submission-add-form webform-submission-buscador-form webform-submission-buscador-add-form webform-submission-buscador-node-12775-form webform-submission-buscador-node-12775-add-form js-webform-details-toggle webform-details-toggle" data-drupal-selector="webform-submission-buscador-node-12775-add-form" action="/search" method="get" id="webform-submission-buscador-node-12775-add-form" accept-charset="UTF-8"><div class="js-form-item form-item js-form-type-search form-item-buscar js-form-item-buscar form-no-label"> <label for="edit-buscar" class="visually-hidden">Buscar</label> <input autocomplete="off" data-drupal-selector="edit-buscar" type="search" id="edit-buscar" name="buscar" value="" size="60" maxlength="128" placeholder="Do your search" class="form-search" /></div><div class="form-actions"> <input class="webform-button--submit button button--primary js-form-submit form-submit" data-drupal-selector="edit-submit" type="submit" id="edit-submit" value="Submit" /></div><a href="/en" class="button cancel" data-drupal-selector="edit-cancel" id="edit-cancel">Cancel</a> <a id="linkAZ" href="/en/tags-a-z">Tags A - Z</a></form></div><div id="block-caixabank-cookiesui" class="block block--fancy cookies_ui_block block-caixabank-cookiesui"><div id="cookiesjsr" style="display: none"></div></div><div id="block-caixabank-logo" class="block block--fancy block_content:97f26e2c-ed87-4777-b925-3e96621f203f block-caixabank-logo" style="transform:translate(-7px,4px); flex-basis: auto; text-align: center; margin: 0; padding-top: 10px;"> <a href="https://www.caixabankresearch.com/en" title="CaixaBank Research logo"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" id="Capa_2" x="0px" y="0px" viewBox="0 0 469.7 126" style="enable-background:new 0 0 469.7 126;" xml:space="preserve"> <g> <path class="ctlogo0" d="M35.3,52.9c1,0.7,0.9,2,1.8,2.7l0.4,3l-2.2,3.2c-2.8,1.5-6.9,2.1-9.5-0.2c-1.5-1.3-1.9-3.2-1.5-5.1l1-2.8 c0.6-0.4,1.4-0.5,1.8-1.2c1.4-0.9,3.1-0.7,4.7-1C33,51.9,34.8,51.2,35.3,52.9"></path> <path class="ctlogo1" d="M28.1,70.7c0.9,0,1.5,0.6,2.3,0.5c1.2,0.4,1,1.9,2.2,2.2c0.9,1.9,1.5,3.9,2,5.9c-0.3,1.2,0.6,1.9,0.3,2.9 l0.3,0.2c0,1.1-0.1,2.4-0.5,3.5c0.2,2-0.8,3.8-1.7,5.5c-0.6,0.4-0.9,1.5-1.8,1.3c-1.6,0.5-1.7,2.8-3.6,2.6 c-1.2,0.9-2.9,0.4-4.3,0.4c-0.8-0.4-2-0.3-2.6-1.1c-1.5-0.6-2.8-1.7-4.1-2.7c-0.5-1.1-1.6-1.6-1.8-2.8c0.4-1.5-0.5-2.8-0.1-4.3 l-0.3-2.4l0.9-4.2c1.6-0.8,1.1-2.7,2.7-3.3c1-2.2,3.3-2.7,5.1-3.9c0.7-0.1,1.5,0.2,2.1-0.4C26.3,70.4,27.2,71.5,28.1,70.7"></path> <path class="ctlogo2" d="M107.8,5.6c-0.4,6.9-6.1,11.5-9,17.3c-1.3,3.5-4.3,5.5-6.5,8.6c-2,2-3.9,4.2-5.5,6.5c0.3,1.6,2,2.1,3,3.2 c2.2,1.3,2.4,3.8,4.3,5.3c1.1,0,1.1,1.7,2.3,1.5c2.6,2.8,4.7,5.7,6.8,8.7c0.3,1.1,0.9,2.1,1.8,2.9c1.7,2.5,3.1,5.1,4.9,7.7 c0.2,2.8,2.6,4.7,3.4,7.4c1.1,1.4,1.5,3.1,2.5,4.5c1.5,3.3,2.5,6.8,4.3,10c0.3,0.7-0.1,1.5-0.5,2c-0.7,0.5-1.2-0.4-2-0.3 c-4-1.5-7.8-3.6-11.5-5.8c-3.8-3.1-8-5.3-11.8-8.5c-1.5-0.4-2.1-2.1-3.4-2.8c-3.6-2.3-6.5-5.5-10.2-7.6c-1.7-1.3-3.3-2.5-5-3.8 c-1.3-0.1-1.7-1.6-2.9-2.1c-2.7-1.7-5.2-4-8-5.5c-0.2,0.4,0,1-0.2,1.4c-1.9,1.8-1.4,4.6-2.7,6.6c0,2.9-2.1,5-2.9,7.5 c-2.3,4.1-4.3,8.3-6.7,12.4c-3.2,4.2-4.9,9.3-9.4,12.7c-1,1.2-2.1,1.9-3.3,2.6c-0.5-0.2-1.3-0.1-1.5-0.7c-0.5-1,0.1-2.6-0.6-3.5 c0.6-1.4,0.2-3,0.5-4.6L38,88.5c0-2.1,1.1-4,0.7-6.2c0.6-1.4,0.8-2.9,1-4.4c0.7-1.9,1.3-3.9,1.5-5.9c0.6-1.2,0.9-2.7,0.7-4.1 c0.5-1.3,0.6-2.8,1.9-3.7c0.2-0.8,0-1.7,0.1-2.5c1.3-4,2.9-7.9,4-12c0-0.3-0.3-0.4-0.5-0.4c-2.9-0.1-5.6,0.4-8.3-0.3 c-4.4-0.1-8.8-0.6-13-1.5c-1.7-0.3-3.8-0.1-5.3-1.1c-1,0-2.2,0.2-3.2-0.3c-2-1-4.4-0.8-6.4-1.9c-1.5,0.2-2.6-0.8-4-0.9 c-1.3,0.1-2.1-1-3-1.8v-0.4c2.4-3.3,6.4-4.2,9.9-5.5c3.5-1.1,7.3-1.2,10.9-1.9c2.3-0.4,4.8,0.2,7.1-0.1c4.2,0.1,8.2,0.8,12.3,0.9 c1.4,0.2,2.6,0.8,4,0.8l0-0.6l-3.9-5.3c-1.5-3.4-4.1-6.3-5.1-9.9c-0.9-1.1-0.1-2.7-0.7-3.9c0-0.5,0.4-0.9,0.6-1.4 c0.8-0.3,1.8,0.2,2.6-0.3c2.5,0.6,4.8,1.5,7.3,2c2.6,1,5.2,2.1,7.5,3.8c2.9,2,6.4,3.4,8.6,6.5c0.6,0.5,1.5,0.6,2.3,0.4 c0.7-0.1,0.8-0.9,1.5-1.2c3-1.9,6.4-3,9.4-5.1c1.2-1.2,3.2-1.4,3.9-3c0.9-0.4,1.8-1,2.7-1.3c1.7-1.2,3.4-2.5,5.3-3.5 c1-0.1,1.8-0.6,2.5-1.2c3-1.7,6.2-3,9.1-4.9c0.6-1.7,2.5-1.3,3.9-1.7C106.5,4.8,107.5,4.7,107.8,5.6"></path> <rect x="142.4" y="85.2" class="ctlogo3" width="323.1" height="1.3"></rect> <rect x="142.4" y="86.4" class="ctlogo3" width="323.1" height="1.3"></rect> <path class="ctlogo3" d="M366.5,47.1c2-2.9,3.9-4.1,7.7-4.1c5.3,0,5.6,4.7,5.6,8.9c-1.1,0-2.4-0.2-3.7-0.2c-7.1,0-15,3.2-15,11.5 c0,5.8,5.2,9.1,10.6,9.1c3.4,0,5.9-1.9,8.6-3.8c0.9,2,3.3,3.4,6.2,3.8l5.9-4.7l-1.2-1.2c-0.5,0.2-1.3,0.3-1.6,0.3 c-1.7,0-2.3-1-2.3-4.6v-2.7c0.1-4.5,0.3-8.5,0.3-11.3c0-7.8-5.9-9.7-12.9-9.7c-3.7,0-6.8,0.5-10.1,1.4v7.4H366.5z M380.1,66.2 c-1.3,0.8-2.8,1.3-5.2,1.3c-3.3,0-6.1-2.7-6.1-6.3c0-5,3.8-6.9,7.4-6.9c1.4,0,2.9,0.2,3.7,0.4L380.1,66.2z"></path> <path class="ctlogo3" d="M192.7,27.3h-3.4c-2.5-7.5-10.3-10.5-17.2-10.5c-13.9,0-19.7,11.2-19.7,24.7c0,22.6,16.4,26.5,23,26.5 c6.5,0,12.4-2.8,15.9-8.4l2.5,1l-2.5,8.9c-6.4,1.2-10.4,1.8-15.6,1.8c-23.9,0-34.4-14.8-34.4-29.2c0-16.5,12.7-28.7,30.7-28.7 c10.4,0,14.4,1.8,20.1,3.2L192.7,27.3z"></path> <path class="ctlogo3" d="M217.1,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.3-1.3 L217.1,54.7z M201.8,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.4,4.6 c0.4,0,1.1-0.1,1.6-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H201.8z"></path> <path class="ctlogo3" d="M238.6,25.1c2.3,0,4.3,1.6,4.3,4c0,2.3-2,4-4.3,4c-2.3,0-4.3-1.6-4.3-4C234.3,26.7,236.3,25.1,238.6,25.1 M242.5,38.3c0,3.3,0.3,10.2,0.3,16.6v11.4c0,2.7,1.2,3.1,3.1,3.5v1.6c-2.4,0-4.7-0.2-7-0.2c-2.1,0-4.2,0.2-6.3,0.2v-1.6 c1.9-0.5,2.7-0.9,2.7-3.5v-9.7c0-5.6-0.5-8.8-1.1-10.4c-0.6-1.6-1.4-2.1-3.3-2.4v-1.6c3.6-0.9,7.8-2.3,10.1-3.9H242.5z"></path> <path class="ctlogo3" d="M249.7,69.9c2.5-0.4,4.2-2.3,5.2-3.7l7.6-9.7l-9-12.2c-1.5-2-2-2.5-4.3-3.5v-1.6c2.3,0.1,4.8,0.2,7.1,0.2 c2.3,0,4.7-0.2,7-0.2v1.6c-0.9,0.5-1.6,0.6-1.6,1.8c0,0.5,0.2,1.6,0.9,2.5l4.3,5.9l3.8-5.1c0.8-1.1,1.2-2,1.2-2.6 c0-1.5-0.9-2-2.2-2.5v-1.6c2.1,0.1,4.1,0.2,6.3,0.2c2,0,4.2-0.2,6.2-0.2v1.6c-3.1,0.7-4.7,2.6-6.4,4.8l-6.7,8.5l8.5,11.8 c1.2,1.6,3,3.5,4.9,4.1v1.6c-2.3-0.1-4.6-0.2-7-0.2c-2.4,0-4.6,0.2-7,0.2v-1.6c0.9-0.1,1.6-0.9,1.6-1.7c0-0.5-0.6-1.7-1.3-2.7 l-4.2-6l-4.2,5.7c-0.5,0.7-1.1,2.2-1.1,2.9c0,1.2,0.6,1.6,1.6,1.8v1.6c-2-0.1-4.2-0.2-6.2-0.2c-1.7,0-3.4,0.2-5.1,0.2V69.9z"></path> <path class="ctlogo3" d="M303.4,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.2-1.3 L303.4,54.7z M288.1,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.3,4.6 c0.4,0,1.1-0.1,1.7-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H288.1z"></path> <path class="ctlogo3" d="M331.3,45.4c1.6,0,2.9-0.1,4.2-0.1c7.5,0,11.9,5.3,11.9,12.4c0,6-4,10.9-10.7,10.9c-4.9,0-5.4-0.8-5.4-5V45.4z M322.9,64.8c0,3.4-1,4.5-4.5,4.9v1.4h13.5c1.1,0,2.2,0.1,3.2,0.2c1.1,0.1,2.2,0.2,3.2,0.2c8.5,0,18.6-3.3,18.6-13.4 c0-8.1-4.9-12.3-12.3-14.3v-0.2c5.9-1.9,11.3-6.2,11.3-12.8c0-10.2-10.5-13.9-19.2-13.9c-1.9,0-3.7,0.3-7.2,0.3 c-3.1,0-6.3-0.3-10.2-0.3v1.7c2.1,0.3,3.4,1,3.4,4c0,7,0.2,17,0.2,26.3V64.8z M331.7,21.2c0-1.5,0.9-1.6,3.1-1.6 c8.4,0,11.7,4.5,11.7,11.4c0,6.8-4.7,11.1-11.7,11.1c-1,0-2.1-0.1-3.5-0.2L331.7,21.2z"></path> <path class="ctlogo3" d="M393.8,43.7c2.3,0,3.4,1.3,3.4,3.6c0,2.5,0.4,6.7,0.4,11.3v7.7c0,2.7-0.9,3-2.9,3.7v1.6c2.2,0,4.5-0.2,6.6-0.2 c2.3,0,4.5,0.2,6.7,0.2v-1.6c-2.1-0.2-2.9-0.9-2.9-3.7v-6.4c0-6.1,0.2-10.5,0.2-13.4c0-2.9,5-3.7,6.6-3.7c5.6,0,6.4,5.8,6.4,10 v13.5c0,2.7-0.6,3.2-2.8,3.7v1.6c2.5,0,4.9-0.2,7.4-0.2c2,0,3.8,0.2,5.8,0.2v-1.6c-2.2-0.6-2.8-1.2-2.8-3.7V49.6 c0-6.6-3-11.3-10.8-11.3c-3.3,0-6.8,2-9.5,3.8c0.1-1.3,0.1-2.6,0.2-3.9h-1.6c-3,1.9-5.8,3-10.4,3.9V43.7z"></path> <path class="ctlogo3" d="M465.5,69.8c-2.3-0.7-5.2-3.2-6.2-4.4l-11.8-13.8l6-6.3c1.9-2,4.5-3.7,7.3-4.5v-1.6c-2,0.2-3.9,0.2-5.9,0.2 c-2.1,0-4.3-0.1-6.4-0.2v1.6c0.7,0.3,1.4,1.3,1.4,2c0,0.9-0.4,2-2,3.7l-6.4,6.3V15.9h-1.7c-2.8,2.1-6.5,3.7-10.4,4.8v1.8 c2,0,3.7,1.9,3.9,5.1c0.2,3,0.6,8.8,0.6,13.4v25.3c0,1.7-0.6,3.1-3,3.5v1.6c2.1-0.2,4.1-0.2,6.3-0.2c2.3,0,4.6,0.2,7,0.2v-1.6 c-1.9-0.4-2.7-1.3-2.7-3.7V55.4h0.2l8.1,8.8c1.3,1.5,2.3,3.3,2.3,4.1c0,0.8-0.5,1.4-1.2,1.4v1.6c2.7,0,5.3-0.2,8-0.2 c2.3,0,4.5,0.2,6.8,0.2V69.8z"></path> <rect x="142.4" y="86.4" class="ctlogo3" width="323.1" height="1.3"></rect> <path class="ctlogo3" d="M351.9,120.9h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3c0.3-0.4,0.7-0.7,1.1-0.9 c0.4-0.2,0.9-0.3,1.5-0.3c0.7,0,1.2,0.2,1.6,0.5c0.3,0.4,0.5,0.8,0.5,1.2c0,0.4,0,0.8-0.1,1.2c-0.1,0.4-0.2,0.8-0.2,1.2l-1.5,7.1 h5.4l1.4-7.1c0.1-0.4,0.1-0.8,0.2-1c0.1-0.3,0.1-0.5,0.1-0.8c0-0.2,0-0.5,0.1-0.7c0-0.2,0-0.4,0-0.7c0-0.7-0.1-1.4-0.3-2.1 