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Portugal GDP Growth Revised Up in Q4
The Portuguese economy expanded 0.9% on quarter in Q4 2025, the strongest performance in a year, above initial estimates of 0.8% and compared to a downwardly revised 0.6% in Q3. The contribution of net external demand turned positive (+1.1 pp vs -0.9 pp), reflecting declines in both exports and imports of goods and services, with the decrease being more pronounced for imports. On the other hand, the contribution of domestic demand was -0.2 pp (compared with +1.5 pp in the previous quarter), driven by a decline in investment and a slowdown in final consumption expenditure. On an annual basis, the economy grew 1.9% in Q4, slowing from a downwardly revised 2.2% in Q3 but matching initial estimates. For the full year 2025, Portuguese GDP expanded 1.9%, slightly below 2.2% in 2024. Domestic demand supported the growth, driven by faster final consumption, while net external demand weighed more heavily, as exports of goods and services slowed more sharply than imports.
Published on 2026-02-27

Portugal’s Economy Accelerates in Q4 Despite Weak Domestic Demand
Portugal’s economy expanded 0.8% quarter-on-quarter in Q4 2025, accelerating from a downwardly revised 0.7% in the previous quarter and surpassing market expectations of 0.5%, according to a preliminary estimate. This marked the strongest quarterly pace in a year, supported by net external demand, amid a sharp decline in imports of goods and services, particularly crude oil. By contrast, domestic demand weighed on growth, reflecting a slump in investment and slower household consumption growth. On an annual basis, the economy grew 1.9% in Q4, down from 2.3% in Q3. For the full year 2025, Portuguese GDP expanded 1.9%, slightly below 2.1% in 2024.
Published on 2026-01-30

Portugal’s Economy Accelerates in Q4
Portugal’s economy expanded 0.8% quarter-on-quarter in Q4 2025, accelerating from a downwardly revised 0.7% in the previous quarter and surpassing market expectations of 0.5%, according to a preliminary estimate. This marked the strongest quarterly pace in a year, supported by net external demand, amid a sharp decline in imports of goods and services, particularly crude oil. By contrast, domestic demand weighed on growth, reflecting a slump in investment and slower household consumption growth. On an annual basis, the economy grew 1.9% in Q4, down from 2.3% in Q3. For the full year 2025, Portuguese GDP expanded 1.9%, slightly below 2.1% in 2024.
Published on 2026-01-30

Portugal GDP Growth Rate Confirmed at 0.8% in Q3
The Portuguese economy grew by 0.8% in the third quarter of 2025, its strongest performance in three quarters, after a 0.7% expansion in Q2 and in line with the preliminary estimate. Domestic demand rose by 1.4%, the fastest pace in a year, up from 0.9% in the previous quarter, supported by stronger private consumption and investment. The contribution of net external demand became more negative (from -0.3 p.p. to -0.6 p.p.), as exports rebounded (0.8% vs. -0.1%) but were outpaced by a sharper rise in imports (2% vs. 0.5%). On a year-on-year basis, GDP increased 2.4%, also the strongest in three quarters, after a 1.8% rise in Q2. The negative contribution of net external demand was less pronounced, reflecting a slowdown in imports (3.7% vs. 4.6%) alongside a recovery in exports (1.2% vs. -0.1%). Meanwhile, the positive contribution of domestic demand eased, driven by weaker investment growth.
Published on 2025-11-28

Portugal GDP Growth Rate Confirmed at 0.8% in Q3
The Portuguese economy grew by 0.8% in the third quarter of 2025, its strongest performance in three quarters, after a 0.7% expansion in Q2 and in line with the preliminary estimate. Domestic demand rose by 1.4%, the fastest pace in a year, up from 0.9% in the previous quarter, supported by stronger private consumption and investment. The contribution of net external demand became more negative (from -0.3 p.p. to -0.6 p.p.), as exports rebounded (0.8% vs. -0.1%) but were outpaced by a sharper rise in imports (2% vs. 0.5%). On a year-on-year basis, GDP increased 2.4%, also the strongest in three quarters, after a 1.8% rise in Q2. The negative contribution of net external demand was less pronounced, reflecting a slowdown in imports (3.7% vs. 4.6%) alongside a recovery in exports (1.2% vs. -0.1%). Meanwhile, the positive contribution of domestic demand eased, driven by weaker investment growth.
Published on 2025-11-28

Portugal Economy Accelerates in Q3
The Portuguese economy expanded by 0.8% quarter-on-quarter in Q3 2025, following an upwardly revised 0.7% growth in Q2, according to preliminary estimates. This marked the fastest pace of expansion this year, supported by robust domestic demand, with household consumption accelerating. However, the contribution from net trade weakened, as imports rose more than exports. On an annual basis, GDP growth picked up to 2.4% in Q3, up from 1.8% in the previous quarter. The government estimates that the economy will grow 2% this year.
Published on 2025-10-30

