Portugal's gross domestic product shrank by 3.3 percent on quarter in the three months to March of 2021, compared to a 0.2 percent growth in the previous period, amid a strict lockdown imposed in mid-January to contain a surge in Covid-19 infections, a preliminary estimate showed. Year-on-year, the economy contracted 5.4 percent, following a 6.1 percent decline in the previous quarter. Both internal and external demand are estimated to have contributed negatively to the GDP. Earlier this month, the government cut its 2021 economic growth forecast to 4% from 5.4% due to the tough restrictions imposed in January that are still being gradually lifted. source: Statistics Portugal

GDP Growth Rate in Portugal averaged 0.35 percent from 1988 until 2021, reaching an all time high of 13.30 percent in the third quarter of 2020 and a record low of -13.90 percent in the second quarter of 2020. This page provides - Portugal GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

GDP Growth Rate in Portugal is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Portugal to stand at 0.60 in 12 months time. In the long-term, the Portugal GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 0.50 percent in 2023, according to our econometric models.

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Portugal GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.30 0.20 13.30 -13.90 1988 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-11-30 11:00 AM QoQ Final Q3 13.3% -13.9% 13.3% 13.3%
2021-02-02 09:30 AM QoQ Prel Q4 0.4% 13.3% -2.8%
2021-02-26 11:00 AM QoQ Final Q4 0.2% 13.3% 0.4% 0.4%
2021-04-30 08:30 AM QoQ Prel Q1 -3.3% 0.2% -2.2%
2021-05-31 10:00 AM QoQ Final Q1 0.2% -3.3%
2021-07-30 08:30 AM QoQ Prel Q2 1.5%
2021-08-31 10:00 AM QoQ Final Q2
2021-10-29 09:30 AM QoQ Prel Q3 4%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Portugal GDP Falls in Q1 as Lockdown Bites
Portugal's gross domestic product shrank by 3.3 percent on quarter in the three months to March of 2021, compared to a 0.2 percent growth in the previous period, amid a strict lockdown imposed in mid-January to contain a surge in Covid-19 infections, a preliminary estimate showed. Year-on-year, the economy contracted 5.4 percent, following a 6.1 percent decline in the previous quarter. Both internal and external demand are estimated to have contributed negatively to the GDP. Earlier this month, the government cut its 2021 economic growth forecast to 4% from 5.4% due to the tough restrictions imposed in January that are still being gradually lifted.
2021-04-30
Portugal Q4 GDP Growth Revised Lower
Portugal's economic growth was revised lower to 0.2 percent on quarter in October-December 2020, from an early estimate of 0.4 percent and well below the previous three-month period expansion of 13.3 percent. Portugal imposed a night-time curfew and partial weekend lockdown in early November, aiming to curb a surge in coronavirus infections. Household consumption dropped 0.5 percent (vs 12.7 percent in Q3) and fixed investment declined 0.2 percent (vs 9.7 percent in Q3), while government spending grew 1.1 percent (vs 7.7 percent). Meanwhile, the contribution of external demand was approximately nil. Year-on-year, the economy shrank 6.1 percent, worse than a flash estimate of a 5.4 percent decrease. Considering 2020 full year, the economy plunged 7.6 percent, its steepest economic contraction since 1936.
2021-02-26
Portugal GDP Grows 0.4% in Q4
Portugal's gross domestic product expanded by 0.4 percent on quarter in the three months to December of 2020, easing from a record growth of 13.3 percent in Q3, preliminary data showed. Year-on-year, the economy shrank 5.4 percent, following a 5.7 percent contraction in the previous period. Considering full 2020, the GDP shrank by a record 7.6 percent, following a 2.2 percent growth in 2019 and compared to the government’s forecast of an 8.5 percent decline.
2021-02-02
Portugal GDP Expands at Record 13.3%
The Portuguese economy expanded at a record 13.3 percent on quarter in the third quarter of 2020, rebounding from a record 13.9 percent fall in the previous period, when the coronavirus hit the economy hard. Domestic demand (10.2 percent vs -10.8 percent), exports (38.9 percent vs -37 percent) and imports (26.5 percent vs -29.2 percent) all showed strong growth. Still, the outlook for Q4 remains challenging as coronavirus infections continue to rise and the country introduced new restrictions and curfews.
2020-11-30

Portugal GDP Growth Rate
On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by government expenditure (19 percent) and gross fixed capital formation (15 percent). Exports of goods and services account for 40 percent of GDP and imports account for 40 percent.