c-0.2-0.6-0.5-1.2-0.9-1.7c-0.4-0.5-0.9-0.8-1.5-1.1c-0.6-0.3-1.3-0.4-2-0.4c-1.2,0-2.3,0.3-3.2,0.7c-0.9,0.5-1.6,1.1-2.1,1.8H360 l1.9-8.9h-5.3L351.9,120.9z M350.5,116.8c-0.6,0.2-1.1,0.4-1.6,0.5c-0.5,0.1-1.1,0.2-1.8,0.2c-0.6,0-1.1-0.1-1.5-0.3 c-0.4-0.2-0.8-0.4-1.1-0.7c-0.3-0.3-0.6-0.7-0.7-1.1s-0.2-0.8-0.2-1.3c0-1.6,0.4-2.8,1.3-3.6c0.9-0.8,2-1.3,3.4-1.3 c0.6,0,1.2,0.1,1.7,0.2c0.6,0.1,1.1,0.3,1.7,0.6l1.1-3.7c-0.8-0.3-1.6-0.6-2.5-0.8c-0.9-0.2-1.7-0.3-2.3-0.3c-1.5,0-2.8,0.2-4,0.7 c-1.2,0.5-2.2,1.1-3.1,1.9c-0.9,0.8-1.5,1.8-2,2.9c-0.5,1.1-0.7,2.3-0.7,3.5c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.4,2.2 c0.6,0.6,1.4,1.1,2.3,1.5c0.9,0.4,1.9,0.6,3,0.6c1,0,1.9-0.1,2.6-0.2c0.7-0.1,1.3-0.2,1.9-0.4L350.5,116.8z M327.9,105.7 c-0.1,0.7-0.2,1.4-0.3,2c-0.1,0.7-0.2,1.3-0.4,2l-2.4,11.3h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3 c0.3-0.4,0.7-0.7,1.1-0.9c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,1,0,1.3,0.1c0.4,0.1,0.8,0.3,1.1,0.5l1.2-4.7c-0.3-0.2-0.7-0.3-1.1-0.3 c-0.4,0-0.8-0.1-1.1-0.1c-0.5,0-1.1,0.1-1.5,0.3c-0.5,0.2-0.9,0.5-1.3,0.8c-0.4,0.3-0.8,0.7-1.1,1.1c-0.3,0.4-0.6,0.9-0.8,1.3h-0.1 l0.6-3.1H327.9z M317.3,120.9h4.3c0.1-1.1,0.3-2.2,0.5-3.2c0.2-1,0.4-1.9,0.6-2.8c0.2-0.9,0.4-1.7,0.5-2.4c0.1-0.7,0.2-1.4,0.2-2 c0-0.9-0.2-1.7-0.5-2.4c-0.4-0.7-0.8-1.2-1.4-1.6c-0.6-0.4-1.3-0.7-2.1-0.9c-0.8-0.2-1.7-0.3-2.6-0.3c-1.2,0-2.2,0.1-3.1,0.2 c-0.9,0.2-1.7,0.4-2.5,0.6l-0.5,3.8c0.9-0.4,1.7-0.8,2.4-0.9c0.7-0.2,1.6-0.3,2.5-0.3c0.9,0,1.6,0.2,2.1,0.6 c0.5,0.4,0.7,0.8,0.7,1.4v0.3c0,0.1,0,0.2-0.1,0.3c-0.4,0-0.8-0.1-1.3-0.1c-0.5,0-1,0-1.5,0c-1.2,0-2.3,0.1-3.3,0.4 c-1,0.2-1.9,0.6-2.7,1c-0.8,0.5-1.4,1-1.8,1.7c-0.4,0.7-0.7,1.5-0.7,2.5c0,1.5,0.4,2.6,1.3,3.3c0.9,0.7,2.1,1.1,3.8,1.1 c1,0,2-0.2,2.9-0.6c0.9-0.4,1.6-1,2.2-1.9v-0.1l0.1,0.1L317.3,120.9z M313.4,114.6c0.8-0.4,1.9-0.6,3.1-0.5c0.2,0,0.4,0,0.7,0 c0.3,0,0.5,0,0.7,0.1c-0.2,1-0.6,1.9-1.3,2.6c-0.7,0.7-1.6,1-2.7,1c-0.6,0-1-0.2-1.3-0.5c-0.3-0.3-0.5-0.7-0.5-1 C312.2,115.6,312.6,115,313.4,114.6 M303.6,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L303.6,116.7z M295.1,111.9c0.1-0.4,0.2-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.3,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H295.1z M274.1,120.5c0.8,0.2,1.8,0.4,2.9,0.6c1.1,0.2,2.3,0.2,3.5,0.2c1,0,1.9-0.2,2.8-0.4c0.9-0.2,1.6-0.6,2.3-1.1 c0.6-0.5,1.2-1.1,1.5-1.8c0.4-0.7,0.6-1.5,0.6-2.5c0-0.6-0.2-1.2-0.5-1.6c-0.3-0.4-0.7-0.8-1.2-1.1c-0.5-0.3-1-0.6-1.6-0.8 c-0.6-0.2-1.1-0.4-1.6-0.6c-0.5-0.2-0.9-0.4-1.2-0.6c-0.3-0.2-0.5-0.4-0.5-0.7c0-0.3,0.1-0.5,0.2-0.6c0.1-0.2,0.3-0.3,0.6-0.4 c0.2-0.1,0.5-0.2,0.8-0.2c0.3,0,0.6-0.1,0.9-0.1c0.8,0,1.5,0.1,2.2,0.2c0.7,0.1,1.3,0.4,2,0.6l1.1-3.5c-1-0.3-1.9-0.5-2.8-0.7 c-0.9-0.1-1.6-0.2-2.3-0.2c-0.9,0-1.8,0.1-2.7,0.3c-0.9,0.2-1.7,0.5-2.5,0.9c-0.7,0.4-1.3,0.9-1.8,1.6c-0.5,0.6-0.7,1.4-0.7,2.3 c0,0.8,0.2,1.5,0.5,2c0.3,0.5,0.7,1,1.2,1.3c0.5,0.3,1,0.6,1.5,0.8c0.5,0.2,1,0.4,1.5,0.5c0.5,0.2,0.9,0.3,1.2,0.6 c0.3,0.2,0.5,0.5,0.5,0.9c0,0.3-0.1,0.6-0.3,0.7c-0.2,0.2-0.5,0.3-0.8,0.4c-0.3,0.1-0.6,0.1-1,0.2c-0.3,0-0.6,0-0.8,0 c-1.5,0-2.9-0.3-4.3-0.9L274.1,120.5z M271.1,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L271.1,116.7z M262.6,111.9c0.1-0.4,0.3-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.4,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H262.6z M246.1,104.4h2.6c0.8,0,1.4,0.2,1.9,0.5c0.4,0.3,0.6,0.9,0.6,1.6c0,0.5-0.1,0.9-0.3,1.2c-0.2,0.3-0.5,0.6-0.9,0.8 c-0.4,0.2-0.8,0.3-1.3,0.4c-0.5,0.1-1.1,0.1-1.7,0.1h-1.8L246.1,104.4z M237.3,120.9h5.5l1.6-8.1h0.6c0.6,0,1.1,0,1.4,0.1 c0.4,0,0.6,0.2,0.8,0.4c0.2,0.2,0.4,0.5,0.5,0.9c0.1,0.4,0.2,0.9,0.4,1.6l1.1,5.2h5.4l-1.5-6.3c-0.1-0.3-0.2-0.7-0.3-1.1 c-0.1-0.4-0.3-0.8-0.4-1.2c-0.2-0.4-0.4-0.7-0.7-0.9c-0.3-0.3-0.6-0.4-1-0.4V111c0.8-0.1,1.5-0.3,2.3-0.5c0.7-0.2,1.4-0.5,1.9-0.9 c0.5-0.4,1-0.9,1.3-1.6c0.3-0.6,0.5-1.4,0.5-2.3c0-1.3-0.3-2.3-0.8-2.9c-0.5-0.7-1.2-1.2-2-1.5c-0.8-0.3-1.8-0.5-2.8-0.6 c-1-0.1-2-0.1-3-0.1h-6.5L237.3,120.9z"></path> </g> </svg> </a></div><nav role="navigation" aria-labelledby="block-caixabank-navegacionprincipal-menu" id="block-caixabank-navegacionprincipal"><h2 class="visually-hidden" id="block-caixabank-navegacionprincipal-menu">Navegación principal</h2><ul class="menu menu-level-0"><li class="menu-item"> <a href="/en" data-drupal-link-system-path="<front>">Home</a></li><li class="menu-item menu-item--expanded"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3">Economics & Markets</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/indicators-and-forecasts" data-drupal-link-system-path="taxonomy/term/42">Indicators and forecasts</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/recent-developments" data-drupal-link-system-path="taxonomy/term/21">Recent developments</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/activity-growth" data-drupal-link-system-path="taxonomy/term/993">Activity & growth</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/inflation" data-drupal-link-system-path="taxonomy/term/11">Inflation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/commodities" data-drupal-link-system-path="taxonomy/term/6">Commodities</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/labour-market-demographics" data-drupal-link-system-path="taxonomy/term/12">Labour market & demographics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/financial-markets" data-drupal-link-system-path="taxonomy/term/4">Financial markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/monetary-policy" data-drupal-link-system-path="taxonomy/term/5">Monetary policy</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/public-sector" data-drupal-link-system-path="taxonomy/term/14">Public sector</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3">View all about Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-a82fa56e1d2e7aaedab88fcd35d6724736bfbf2000dac789a1d4e89dfb032228 col-right"><div class="content-article-menu"> <article data-history-node-id="12940" role="article" about="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_azul_n.jpg?itok=uV5BE-x5" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal"><span property="schema:name">2025 global outlook: in search of a new normal</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/jose-ramon-diez" class="author-complete-teaser"> <a href="/en/author/jose-ramon-diez"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/joseramondiez-bn-cuadrada.jpg?itok=onBpj1ja" width="136" height="136" alt="José Ramón Díez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> José Ramón Díez</div></div></div> </a></div></div></div><div class="created">November 18th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/sectoral-analysis/agrifood" data-drupal-link-system-path="taxonomy/term/16">Agrifood</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/banking" data-drupal-link-system-path="taxonomy/term/17">Banking</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/retail" data-drupal-link-system-path="taxonomy/term/1073">Retail</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/consumption" data-drupal-link-system-path="taxonomy/term/1075">Consumption</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/digitalisation" data-drupal-link-system-path="taxonomy/term/1079">Digitalisation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/industry" data-drupal-link-system-path="taxonomy/term/1074">Industry</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/real-estate" data-drupal-link-system-path="taxonomy/term/19">Real Estate</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/tourism" data-drupal-link-system-path="taxonomy/term/20">Tourism</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">View all about Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-08028100cca9771545506aa4ef7d156e24221ec1f9016c7ec43fa078f93da645 col-right"><div class="content-article-menu"> <article data-history-node-id="13012" role="article" lang="es" about="/en/sectoral-analysis/sectoral-observatory/perspectivas-economia-espanola-clave-sectorial-2024-2025" data-type="sectorial_report_article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/27/91184/pag-15_is-observatorio-2024.jpg?itok=xz6GfDLy" width="400" height="200" alt="pag-15_is-observatorio-2024" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/sectoral-analysis/sectoral-observatory/perspectivas-economia-espanola-clave-sectorial-2024-2025"><span>Perspectivas de la economía española en clave sectorial 2024-2025</span></a></h2><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/david-cesar-heymann" class="author-complete-teaser"> <a