Portugal Economy Accelerates in Q3
The Portuguese economy expanded by 0.8% quarter-on-quarter in Q3 2025, following an upwardly revised 0.7% growth in Q2, according to preliminary estimates. This marked the fastest pace of expansion this year, supported by robust domestic demand, with household consumption accelerating. However, the contribution from net trade weakened, as imports rose more than exports. On an annual basis, GDP growth picked up to 2.4% in Q3, up from 1.8% in the previous quarter.
Published on 2025-10-30

Portuguese Economy Returns to Growth in Q2
The Portuguese economy expanded 0.6% on quarter in Q2 2025, recovering from an upwardly revised 0.4% contraction in the first tree months of the year, preliminary figures showed. The contribution of net external demand was less negative, as exports of goods and services increased following a decline in the previous quarter. Similarly, the positive contribution from domestic demand strengthened, driven by an increase in private consumption. Year-on-year, the GDP in Portugal grew 1.9% in Q2, above an upwardly revised 1.7% in Q1. The negative contribution of net external demand was less pronounced, reflecting a sharper slowdown in imports of goods and services compared to exports. In contrast, the positive contribution of domestic demand weakened due to a deceleration in investment.
Published on 2025-07-30

Portugal GDP Contracts the Most in 4 Years
The Portuguese economy contracted 0.5% on quarter in the first three months of 2025, the biggest decline in four years, following a 1.4% expansion in the previous period and in line with the first estimate. The contribution of net external demand turned negative, shifting to -0.7 percentage points from +0.7 percentage points. This change reflects a 0.4% decline in exports of goods and services and a 1% increase in imports. Meanwhile, the positive contribution from domestic demand decreased to 0.1 percentage points, down from 0.7 points in the previous quarter, driven by a 1.1% decline in private consumption. On the other hand, investment grew by 3.8%, driven by a positive contribution from inventories amid a stock replenishment effect linked to higher imports of goods. On a year-on-year basis, the Portuguese economy expanded by 1.6% in Q1 2025, slowing from a 2.8% increase in the fourth quarter of 2024, in line with initial estimates.
Published on 2025-05-30

Portuguese Economy Posts Surprise Contraction in Q1
The Portuguese economy shrank by 0.5% on quarter in Q1 2025, after a downwardly revised 1.4% rise in the previous three-month period, contrary to analyst expectations of 0.4% growth, preliminary estimates showed. Net external demand contributed negatively, while domestic demand was neutral—both components had supported growth in the prior quarter. On a yearly, the economy rose by 1.6%, slowing from a 2.8% expansion in the previous quarter.
Published on 2025-05-02

Portugal GDP Growth at Near 3-Year High
Portugal's gross domestic product (GDP) rose by 1.5% quarter-on-quarter in the last three months of 2024, the most in nearly three years, and up from 0.3% growth in the third quarter, preliminary data showed. Domestic demand's contribution to quarterly GDP growth declined, mainly due to lower investment and a negative impact from changes in inventories tied to external trade flows. Imports of goods and services decreased in the fourth quarter, leading to a positive contribution from net external demand, reversing the negative trend seen in the previous two quarters.
Published on 2025-01-30

Portugal GDP Grows 0.2% in Q3
The Portuguese economy grew by 0.2% quarter-on-quarter in Q3 2024, matching an upwardly revised 0.2% expansion in Q2, according to flash estimates. Domestic demand contributed positively, supported by growth in both investment and private consumption, while net foreign demand continued to have a negative impact. Year-on-year, GDP rose 1.9%, the most in three quarters, up from an upwardly revised 1.6% in Q2. Internal demand’s contribution increased slightly, driven by stronger private consumption, although investment slowed. Meanwhile, net external demand remained negative as both imports and exports of goods and services accelerated.
Published on 2024-10-30

Portugal GDP Grows 0.1% in Q2
The Portuguese economy grew 0.1% on quarter in the second quarter of 2024, a slowdown from the 0.8% growth observed in the prior period, preliminary estimates showed. External demand had a negative impact after contributing positively in the prior two quarters, as imports rose more rapidly than exports. Conversely, domestic demand made a greater positive contribution, driven by an increase in investment and private consumption. On a year-on-year basis, the economy expanded by 1.5%, maintaining the same growth rate as in Q1.
Published on 2024-07-30

Portugal GDP Growth Revised Up
The Portuguese economy expanded 0.8% on quarter in the first three months of 2024, higher than 0.7% reported in the first estimate and 0.7% in the last quarter of 2023. It is also the strongest GDP performance in a year, as the contribution of external demand became positive (1 pp), after being negative in the 4th quarter (-0.2 pp). Exports increased 1.6% (vs 3.5%) while imports declined 0.6% (vs 3.9%) On the other hand, domestic demand weighed down on the growth (-0.1 vs +0.9 pp in Q4 2023), due to a fall in investment which offset an acceleration in private spending. Gross fixed capital formation sank 3%, partially reverting a 3.5% gain in the previous period. Private spending rose 1%, slightly above 0.7% in the preceding quarter. Year-on-year, the GDP went up 1.5%, above 1.4% in the first estimate. The central bank of Portugal expects the economy to expand 2% in 2024, while the government sees 1.5%.
Published on 2024-05-31

