INE: Portuguese companies expect exports to grow by merely 4.3% in 2019

  • ECO News
  • 10 January 2019

The Office for National Statistics (INE) published this Thursday estimates for the evolution of 2019's exports. INE's survey to 3184 companies shows that a drop in exports is expected this year.

Business owners are expecting exports to decelerate this year, growing by 4.3% in comparison to 2018.

The estimates were published by the Portuguese Office for National Statistics (INE), this Thursday, and it shows that 17% of Portuguese companies expect Brexit to have a negative effect on the commercialization of Portuguese products in the international markets.

“Exporting companies are expecting a nominal growth rate of export sales of about 4.3% in 2019, in comparison to 2018. If we exclude lubricants and fuels, the expected growth rate stands at 4.4% in 2019. This represents a slowdown in comparison to the expectations companies had in 2018 (+6.4% and 7.11% excluding lubricants and fuels)”, INE announced this morning.

However, the Portuguese statistics office noted that the companies are expecting an increase in the exports of transport equipment (+6.1%) and machinery, other capital goods (except transport equipment) and its accessories (+5.8%), namely in Intra-EU markets (+6.6% and +7.5%, respectively).

The data published this Thursday does not include the exports of services. This year, the Government expects that, in total, exports grow by 4.6%against the 6.6% growth in 2018. This estimate is also taking into account an expected economic growth rate of 2.2% for 2019. However, the Bank of Portugal (BdP) is less optimistic and expects the exports to grow by 3.7% in 2019, and GDP to expand 1.8%.