href="/en/author/david-cesar-heymann"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2023/11/23/49/David%20Cesar%20Heymann.jpg?itok=XAmoyNNq" width="136" height="136" alt="David Cesar Heymann" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> David Cesar Heymann</div></div></div> </a></div></div></div><div class="created">November 29th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/international" data-drupal-link-system-path="taxonomy/term/792">International</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">View all about Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-69abd121b310fc74b69962e73c4cfabf9489aa44dc6581c56545dec62f8c4908 col-right"><div class="content-article-menu"> <article data-history-node-id="12950" role="article" about="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_roja_n.jpg?itok=mbtY6ro1" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024"><span property="schema:name">Spain 2025: dynamic growth, albeit slightly lower than in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_no_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/oriol-carreras-baquer" class="author-name-teaser"><div class="nom"><a href="/en/author/oriol-carreras-baquer"><div class="name field"> Oriol Carreras Baquer</div> </a></div></div></div><div class="autor"><div about="/en/author/javier-garcia-arenas" class="author-name-teaser"><div class="nom"><a href="/en/author/javier-garcia-arenas"><div class="name field"> Javier García Arenas</div> </a></div></div></div></div><div class="created">November 19th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">Publications</a><div class="menu-desplegable menu_visual_4"><div class="container menu_visual_4"><div class="col-double"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/publicaciones/monthly-report" data-drupal-link-system-path="taxonomy/term/48">Monthly Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/pulso-economico-semanal" data-drupal-link-system-path="taxonomy/term/52">Pulso Económico Semanal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/financial-markets-daily-report" data-drupal-link-system-path="taxonomy/term/47">Financial Markets Daily Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/notas-breves-actualidad-economica-y-financiera" data-drupal-link-system-path="taxonomy/term/51">Notas Breves de Actualidad Económica y Financiera</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/monitor-consumo" data-drupal-link-system-path="taxonomy/term/1044">Monitor de consumo</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/sectoral-reports" data-drupal-link-system-path="taxonomy/term/50">Sectoral Reports</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/spains-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2616">Spain's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/autonomous-community-profiles" data-drupal-link-system-path="taxonomy/term/1086">Autonomous Community Profiles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/portugals-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2617">Portugal's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/country-outlook" data-drupal-link-system-path="taxonomy/term/46">Country Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/flash-divisas" data-drupal-link-system-path="taxonomy/term/1166">Flash Divisas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/podcasts" data-drupal-link-system-path="taxonomy/term/62">Pódcast Economía Exprés</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/videos" data-drupal-link-system-path="taxonomy/term/61">Videos</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/working-papers" data-drupal-link-system-path="taxonomy/term/53">Working Papers</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/hemeroteca/academic-articles" data-drupal-link-system-path="taxonomy/term/58">Academic articles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economist-conferences" data-drupal-link-system-path="taxonomy/term/73">Conferences</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/archives" data-drupal-link-system-path="taxonomy/term/49">Archives</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">View all about Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div></div></div></li><li class="menu-item"> <a href="https://realtimeeconomics.caixabankresearch.com/#/home?lang=ENG" target="_blank">Real-Time Economics</a></li></ul> </nav><div id="block-caixabank-lupa" class="block block--fancy block_content:4f09ab03-9b04-4d1e-8887-01f5ffec8359 block-caixabank-lupa"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" id="Layer_1" x="0px" y="0px" width="23.234px" height="23.551px" viewBox="0 0 23.234 23.551" xml:space="preserve"> <circle fill="none" stroke="#009DDC" stroke-width="2" stroke-linecap="round" stroke-miterlimit="10" cx="9.852" cy="9.667" r="8.5"></circle> <line fill="none" stroke="#009DDC" stroke-width="2" stroke-linecap="round" stroke-miterlimit="10" x1="15.852" y1="16.167" x2="22.352" y2="22.667"></line> </svg></div></div></div></header><main role="main"> <a id="main-content" tabindex="-1"></a><div class="layout-content container"><div class="context-header menu"><div class="context-header-top"><div class="breadcrumb view-contexto-menu-tematicas"><div class="bread-level-0"><a href="/en/economics-markets" hreflang="en">Economics & Markets</a></div><h2 class="bread-level-1"><a href="/en/economics-markets/recent-developments" hreflang="en">Recent developments</a></h2></div></div></div><div class="content"><div data-drupal-messages-fallback class="hidden"></div><div id="block-caixabank-content" class="block block--fancy system_main_block block-caixabank-content"> <article data-history-node-id="12775" role="article" about="/en/economics-markets/recent-developments/portuguese-economy-loses-momentum-q2" typeof="schema:Article" class="plantilla_articulo"><div class="content-header bottom-short"><div class="info"><div class="category "><div class="item"> <a href="/en/economics-markets/recent-developments" hreflang="en">Recent developments</a></div></div><h1><span property="schema:name"> The Portuguese economy loses momentum in Q2</span></h1> <span property="schema:name" content=" The Portuguese economy loses momentum in Q2" class="hidden"></span><div property="schema:text" class="body field"><p><span><span><span>Portugal’s GDP recorded only a small advance in Q2, and job creation and inflation slowed in August.</span></span></span></p></div><div class="translations"><div class="available">Content available in</div><div class="languages"> <a href="/ca/economia-i-mercats/analisi-conjuntura/leconomia-portuguesa-perd-vigor-2t" hreflang="ca">catalan</a> <a href="/es/economia-y-mercados/analisis-coyuntura/economia-portuguesa-pierde-brio-2t" hreflang="es">spanish</a></div></div><div class="autor-fecha slash no_photo"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-complete-teaser"> <span class="external"><div class="author-info"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div> </span></div></div></div><div class="fecha"><div class="created-time">September 16th, 2024</div></div></div><div class="download"><div class="print"><a href="/en/node/12775/printable/print" target="_blank">Print</a></div><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/09/16/34454/im09_24-08-econ-portugal-en.pdf"> Download File </a></div></div></div><div class="image"><div class="field_thumbnail field"> <img loading="eager" src="/sites/default/files/styles/destacado/public/content/image/2024/09/09/34454/ico_im_09_24_pt.jpg?h=6bd4300a&itok=MZy7r7Vo" width="670" height="399" alt="IM09" typeof="foaf:Image" /></div></div></div><div class="content"><div class="share azul" style="display: none" > <a href="#" id="share_button" class="share_toggle"> <svg fill="#0297cc" height="80px" width="80px" version="1.1" id="Capa_1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 227.216 227.216" xml:space="preserve"> <path d="M175.897,141.476c-13.249,0-25.11,6.044-32.98,15.518l-51.194-29.066c1.592-4.48,2.467-9.297,2.467-14.317 c0-5.019-0.875-9.836-2.467-14.316l51.19-29.073c7.869,9.477,19.732,15.523,32.982,15.523c23.634,0,42.862-19.235,42.862-42.879 C218.759,19.229,199.531,0,175.897,0C152.26,0,133.03,19.229,133.03,42.865c0,5.02,0.874,9.838,2.467,14.319L84.304,86.258 c-7.869-9.472-19.729-15.514-32.975-15.514c-23.64,0-42.873,19.229-42.873,42.866c0,23.636,19.233,42.865,42.873,42.865 c13.246,0,25.105-6.042,32.974-15.513l51.194,29.067c-1.593,4.481-2.468,9.3-2.468,14.321c0,23.636,19.23,42.865,42.867,42.865 