Portugal Economy Grows 0.7% in Q1
The Portuguese economy expanded 0.7% on quarter in the first three months of 2024, the same as in the previous quarter, preliminary estimates showed. The contribution from domestic demand slowed, with high interest rates weighing on investment. Conversely, external demand contributed positively as imports eased more than exports. Year-on-year, the economy expanded 1.4%, the least since 2021, after a downwardly revised 2.1% jump in Q4.
Published on 2024-04-30

Portugal GDP Growth Rate Confirmed at 0.8% in Q4
The Portuguese economy expanded 0.8% qoq in Q4 2023, rebounding from a 0.2% contraction in Q3 and in line with the preliminary estimate. It is also the highest growth rate since Q1 2023, as the contribution from internal demand increased (1.1% vs 0.7%), mainly due to private spending while investment slowed. At the same time, the contribution from the external demand was less negative (-0.3% vs -0.9%), with exports rising 3.6% (vs -1.5%) and imports increasing 4.2% (vs 0.4%). Year-on-year, the economy expanded 2.2%, above 1.9% in Q3. Considering full 2023, the GDP grew 2.3%, following a 6.8% rise in 2022, which was the highest growth rate since 1987. Internal demand rose 1.4%, below 4.4% in 2022, namely private spending (1.6% vs 5.6%), public expenditure (1.2% vs 1.4%) and investment (0.8% vs 3.5%). Both exports (4.2% vs 17.4%) and imports (2.2% vs 11.1%) also slowed. In its budget statement for this year, the Portuguese government said it expects the economy to grow 1.5% in 2024.
Published on 2024-02-29

Portuguese Economy Recovers in Q4
The Portuguese economy expanded 0.8% on quarter in the last three months of 2023, rebounding from a 0.2% contraction in the previous period, preliminary estimates showed. The contribution from domestic demand increased, led by private spending while the negative contribution from net trade was less significant. Year-on-year, the economy expanded 2.2%, higher than 1.9% in Q3. Looking at the overall performance of 2023, the Portuguese GDP grew by 2.3%, following a remarkable 6.8% rise in 2022, which was the strongest since 1987. Both private spending and investment slowed and both exports and imports eased but net trade continued to make a positive contribution to the overall growth.
Published on 2024-01-30

Portuguese Economy Contracts in Q3
The Portuguese economy contracted by 0.2% in the three months leading to September 2023, following a meager 0.1% growth in the preceding period. It marked the first GDP decline since the first quarter of 2021, primarily attributed to a significant 2.3% drop in exports of goods and services, including tourism receipts. Conversely, household consumption rose by 0.5% (compared to -0.5% in Q2), driven by increased spending on non-durable goods and services, which recorded a growth of 1.0% (compared to -0.7%). Moreover, fixed investment advanced by 0.6% (compared to -0.6% in Q2), propelled by noticeable increases in investment in transport equipment, which surged by 17.5% (compared to -14.7%), and intellectual property products, rising by 1.1% (compared to -0.6%). On a yearly basis, the GDP growth rate eased to 1.9% in the third quarter from 2.6% in the preceding three-month period.
Published on 2023-11-30

Portugal GDP Unexpectedly Contracts 0.2% QoQ in Q3
The Portuguese economy shrank by 0.2% on quarter in the third quarter of 2023, following a revised 0.1% increase in the prior period and defying market forecasts of a 0.1% rise, preliminary estimates showed. This was the first economic contraction since the first quarter of 2021, as the contribution of net external demand was negative after being positive in the second quarter, reflecting the reduction of exports of both components, goods and services, including tourism. Conversely, the contribution of domestic demand moved from negative to positive in the third quarter, with increases in private consumption and investment. On a yearly basis, the economy expanded by 1.9%, the least in ten quarters, after an upwardly revised 2.6% rise in the previous three-month period. The Government forecasts a real economic growth of 2.2% this year, aligning with the projections made by the main international institutions for Portugal.
Published on 2023-10-31

Portuguese GDP Stalls in Q2
Portugal’s GDP was unchanged from the previous quarter in the second quarter of 2023, stalling after the 1.6% jump in the three months ending in March and in line with preliminary estimates, marking the first period without growth since the first quarter of 2021 amid the increasingly restrictive interest rates from the European Central Bank. Private consumption grew by 0.6% from 0.2 % in the previous quarter, offsetting a 1.6% decline in gross fixed capital formation. In the meantime, net external demand contracted by 0.4% following a 2.3% surge in the first quarter, as exports contracted by 2.3% and imports fell by a slower 1.6%. Year-on-year, the Portuguese economy expanded by 2.3%, its ninth consecutive period of expansion, albeit the slowest.
Published on 2023-08-31