Portugal GDP Growth Revised Up in Q4

2026-02-27 11:29 By Joana Taborda 1 min. read

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.



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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.
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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.
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