c23.634,0,42.862-19.23,42.862-42.865C218.759,160.71,199.531,141.476,175.897,141.476z M175.897,15 c15.363,0,27.862,12.5,27.862,27.865c0,15.373-12.499,27.879-27.862,27.879c-15.366,0-27.867-12.506-27.867-27.879 C148.03,27.5,160.531,15,175.897,15z M51.33,141.476c-15.369,0-27.873-12.501-27.873-27.865c0-15.366,12.504-27.866,27.873-27.866 c15.363,0,27.861,12.5,27.861,27.866C79.191,128.975,66.692,141.476,51.33,141.476z M175.897,212.216 c-15.366,0-27.867-12.501-27.867-27.865c0-15.37,12.501-27.875,27.867-27.875c15.363,0,27.862,12.505,27.862,27.875 C203.759,199.715,191.26,212.216,175.897,212.216z"/> </svg> </a><div class="a2a_kit a2a_kit_size_32 a2a_default_style"> <a title="Share with Facebook" class="a2a_button_facebook" target="_blank" rel="nofollow noopener" href="https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.caixabankresearch.com%2Fen%2Feconomics-markets%2Frecent-developments%2Fportuguese-economy-loses-momentum-q2&t=The%20Portuguese%20economy%20loses%20momentum%20in%20Q2"> <span class="a2a_svg"> <svg focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32"><path fill="#FFF" d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z"></path></svg> </span> </a> <a title="Share with Twitter" class="a2a_button_twitter" target="_blank" rel="nofollow noopener" href="https://twitter.com/share?source=tweetbutton&url=https%3A%2F%2Fwww.caixabankresearch.com%2Fen%2Feconomics-markets%2Frecent-developments%2Fportuguese-economy-loses-momentum-q2&title=The%20Portuguese%20economy%20loses%20momentum%20in%20Q2"> <span class="a2a_svg"> <svg focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32"><path fill="#FFF" d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z"></path></svg> </span> </a> <a title="Share with Linkedin" class="a2a_button_linkedin" target="_blank" rel="nofollow noopener" href="https://www.linkedin.com/shareArticle?mini=true&summary=&source=CaixaBankResearch&url=https%3A%2F%2Fwww.caixabankresearch.com%2Fen%2Feconomics-markets%2Frecent-developments%2Fportuguese-economy-loses-momentum-q2&title=The%20Portuguese%20economy%20loses%20momentum%20in%20Q2"> <span class="a2a_svg"><svg focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#FFF"></path></svg></span> </a> <a title="Share with Whatsapp" class="a2a_button_whatsapp" target="_blank" rel="nofollow noopener" href="whatsapp://send?text=https%3A%2F%2Fwww.caixabankresearch.com%2Fen%2Feconomics-markets%2Frecent-developments%2Fportuguese-economy-loses-momentum-q2" data-action="share/whatsapp/share"> <span class="a2a_svg"><svg focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32"><path fill-rule="evenodd" clip-rule="evenodd" fill="#FFF" d="M16.21 4.41C9.973 4.41 4.917 9.465 4.917 15.7c0 2.134.592 4.13 1.62 5.832L4.5 27.59l6.25-2.002a11.241 11.241 0 0 0 5.46 1.404c6.234 0 11.29-5.055 11.29-11.29 0-6.237-5.056-11.292-11.29-11.292zm0 20.69c-1.91 0-3.69-.57-5.173-1.553l-3.61 1.156 1.173-3.49a9.345 9.345 0 0 1-1.79-5.512c0-5.18 4.217-9.4 9.4-9.4 5.183 0 9.397 4.22 9.397 9.4 0 5.188-4.214 9.4-9.398 9.4zm5.293-6.832c-.284-.155-1.673-.906-1.934-1.012-.265-.106-.455-.16-.658.12s-.78.91-.954 1.096c-.176.186-.345.203-.628.048-.282-.154-1.2-.494-2.264-1.517-.83-.795-1.373-1.76-1.53-2.055-.158-.295 0-.445.15-.584.134-.124.3-.326.45-.488.15-.163.203-.28.306-.47.104-.19.06-.36-.005-.506-.066-.147-.59-1.587-.81-2.173-.218-.586-.46-.498-.63-.505-.168-.007-.358-.038-.55-.045-.19-.007-.51.054-.78.332-.277.274-1.05.943-1.1 2.362-.055 1.418.926 2.826 1.064 3.023.137.2 1.874 3.272 4.76 4.537 2.888 1.264 2.9.878 3.43.85.53-.027 1.734-.633 2-1.297.266-.664.287-1.24.22-1.363-.07-.123-.26-.203-.54-.357z"></path></svg></span> </a> <a title="Share to Email" class="a2a_button_email" target="_blank" rel="nofollow noopener" href="mailto:?subject=The%20Portuguese%20economy%20loses%20momentum%20in%20Q2%20|%20CaixaBank%20Research&body=https%3A%2F%2Fwww.caixabankresearch.com%2Fen%2Feconomics-markets%2Frecent-developments%2Fportuguese-economy-loses-momentum-q2"> <span class="a2a_svg"><svg focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32"><path fill="#FFF" d="M26 21.25v-9s-9.1 6.35-9.984 6.68C15.144 18.616 6 12.25 6 12.25v9c0 1.25.266 1.5 1.5 1.5h17c1.266 0 1.5-.22 1.5-1.5zm-.015-10.765c0-.91-.265-1.235-1.485-1.235h-17c-1.255 0-1.5.39-1.5 1.3l.015.14s9.035 6.22 10 6.56c1.02-.395 9.985-6.7 9.985-6.7l-.015-.065z"></path></svg></span> </a></div> <a href="#" title="Share Close" id="share_close" class="share_toggle" style="display: none"> <svg xmlns="http://www.w3.org/2000/svg" width="14.147" height="13.777"><path fill="none" stroke="#0297cc" stroke-width="1.636" stroke-linecap="round" stroke-miterlimit="10" d="M1.629 1.538l10.999 11m-10.999 0l10.999-11"/></svg> </a></div><div class="col-left" style="display: none"><div class="menu_anchors_fixed"> <label>In this article</label><ul></ul></div></div><div class="col-right"><div class="field_paragraphs"><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> In Q2, GDP registered only a small advance, although the composition of the growth offers some cause for optimism</div><div class="field_descripcion field"><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES"> In Q2 2024, GDP grew by just 0.1% quarter-on-quarter, marking a significant slowdown from the 0.8% recorded in Q1. This pattern is explained by the slowdown of exports and the acceleration of imports, which has led to foreign demand making a negative contribution to quarter-on-quarter GDP growth (–0.4 pps). This contrasts with the positive contribution from domestic demand (+0.5 pps), which has been supported by investment in machinery and transport equipment. Private consumption, on the other hand, is slowing. In annual terms, GDP growth remains at 1.5%.</p><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">Although the figure for Q2 was lower than that anticipated by CaixaBank Research, we remain reasonably optimistic about the path of economic activity in the second half of the year thanks to tourism, the correction of inflation and the fall in financing costs. Moreover, the gradual increase in the execution of European funds will support investment. Consequently, we continue to project GDP growth in excess of 1.5% in 2024, and with upside risks.</p></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/09/16/34454/im09_24_ep_01_en.jpg?itok=OIttHUzW" width="900" height="806" alt="Portugal: GDP and its components" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> The economic activity indicators for Q3 show a mixed performance</div><div class="field_descripcion field"><p>On the one hand, the Bank of Portugal’s economic activity indicator slowed in July, pointing to a year-on-year growth of 1.2%, while the indicator corresponding to private consumption accelerated once again in July, to 1.8% year-on-year. The sentiment indicators for August, meanwhile, reveal signs of caution among consumers and optimism in the construction and industrial sectors. Finally, tourism continues to show strong growth, with year-on-year increases in the number of tourists and overnight stays of 6% and 5%, respectively.</p></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/09/16/34454/im09_24_ep_02_en.jpg?itok=iydh-4im" width="900" height="830" alt="Portugal: coincident indicators" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> Inflation slowed to 1.9% in August</div><div class="field_descripcion field"><p> 60 pps lower than in July, as a result of a 1.4% fall in energy prices and a slowdown to 0.8% (2.8% in July) in the case of food. Excluding these two components, the core inflation rate has stabilised at 2.4%, confirming the slow pace of the disinflationary process. The story over the coming months could be less favourable, especially given the pattern in energy prices: the government recently announced the partial withdrawal of the fuel support measures. Also, starting from October, electricity and gas prices and tariffs will be updated. These factors support our expectation of a rebound in inflation in the closing months of the year, while the core rate will remain at around 2.4%.</p></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/09/16/34454/im09_24_ep_03_en.jpg?itok=0R99bfLN" width="900" height="838" alt="Portugal: inflation" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> Job creation slows</div><div class="field_descripcion field"><p>In Q2, the pace of jobs growth slowed from 2.8% year-on-year in Q1 to 1.0%. This brings the total number of workers to 5.1 million, the highest figure since Q3 2008. As for wages, the average real monthly gross remuneration per worker increased by 3.6% in Q2, pointing to a recovery in the purchasing power of those in employment – a positive sign for the momentum of private consumption.