The April CIP-ISEG Economic Situation Barometer estimates that GDP remained stable in the first three months of 2026, representing a year-on-year growth of 2.2%. This result is partly due to a base effect following the contraction in early 2025, the adverse impact of storms in January and February, and the initial effects of the conflict in the Persian Gulf. The report notes a 4.4% year-on-year drop in industrial production in February, largely attributed to the severe weather. It anticipates that public support programs and insurance payouts will mitigate some of the negative impact on growth throughout the year. Rafael Alves Rocha, Director-General of CIP, warns of the risk of an energy price shock spreading through the economy, noting that current government measures are insufficient and calling for direct support for affected companies. While overall economic sentiment deteriorated, some sectors, such as light vehicle production and cement sales, showed positive growth.