</p></div></div></div><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-complete-teaser"> <span class="external"><div class="author-info"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div> </span></div></div></div><div class="field_tags"><div class="label">Tags:</div><div class="tag_list"> <a href="/en/tags/portugal-outlook" property="schema:about" hreflang="en">Portugal outlook</a> <a href="/en/tags/portugal" property="schema:about" hreflang="en">Portugal</a></div></div><ul class="custom footnotes"></ul></div></div><div class="relacionados upper_menu_anchors"><div class="three-col border-bottom view view-eva view-articulos-relacionados view-id-articulos_relacionados view-display-id-relacionados js-view-dom-id-62bb0cd2c0971b10bdf1bf20238634bd622cd190e0e7a3a9650847a97d2b4420 view-lista-articulos"> <header><div class="tex2jax_process"><h3>To read below</h3></div> </header><div class="flex three-columns-gap20 wrap"> <article data-history-node-id="12949" role="article" about="/en/economics-markets/recent-developments/portugal-kicks-last-quarter-year-encouraging-signals" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/recent-developments/portugal-kicks-last-quarter-year-encouraging-signals"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/11/07/34454/ico_im_10_pt.jpg?itok=6sve3X-U" width="433" height="289" alt="IM11" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/portugal-outlook" hreflang="en">Portugal outlook</a></div><h2 class="teaser_title"><a href="/en/economics-markets/recent-developments/portugal-kicks-last-quarter-year-encouraging-signals"><span property="schema:name">Portugal kicks off the last quarter of the year with encouraging signals</span></a></h2><div class="autor-fecha slash"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-name-teaser"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div></div></div><div class="fecha"> 14 Nov 2024</div></div></article><article data-history-node-id="12842" role="article" about="/en/economics-markets/recent-developments/portugal-revision-national-accounts-points-more-robust" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/recent-developments/portugal-revision-national-accounts-points-more-robust"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/10/16/34454/ico_im_10_pt_eng.jpg?itok=seytCAj4" width="433" height="289" alt="IM10" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/portugal-outlook" hreflang="en">Portugal outlook</a></div><h2 class="teaser_title"><a href="/en/economics-markets/recent-developments/portugal-revision-national-accounts-points-more-robust"><span property="schema:name">Portugal: the revision of the National Accounts points to a more robust economy</span></a></h2><div class="autor-fecha slash"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-name-teaser"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div></div></div><div class="fecha"> 16 Oct 2024</div></div></article><article data-history-node-id="12657" role="article" about="/en/economics-markets/recent-developments/portuguese-economy-onward-and-upward" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/recent-developments/portuguese-economy-onward-and-upward"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/07/16/34454/ico_im_07_24_pt_eng.jpg?itok=CKrBuoLW" width="433" height="289" alt="IM 07" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/portugal-outlook" hreflang="en">Portugal outlook</a></div><h2 class="teaser_title"><a href="/en/economics-markets/recent-developments/portuguese-economy-onward-and-upward"><span property="schema:name"> The Portuguese economy, onward and upward</span></a></h2><div class="autor-fecha slash"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-name-teaser"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div></div></div><div class="fecha"> 16 Jul 2024</div></div></article></div></div></div></article></div></div></div></main><footer role="contentinfo"><div class="container"><div class="logo_caixa_footer"> <a href="https://www.caixabankresearch.com/en" title="CaixaBank Research footer logo"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" x="0px" y="0px" viewBox="0 0 469.7 126" style="enable-background:new 0 0 469.7 126;" xml:space="preserve"> <g> <path class="st0" d="M35.3,52.9c1,0.7,0.9,2,1.8,2.7l0.4,3l-2.2,3.2c-2.8,1.5-6.9,2.1-9.5-0.2c-1.5-1.3-1.9-3.2-1.5-5.1l1-2.8 c0.6-0.4,1.4-0.5,1.8-1.2c1.4-0.9,3.1-0.7,4.7-1C33,51.9,34.8,51.2,35.3,52.9"></path> <path class="st0" d="M28.1,70.7c0.9,0,1.5,0.6,2.3,0.5c1.2,0.4,1,1.9,2.2,2.2c0.9,1.9,1.5,3.9,2,5.9c-0.3,1.2,0.6,1.9,0.3,2.9 l0.3,0.2c0,1.1-0.1,2.4-0.5,3.5c0.2,2-0.8,3.8-1.7,5.5c-0.6,0.4-0.9,1.5-1.8,1.3c-1.6,0.5-1.7,2.8-3.6,2.6 c-1.2,0.9-2.9,0.4-4.3,0.4c-0.8-0.4-2-0.3-2.6-1.1c-1.5-0.6-2.8-1.7-4.1-2.7c-0.5-1.1-1.6-1.6-1.8-2.8c0.4-1.5-0.5-2.8-0.1-4.3 l-0.3-2.4l0.9-4.2c1.6-0.8,1.1-2.7,2.7-3.3c1-2.2,3.3-2.7,5.1-3.9c0.7-0.1,1.5,0.2,2.1-0.4C26.3,70.4,27.2,71.5,28.1,70.7"></path> <path class="st0" d="M107.8,5.6c-0.4,6.9-6.1,11.5-9,17.3c-1.3,3.5-4.3,5.5-6.5,8.6c-2,2-3.9,4.2-5.5,6.5c0.3,1.6,2,2.1,3,3.2 c2.2,1.3,2.4,3.8,4.3,5.3c1.1,0,1.1,1.7,2.3,1.5c2.6,2.8,4.7,5.7,6.8,8.7c0.3,1.1,0.9,2.1,1.8,2.9c1.7,2.5,3.1,5.1,4.9,7.7 c0.2,2.8,2.6,4.7,3.4,7.4c1.1,1.4,1.5,3.1,2.5,4.5c1.5,3.3,2.5,6.8,4.3,10c0.3,0.7-0.1,1.5-0.5,2c-0.7,0.5-1.2-0.4-2-0.3 c-4-1.5-7.8-3.6-11.5-5.8c-3.8-3.1-8-5.3-11.8-8.5c-1.5-0.4-2.1-2.1-3.4-2.8c-3.6-2.3-6.5-5.5-10.2-7.6c-1.7-1.3-3.3-2.5-5-3.8 c-1.3-0.1-1.7-1.6-2.9-2.1c-2.7-1.7-5.2-4-8-5.5c-0.2,0.4,0,1-0.2,1.4c-1.9,1.8-1.4,4.6-2.7,6.6c0,2.9-2.1,5-2.9,7.5 c-2.3,4.1-4.3,8.3-6.7,12.4c-3.2,4.2-4.9,9.3-9.4,12.7c-1,1.2-2.1,1.9-3.3,2.6c-0.5-0.2-1.3-0.1-1.5-0.7c-0.5-1,0.1-2.6-0.6-3.5 c0.6-1.4,0.2-3,0.5-4.6L38,88.5c0-2.1,1.1-4,0.7-6.2c0.6-1.4,0.8-2.9,1-4.4c0.7-1.9,1.3-3.9,1.5-5.9c0.6-1.2,0.9-2.7,0.7-4.1 c0.5-1.3,0.6-2.8,1.9-3.7c0.2-0.8,0-1.7,0.1-2.5c1.3-4,2.9-7.9,4-12c0-0.3-0.3-0.4-0.5-0.4c-2.9-0.1-5.6,0.4-8.3-0.3 c-4.4-0.1-8.8-0.6-13-1.5c-1.7-0.3-3.8-0.1-5.3-1.1c-1,0-2.2,0.2-3.2-0.3c-2-1-4.4-0.8-6.4-1.9c-1.5,0.2-2.6-0.8-4-0.9 c-1.3,0.1-2.1-1-3-1.8v-0.4c2.4-3.3,6.4-4.2,9.9-5.5c3.5-1.1,7.3-1.2,10.9-1.9c2.3-0.4,4.8,0.2,7.1-0.1c4.2,0.1,8.2,0.8,12.3,0.9 c1.4,0.2,2.6,0.8,4,0.8l0-0.6l-3.9-5.3c-1.5-3.4-4.1-6.3-5.1-9.9c-0.9-1.1-0.1-2.7-0.7-3.9c0-0.5,0.4-0.9,0.6-1.4 c0.8-0.3,1.8,0.2,2.6-0.3c2.5,0.6,4.8,1.5,7.3,2c2.6,1,5.2,2.1,7.5,3.8c2.9,2,6.4,3.4,8.6,6.5c0.6,0.5,1.5,0.6,2.3,0.4 c0.7-0.1,0.8-0.9,1.5-1.2c3-1.9,6.4-3,9.4-5.1c1.2-1.2,3.2-1.4,3.9-3c0.9-0.4,1.8-1,2.7-1.3c1.7-1.2,3.4-2.5,5.3-3.5 c1-0.1,1.8-0.6,2.5-1.2c3-1.7,6.2-3,9.1-4.9c0.6-1.7,2.5-1.3,3.9-1.7C106.5,4.8,107.5,4.7,107.8,5.6"></path> <rect x="142.4" y="85.2" class="st0" width="323.1" height="1.3"></rect> <rect x="142.4" y="86.4" class="st0" width="323.1" height="1.3"></rect> <path class="st0" d="M366.5,47.1c2-2.9,3.9-4.1,7.7-4.1c5.3,0,5.6,4.7,5.6,8.9c-1.1,0-2.4-0.2-3.7-0.2c-7.1,0-15,3.2-15,11.5 c0,5.8,5.2,9.1,10.6,9.1c3.4,0,5.9-1.9,8.6-3.8c0.9,2,3.3,3.4,6.2,3.8l5.9-4.7l-1.2-1.2c-0.5,0.2-1.3,0.3-1.6,0.3 c-1.7,0-2.3-1-2.3-4.6v-2.7c0.1-4.5,0.3-8.5,0.3-11.3c0-7.8-5.9-9.7-12.9-9.7c-3.7,0-6.8,0.5-10.1,1.4v7.4H366.5z M380.1,66.2 c-1.3,0.8-2.8,1.3-5.2,1.3c-3.3,0-6.1-2.7-6.1-6.3c0-5,3.8-6.9,7.4-6.9c1.4,0,2.9,0.2,3.7,0.4L380.1,66.2z"></path> <path class="st0" d="M192.7,27.3h-3.4c-2.5-7.5-10.3-10.5-17.2-10.5c-13.9,0-19.7,11.2-19.7,24.7c0,22.6,16.4,26.5,23,26.5 c6.5,0,12.4-2.8,15.9-8.4l2.5,1l-2.5,8.9c-6.4,1.2-10.4,1.8-15.6,1.8c-23.9,0-34.4-14.8-34.4-29.2c0-16.5,12.7-28.7,30.7-28.7 c10.4,0,14.4,1.8,20.1,3.2L192.7,27.3z"></path> <path class="st0" d="M217.1,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.3-1.3 L217.1,54.7z M201.8,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.4,4.6 c0.4,0,1.1-0.1,1.6-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H201.8z"></path> <path class="st0" d="M238.6,25.1c2.3,0,4.3,1.6,4.3,4c0,2.3-2,4-4.3,4c-2.3,0-4.3-1.6-4.3-4C234.3,26.7,236.3,25.1,238.6,25.1 M242.5,38.3c0,3.3,0.3,10.2,0.3,16.6v11.4c0,2.7,1.2,3.1,3.1,3.5v1.6c-2.4,0-4.7-0.2-7-0.2c-2.1,0-4.2,0.2-6.3,0.2v-1.6 c1.9-0.5,2.7-0.9,2.7-3.5v-9.7c0-5.6-0.5-8.8-1.1-10.4c-0.6-1.6-1.4-2.1-3.3-2.4v-1.6c3.6-0.9,7.8-2.3,10.1-3.9H242.5z"></path> <path class="st0" d="M249.7,69.9c2.5-0.4,4.2-2.3,5.2-3.7l7.6-9.7l-9-12.2c-1.5-2-2-2.5-4.3-3.5v-1.6c2.3,0.1,4.8,0.2,7.1,0.2 c2.3,0,4.7-0.2,7-0.2v1.6c-0.9,0.5-1.6,0.6-1.6,1.8c0,0.5,0.2,1.6,0.9,2.5l4.3,5.9l3.8-5.1c0.8-1.1,1.2-2,1.2-2.6 c0-1.5-0.9-2-2.2-2.5v-1.6c2.1,0.1,4.1,0.2,6.3,0.2c2,0,4.2-0.2,6.2-0.2v1.6c-3.1,0.7-4.7,2.6-6.4,4.8l-6.7,8.5l8.5,11.8 c1.2,1.6,3,3.5,4.9,4.1v1.6c-2.3-0.1-4.6-0.2-7-0.2c-2.4,0-4.6,0.2-7,0.2v-1.6c0.9-0.1,1.6-0.9,1.6-1.7c0-0.5-0.6-1.7-1.3-2.7 l-4.2-6l-4.2,5.7c-0.5,0.7-1.1,2.2-1.1,2.9c0,1.2,0.6,1.6,1.6,1.8v1.6c-2-0.1-4.2-0.2-6.2-0.2c-1.7,0-3.4,0.2-5.1,0.2V69.9z"></path> <path class="st0" d="M303.4,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.2-1.3 L303.4,54.7z M288.1,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.3,4.6 c0.4,0,1.1-0.1,1.7-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H288.1z"></path> <path class="st0" d="M331.3,45.4c1.6,0,2.9-0.1,4.2-0.1c7.5,0,11.9,5.3,11.9,12.4c0,6-4,10.9-10.7,10.9c-4.9,0-5.4-0.8-5.4-5V45.4z M322.9,64.8c0,3.4-1,4.5-4.5,4.9v1.4h13.5c1.1,0,2.2,0.1,3.2,0.2c1.1,0.1,2.2,0.2,3.2,0.2c8.5,0,18.6-3.3,18.6-13.4 c0-8.1-4.9-12.3-12.3-14.3v-0.2c5.9-1.9,11.3-6.2,11.3-12.8c0-10.2-10.5-13.9-19.2-13.9c-1.9,0-3.7,0.3-7.2,0.3 c-3.1,0-6.3-0.3-10.2-0.3v1.7c2.1,0.3,3.4,1,3.4,4c0,7,0.2,17,0.2,26.3V64.8z M331.7,21.2c0-1.5,0.9-1.6,3.1-1.6 c8.4,0,11.7,4.5,11.7,11.4c0,6.8-4.7,11.1-11.7,11.1c-1,0-2.1-0.1-3.5-0.2L331.7,21.2z"></path> <path class="st0" d="M393.8,43.7c2.3,0,3.4,1.3,3.4,3.6c0,2.5,0.4,6.7,0.4,11.3v7.7c0,2.7-0.9,3-2.9,3.7v1.6c2.2,0,4.5-0.2,6.6-0.2 c2.3,0,4.5,0.2,6.7,0.2v-1.6c-2.1-0.2-2.9-0.9-2.9-3.7v-6.4c0-6.1,0.2-10.5,0.2-13.4c0-2.9,5-3.7,6.6-3.7c5.6,0,6.4,5.8,6.4,10 v13.5c0,2.7-0.6,3.2-2.8,3.7v1.6c2.5,0,4.9-0.2,7.4-0.2c2,0,3.8,0.2,5.8,0.2v-1.6c-2.2-0.6-2.8-1.2-2.8-3.7V49.6 c0-6.6-3-11.3-10.8-11.3c-3.3,0-6.8,2-9.5,3.8c0.1-1.3,0.1-2.6,0.2-3.9h-1.6c-3,1.9-5.8,3-10.4,3.9V43.7z"></path> <path class="st0" d="M465.5,69.8c-2.3-0.7-5.2-3.2-6.2-4.4l-11.8-13.8l6-6.3c1.9-2,4.5-3.7,7.3-4.5v-1.6c-2,0.2-3.9,0.2-5.9,0.2 c-2.1,0-4.3-0.1-6.4-0.2v1.6c0.7,0.3,1.4,1.3,1.4,2c0,0.9-0.4,2-2,3.7l-6.4,6.3V15.9h-1.7c-2.8,2.1-6.5,3.7-10.4,4.8v1.8 c2,0,3.7,1.9,3.9,5.1c0.2,3,0.6,8.8,0.6,13.4v25.3c0,1.7-0.6,3.1-3,3.5v1.6c2.1-0.2,4.1-0.2,6.3-0.2c2.3,0,4.6,0.2,7,0.2v-1.6 c-1.9-0.4-2.7-1.3-2.7-3.7V55.4h0.2l8.1,8.8c1.3,1.5,2.3,3.3,2.3,4.1c0,0.8-0.5,1.4-1.2,1.4v1.6c2.7,0,5.3-0.2,8-0.2 c2.3,0,4.5,0.2,6.8,0.2V69.8z"></path> <rect x="142.4" y="86.4" class="st0" width="323.1" height="1.3"></rect> <path class="st0" d="M351.9,120.9h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3c0.3-0.4,0.7-0.7,1.1-0.9 c0.4-0.2,0.9-0.3,1.5-0.3c0.7,0,1.2,0.2,1.6,0.5c0.3,0.4,0.5,0.8,0.5,1.2c0,0.4,0,0.8-0.1,1.2c-0.1,0.4-0.2,0.8-0.2,1.2l-1.5,7.1 h5.4l1.4-7.1c0.1-0.4,0.1-0.8,0.2-1c0.1-0.3,0.1-0.5,0.1-0.8c0-0.2,0-0.5,0.1-0.7c0-0.2,0-0.4,0-0.7c0-0.7-0.1-1.4-0.3-2.1 c-0.2-0.6-0.5-1.2-0.9-1.7c-0.4-0.5-0.9-0.8-1.5-1.1c-0.6-0.3-1.3-0.4-2-0.4c-1.2,0-2.3,0.3-3.2,0.7c-0.9,0.5-1.6,1.1-2.1,1.8H360 l1.9-8.9h-5.3L351.9,120.9z M350.5,116.8c-0.6,0.2-1.1,0.4-1.6,0.5c-0.5,0.1-1.1,0.2-1.8,0.2c-0.6,0-1.1-0.1-1.5-0.3 c-0.4-0.2-0.8-0.4-1.1-0.7c-0.3-0.3-0.6-0.7-0.7-1.1s-0.2-0.8-0.2-1.3c0-1.6,0.4-2.8,1.3-3.6c0.9-0.8,2-1.3,3.4-1.3 c0.6,0,1.2,0.1,1.7,0.2c0.6,0.1,1.1,0.3,1.7,0.6l1.1-3.7c-0.8-0.3-1.6-0.6-2.5-0.8c-0.9-0.2-1.7-0.3-2.3-0.3c-1.5,0-2.8,0.2-4,0.7 c-1.2,0.5-2.2,1.1-3.1,1.9c-0.9,0.8-1.5,1.8-2,2.9c-0.5,1.1-0.7,2.3-0.7,3.5c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.4,2.2 c0.6,0.6,1.4,1.1,2.3,1.5c0.9,0.4,1.9,0.6,3,0.6c1,0,1.9-0.1,2.6-0.2c0.7-0.1,1.3-0.2,1.9-0.4L350.5,116.8z M327.9,105.7 c-0.1,0.7-0.2,1.4-0.3,2c-0.1,0.7-0.2,1.3-0.4,2l-2.4,11.3h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3 c0.3-0.4,0.7-0.7,1.1-0.9c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,1,0,1.3,0.1c0.4,0.1,0.8,0.3,1.1,0.5l1.2-4.7c-0.3-0.2-0.7-0.3-1.1-0.3 c-0.4,0-0.8-0.1-1.1-0.1c-0.5,0-1.1,0.1-1.5,0.3c-0.5,0.2-0.9,0.5-1.3,0.8c-0.4,0.3-0.8,0.7-1.1,1.1c-0.3,0.4-0.6,0.9-0.8,1.3h-0.1 l0.6-3.1H327.9z M317.3,120.9h4.3c0.1-1.1,0.3-2.2,0.5-3.2c0.2-1,0.4-1.9,0.6-2.8c0.2-0.9,0.4-1.7,0.5-2.4c0.1-0.7,0.2-1.4,0.2-2 c0-0.9-0.2-1.7-0.5-2.4c-0.4-0.7-0.8-1.2-1.4-1.6c-0.6-0.4-1.3-0.7-2.1-0.9c-0.8-0.2-1.7-0.3-2.6-0.3c-1.2,0-2.2,0.1-3.1,0.2 c-0.9,0.2-1.7,0.4-2.5,0.6l-0.5,3.8c0.9-0.4,1.7-0.8,2.4-0.9c0.7-0.2,1.6-0.3,2.5-0.3c0.9,0,1.6,0.2,2.1,0.6 c0.5,0.4,0.7,0.8,0.7,1.4v0.3c0,0.1,0,0.2-0.1,0.3c-0.4,0-0.8-0.1-1.3-0.1c-0.5,0-1,0-1.5,0c-1.2,0-2.3,0.1-3.3,0.4 c-1,0.2-1.9,0.6-2.7,1c-0.8,0.5-1.4,1-1.8,1.7c-0.4,0.7-0.7,1.5-0.7,2.5c0,1.5,0.4,2.6,1.3,3.3c0.9,0.7,2.1,1.1,3.8,1.1 c1,0,2-0.2,2.9-0.6c0.9-0.4,1.6-1,2.2-1.9v-0.1l0.1,0.1L317.3,120.9z M313.4,114.6c0.8-0.4,1.9-0.6,3.1-0.5c0.2,0,0.4,0,0.7,0 c0.3,0,0.5,0,0.7,0.1c-0.2,1-0.6,1.9-1.3,2.6c-0.7,0.7-1.6,1-2.7,1c-0.6,0-1-0.2-1.3-0.5c-0.3-0.3-0.5-0.7-0.5-1 C312.2,115.6,312.6,115,313.4,114.6 M303.6,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L303.6,116.7z M295.1,111.9c0.1-0.4,0.2-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.3,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H295.1z M274.1,120.5c0.8,0.2,1.8,0.4,2.9,0.6c1.1,0.2,2.3,0.2,3.5,0.2c1,0,1.9-0.2,2.8-0.4c0.9-0.2,1.6-0.6,2.3-1.1 c0.6-0.5,1.2-1.1,1.5-1.8c0.4-0.7,0.6-1.5,0.6-2.5c0-0.6-0.2-1.2-0.5-1.6c-0.3-0.4-0.7-0.8-1.2-1.1c-0.5-0.3-1-0.6-1.6-0.8 c-0.6-0.2-1.1-0.4-1.6-0.6c-0.5-0.2-0.9-0.4-1.2-0.6c-0.3-0.2-0.5-0.4-0.5-0.7c0-0.3,0.1-0.5,0.2-0.6c0.1-0.2,0.3-0.3,0.6-0.4 c0.2-0.1,0.5-0.2,0.8-0.2c0.3,0,0.6-0.1,0.9-0.1c0.8,0,1.5,0.1,2.2,0.2c0.7,0.1,1.3,0.4,2,0.6l1.1-3.5c-1-0.3-1.9-0.5-2.8-0.7 c-0.9-0.1-1.6-0.2-2.3-0.2c-0.9,0-1.8,0.1-2.7,0.3c-0.9,0.2-1.7,0.5-2.5,0.9c-0.7,0.4-1.3,0.9-1.8,1.6c-0.5,0.6-0.7,1.4-0.7,2.3 c0,0.8,0.2,1.5,0.5,2c0.3,0.5,0.7,1,1.2,1.3c0.5,0.3,1,0.6,1.5,0.8c0.5,0.2,1,0.4,1.5,0.5c0.5,0.2,0.9,0.3,1.2,0.6 c0.3,0.2,0.5,0.5,0.5,0.9c0,0.3-0.1,0.6-0.3,0.7c-0.2,0.2-0.5,0.3-0.8,0.4c-0.3,0.1-0.6,0.1-1,0.2c-0.3,0-0.6,0-0.8,0 c-1.5,0-2.9-0.3-4.3-0.9L274.1,120.5z M271.1,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L271.1,116.7z M262.6,111.9c0.1-0.4,0.3-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.4,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H262.6z M246.1,104.4h2.6c0.8,0,1.4,0.2,1.9,0.5c0.4,0.3,0.6,0.9,0.6,1.6c0,0.5-0.1,0.9-0.3,1.2c-0.2,0.3-0.5,0.6-0.9,0.8 c-0.4,0.2-0.8,0.3-1.3,0.4c-0.5,0.1-1.1,0.1-1.7,0.1h-1.8L246.1,104.4z M237.3,120.9h5.5l1.6-8.1h0.6c0.6,0,1.1,0,1.4,0.1 c0.4,0,0.6,0.2,0.8,0.4c0.2,0.2,0.4,0.5,0.5,0.9c0.1,0.4,0.2,0.9,0.4,1.6l1.1,5.2h5.4l-1.5-6.3c-0.1-0.3-0.2-0.7-0.3-1.1 c-0.1-0.4-0.3-0.8-0.4-1.2c-0.2-0.4-0.4-0.7-0.7-0.9c-0.3-0.3-0.6-0.4-1-0.4V111c0.8-0.1,1.5-0.3,2.3-0.5c0.7-0.2,1.4-0.5,1.9-0.9 c0.5-0.4,1-0.9,1.3-1.6c0.3-0.6,0.5-1.4,0.5-2.3c0-1.3-0.3-2.3-0.8-2.9c-0.5-0.7-1.2-1.2-2-1.5c-0.8-0.3-1.8-0.5-2.8-0.6 c-1-0.1-2-0.1-3-0.1h-6.5L237.3,120.9z"></path> </g></svg> </a></div><div class="footer_middle"><div id="block-caixabank-footeren" class="block block--fancy block_content:581d223e-ffb2-4303-ab5f-67abdba50ca2 block-caixabank-footeren"><div class="paragraph ptype_pr-linked-logos pmode_comunes"></div><div class="paragraph ptype_pr-links pmode_comunes"> <a href="/en/about-us">About CaixaBank Research</a> <a href="/en/work-us/home">Work with us</a> <a href="/en/our-team">Team</a> <a href="/en/contact">Contact</a> <a href="https://www.caixabank.com/en/home_en.html" target="_blank">CaixaBank</a></div><div class="paragraph ptype_pr-simple-text pmode_default"></div></div><div id="block-caixabank-bottomlinksen" class="block block--fancy block_content:292aa62c-a399-4816-a143-e01cfac7326a block-caixabank-bottomlinksen"><div class="paragraph ptype_pr-links pmode_comunes"> <a href="https://www.caixabankresearch.com/en/cookies_policy" target="_blank">Cookies Policy</a></div><div class="paragraph ptype_pr-links pmode_comunes"> <a href="https://www.caixabank.es/particular/general/privacy.html" target="_blank">Privacy</a> <a href="https://www.caixabank.com/general/avisolegal_en.html" target="_blank">Legal Disclaimer</a> <a href="https://www.caixabank.com/general/informacionlegal_en.html" target="_blank">Legal Information</a></div></div></div><div class="newsletter"> <a title="Twitter Link" class="social-bottom twitter-link" target="_blank" href="https://twitter.com/CABK_Research"> <svg version="1.1" id="logo_twitter" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" width="22.328px" height="18.146px" viewBox="0 0 22.328 18.146" enable-background="new 0 0 22.328 18.146" xml:space="preserve"> <path fill="#FFFFFF" d="M22.328,2.148c-0.82,0.365-1.703,0.611-2.631,0.721c0.946-0.566,1.672-1.464,2.014-2.534 c-0.885,0.525-1.864,0.906-2.908,1.112C17.966,0.557,16.776,0,15.458,0c-2.529,0-4.581,2.052-4.581,4.581 c0,0.359,0.041,0.708,0.119,1.044C7.19,5.435,3.814,3.61,1.555,0.838c-0.394,0.678-0.62,1.465-0.62,2.305 c0,1.589,0.808,2.991,2.037,3.812c-0.75-0.023-1.457-0.229-2.074-0.572C0.897,6.4,0.897,6.419,0.897,6.439 c0,2.219,1.579,4.071,3.675,4.492c-0.384,0.104-0.789,0.16-1.207,0.16c-0.295,0-0.582-0.028-0.862-0.082 c0.583,1.819,2.275,3.144,4.279,3.181c-1.568,1.229-3.543,1.961-5.689,1.961c-0.37,0-0.734-0.022-1.093-0.064 c2.028,1.301,4.436,2.06,7.022,2.06c8.426,0,13.033-6.981,13.033-13.034c0-0.198-0.005-0.396-0.013-0.593 C20.937,3.874,21.714,3.066,22.328,2.148"></path> </svg> </a> <a title="Spotify Link" class="social-bottom spotify-link" target="_blank" href="https://open.spotify.com/show/2Fe9ugalc3XYJjRKiInYNQ?go=1&sp_cid=f43ad2b90a329108a9629db7693b3d42&nd=1"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 496 512" width="22.328px" height="18.146px"> <path fill="#fff" d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8Z"/> <path d="M406.6 231.1c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3zm-31 76.2c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm-26.9 65.6c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4z"/> </svg> </a> <a href="/en/user/newsletter" class="btn-newsletter">Newsletters</a></div></div></footer></div><script>window.dataLayer = window.dataLayer || []; window.dataLayer.push({"referer":null,"full_url":"https:\/\/www.caixabankresearch.com\/en\/economics-markets\/recent-developments\/portuguese-economy-loses-momentum-q2","site":"prod","event":"imPageView","page":{"id":"en\/economics-markets\/recent-developments\/portuguese-economy-loses-momentum-q2","type":"detail","title":"detail\/en\/economics-markets\/recent-developments\/portuguese-economy-loses-momentum-q2","language":"en","category":"economics-markets","subcategory":"recent-developments","publication_type":"informe_mensual"},"content":{"title":"portuguese-economy-loses-momentum-q2","detailType":"article","date":"09\/09\/2024","author":"caixabank-research"},"user":{"isLogged":"not_logged"},"error":[]});</script><script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","scriptPath":null,"pathPrefix":"en\/","currentPath":"node\/12775","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"dataLayer":{"defaultLang":"en","languages":{"ca":{"id":"ca","name":"catalan","direction":"ltr","weight":-10},"es":{"id":"es","name":"spanish","direction":"ltr","weight":-10},"en":{"id":"en","name":"English","direction":"ltr","weight":-9}}},"cookies":{"cookiesjsr":{"config":{"cookie":{"name":"cookiesjsr","expires":31536000000,"domain":"","sameSite":"Lax","secure":false},"library":{"libBasePath":"\/libraries\/cookiesjsr\/dist","libPath":"\/libraries\/cookiesjsr\/dist\/cookiesjsr.min.js","scrollLimit":0},"callback":{"method":"post","url":"\/en\/cookies\/consent\/callback.json","headers":[]},"interface":{"openSettingsHash":"#editCookieSettings","showDenyAll":true,"denyAllOnLayerClose":false,"settingsAsLink":true,"availableLangs":["ca","es","en"],"defaultLang":"en","groupConsent":false,"cookieDocs":true}},"services":{"functional":{"id":"functional","services":[{"key":"functional","type":"functional","name":"Required functional","info":{"value":"\u003Ctable\u003E\r\n\t\u003Cthead\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003ECookie name\u003C\/th\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003EDefault expiration time\u003C\/th\u003E\r\n\t\t\t\u003Cth\u003EDescription\u003C\/th\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/thead\u003E\r\n\t\u003Ctbody\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003ESSESS\u0026lt;ID\u0026gt;\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 month\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EIf you are logged in to this website, a session cookie is required to identify and connect your browser to your user account in the server backend of this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003Ecookiesjsr\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 year\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EWhen you visited this website for the first time, you were asked for your permission to use several services (including those from third parties) that require data to be saved in your browser (cookies, local storage). Your decisions about each service (allow, deny) are stored in this cookie and are reused each time you visit this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/tbody\u003E\r\n\u003C\/table\u003E\r\n","format":"full_html"},"uri":"","needConsent":false}],"weight":1},"marketing":{"id":"marketing","services":[{"key":"analytics","type":"marketing","name":"Marketing","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":20},"performance":{"id":"performance","services":[{"key":"gtag","type":"performance","name":"Performance","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":30},"video":{"id":"video","services":[{"key":"video","type":"video","name":"Video","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":40}},"translation":{"_core":{"default_config_hash":"S5qrJju_o31uC1fwXosZ8Nlja2Wps6Gn0mMCAebY1Zw"},"langcode":"es","bannerText":"We use a selection of our own and third-party cookies on the pages of this website: Essential cookies, which are required in order to use the website; functional cookies, which provide better easy of use when using the website; performance cookies, which we use to generate aggregated data on website use and statistics; and marketing cookies, which are used to display relevant content and advertising. If you choose \u0022ACCEPT ALL\u0022, you consent to the use of all cookies. You can accept and reject individual cookie types and revoke your consent for the future at any time at \u0022Settings\u0022.","privacyPolicy":"Privacy policy","privacyUri":"","imprint":"Imprint","imprintUri":"","cookieDocs":"Cookie documentation","cookieDocsUri":"\/en\/politica-cookies","denyAll":"Deny all","alwaysActive":"Always active","settings":"Cookie settings","acceptAll":"Accept all","requiredCookies":"Required cookies","cookieSettings":"Cookie settings","close":"Close","readMore":"Read more","allowed":"Allowed","denied":"Denied","settingsAllServices":"Settings for all services","saveSettings":"Save","default_langcode":"en","disclaimerText":"All cookie information is subject to change by the service providers. We update this information regularly.","disclaimerTextPosition":"above","processorDetailsLabel":"Processor Company Details","processorLabel":"Company","processorWebsiteUrlLabel":"Company Website","processorPrivacyPolicyUrlLabel":"Company Privacy Policy","processorCookiePolicyUrlLabel":"Company Cookie Policy","processorContactLabel":"Data Protection Contact Details","placeholderAcceptAllText":"Accept All Cookies","functional":{"title":"Functional","details":"Cookies are small text files that are placed by your browser on your device in order to store certain information. Using the information that is stored and returned, a website can recognize that you have previously accessed and visited it using the browser on your end device. We use this information to arrange and display the website optimally in accordance with your preferences. Within this process, only the cookie itself is identified on your device. Personal data is only stored following your express consent or where this is absolutely necessary to enable use the service provided by us and accessed by you."},"marketing":{"title":"Marketing","details":"Customer communication and marketing tools."},"performance":{"title":"Performance Cookies","details":"Performance cookies collect aggregated information about how our website is used. The purpose of this is to improve its attractiveness, content and functionality. These cookies help us to determine whether, how often and for how long particular sub-pages of our website are accessed and which content users are particularly interested in. Search terms, country, region and (where applicable) the city from which the website is accessed are also recorded, as is the proportion of mobile devices that are used to access the website. We use this information to compile statistical reports that help us tailor the content of our website to your needs and optimize our offer."},"video":{"title":"Video","details":"Video sharing services help to add rich media on the site and increase its visibility."}}},"cookiesTexts":{"_core":{"default_config_hash":"S5qrJju_o31uC1fwXosZ8Nlja2Wps6Gn0mMCAebY1Zw"},"langcode":"es","bannerText":"We use a selection of our own and third-party cookies on the pages of this website: Essential cookies, which are required in order to use the website; functional cookies, which provide better easy of use when using the website; performance cookies, which we use to generate aggregated data on website use and statistics; and marketing cookies, which are used to display relevant content and advertising. If you choose \u0022ACCEPT ALL\u0022, you consent to the use of all cookies. You can accept and reject individual cookie types and revoke your consent for the future at any time at \u0022Settings\u0022.","privacyPolicy":"Privacy policy","privacyUri":"","imprint":"Imprint","imprintUri":"","cookieDocs":"Cookie documentation","cookieDocsUri":"\/node\/10823","denyAll":"Deny all","alwaysActive":"Always active","settings":"Cookie settings","acceptAll":"Accept all","requiredCookies":"Required cookies","cookieSettings":"Cookie settings","close":"Close","readMore":"Read more","allowed":"Allowed","denied":"Denied","settingsAllServices":"Settings for all services","saveSettings":"Save","default_langcode":"en","disclaimerText":"All cookie information is subject to change by the service providers. We update this information regularly.","disclaimerTextPosition":"above","processorDetailsLabel":"Processor Company Details","processorLabel":"Company","processorWebsiteUrlLabel":"Company Website","processorPrivacyPolicyUrlLabel":"Company Privacy Policy","processorCookiePolicyUrlLabel":"Company Cookie Policy","processorContactLabel":"Data Protection Contact Details","placeholderAcceptAllText":"Accept All Cookies"},"services":{"analytics":{"uuid":"549a5972-2280-4000-baf0-a30759595491","langcode":"es","status":true,"dependencies":[],"id":"analytics","label":"Marketing","group":"marketing","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required marketing cookies have not been accepted.","placeholderAcceptText":"Accept marketing cookies"},"functional":{"uuid":"a7ad6602-4176-4383-8942-baaaf1481943","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"SQkYKY9U6xYDPAOC32rgkrIzkd688kRsm9g25mWdcvM"},"id":"functional","label":"Required functional","group":"functional","info":{"value":"\u003Ctable\u003E\r\n\t\u003Cthead\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003ECookie name\u003C\/th\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003EDefault expiration time\u003C\/th\u003E\r\n\t\t\t\u003Cth\u003EDescription\u003C\/th\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/thead\u003E\r\n\t\u003Ctbody\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003ESSESS\u0026lt;ID\u0026gt;\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 month\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EIf you are logged in to this website, a session cookie is required to identify and connect your browser to your user account in the server backend of this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003Ecookiesjsr\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 year\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EWhen you visited this website for the first time, you were asked for your permission to use several services (including those from third parties) that require data to be saved in your browser (cookies, local storage). Your decisions about each service (allow, deny) are stored in this cookie and are reused each time you visit this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/tbody\u003E\r\n\u003C\/table\u003E\r\n","format":"full_html"},"consentRequired":false,"purpose":"Essential functional cookies to provide general functionality","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required functional cookies have not been accepted.","placeholderAcceptText":"Only accept required functional cookies."},"gtag":{"uuid":"f1986c7b-30d1-43ea-9375-ddac12d85375","langcode":"es","status":true,"dependencies":[],"id":"gtag","label":"Performance","group":"performance","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"Performance cookies","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required performance cookies have not been accepted.","placeholderAcceptText":"Accept performance cookies"},"video":{"uuid":"6385deb0-8426-4ff5-9885-d3b31b7b9f93","langcode":"es","status":true,"dependencies":[],"id":"video","label":"Video","group":"video","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"video","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because video cookies have not been accepted.","placeholderAcceptText":"Accept video cookies"}},"groups":{"functional":{"uuid":"703e5017-fb29-4dc6-ade8-233bceeea0ef","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"aHm4Q63Ge97tcktTa_qmUqJMir45iyGY2lEvvqPW68g"},"id":"functional","label":"Functional","weight":1,"title":"Functional","details":"Cookies are small text files that are placed by your browser on your device in order to store certain information. Using the information that is stored and returned, a website can recognize that you have previously accessed and visited it using the browser on your end device. We use this information to arrange and display the website optimally in accordance with your preferences. Within this process, only the cookie itself is identified on your device. Personal data is only stored following your express consent or where this is absolutely necessary to enable use the service provided by us and accessed by you."},"marketing":{"uuid":"81df2f36-e3ca-4419-b21c-f47c1d1e647d","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"JkP6try0AxX_f4RpFEletep5NHSlVB1BbGw0snW4MO8"},"id":"marketing","label":"Marketing","weight":20,"title":"Marketing","details":"Customer communication and marketing tools."},"performance":{"uuid":"337e5339-0fc1-4aba-9322-375f5b0464ae","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"Jv3uIJviBj7D282Qu1ZpEQwuOEb3lCcDvx-XVHeOJpw"},"id":"performance","label":"Performance","weight":30,"title":"Performance Cookies","details":"Performance cookies collect aggregated information about how our website is used. The purpose of this is to improve its attractiveness, content and functionality. These cookies help us to determine whether, how often and for how long particular sub-pages of our website are accessed and which content users are particularly interested in. Search terms, country, region and (where applicable) the city from which the website is accessed are also recorded, as is the proportion of mobile devices that are used to access the website. We use this information to compile statistical reports that help us tailor the content of our website to your needs and optimize our offer."},"social":{"uuid":"d2d76f0b-fb21-436d-8574-57d0ce7172ef","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"vog2tbqqQHjVkue0anA0RwlzvOTPNTvP7_JjJxRMVAQ"},"id":"social","label":"Social Plugins","weight":20,"title":"Social Plugins","details":"Comments managers facilitate the filing of comments and fight against spam."},"tracking":{"uuid":"2f05cf74-57be-4dc9-840b-0070920c5e76","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"_gYDe3qoEc6L5uYR6zhu5V-3ARLlyis9gl1diq7Tnf4"},"id":"tracking","label":"Tracking","weight":10,"title":"Tracking cookies","details":"Marketing cookies come from external advertising companies (\u0022third-party cookies\u0022) and are used to collect information about the websites visited by the user. The purpose of this is to create and display target group-oriented content and advertising for the user."},"video":{"uuid":"60e54a6f-984b-4ef1-9503-dd65009568a8","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"w1WnCmP2Xfgx24xbx5u9T27XLF_ZFw5R0MlO-eDDPpQ"},"id":"video","label":"Videos","weight":40,"title":"Video","details":"Video sharing services help to add rich media on the site and increase its visibility."}}},"quicklink":{"admin_link_container_patterns":["#block-local-tasks-block a",".block-local-tasks-block a","#drupal-off-canvas a","#toolbar-administration a"],"ignore_admin_paths":true,"ignore_ajax_links":true,"ignore_file_ext":true,"total_request_limit":0,"concurrency_throttle_limit":0,"idle_wait_timeout":2000,"viewport_delay":0,"debug":false,"url_patterns_to_ignore":["user\/logout","#","\/admin","\/edit"]},"ajaxTrustedUrl":{"\/search":true},"user":{"uid":0,"permissionsHash":"c173eef97e34a81c8efc69f0cc301d5fa7da6c70f177b248f2937e5dfa5eaf7d"}}</script><script src="//polyfill.io/v3/polyfill.min.js?features=IntersectionObserver%2CIntersectionObserverEntry%2CURL%2CObject.assign%2CArray.from%2CArray.prototype.includes%2CString.prototype.includes%2CElement.prototype.matches%2CPromise%2CPromise.prototype.finally"></script><script src="/sites/default/files/js/js_XiN20qhV--1jrVAHAMNu9Y_pvsUlkXVvY3zpozbG07M.js"></script><script type="text/javascript" src="/_Incapsula_Resource?SWJIYLWA=719d34d31c8e3a6e6fffd425f7e032f3&ns=2&cb=1893370020" async></script></body></html>