Portugal's gross domestic product expanded 2.6 percent on quarter in the first three months of 2022, accelerating from a 1.7 advance in the previous quarter, in line with preliminary estimates. The acceleration of GDP was determined by the positive contribution of domestic demand, reflecting the acceleration of private consumption mostly due to the increase of expenditure in services’ activities, after the removal of most restrictions on economic activity imposed in the context of the COVID-19 pandemic. The contribution of net external demand remained slightly positive. Year-on-year, the economy grew 11.9 percent, quickening from a 5.9 percent increase in Q4 mostly due to a base effect, since, in January and February 2021, several measures to mitigate the pandemic were in place that strongly conditioned economic activity. source: Statistics Portugal

GDP Growth Rate in Portugal averaged 0.43 percent from 1988 until 2022, reaching an all time high of 14.70 percent in the third quarter of 2020 and a record low of -15.20 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 June of 2022.

GDP Growth Rate in Portugal is expected to be -1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Portugal GDP Growth Rate is projected to trend around 0.60 percent in 2023 and 0.50 percent in 2024, according to our econometric models.

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Portugal GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-29 08:30 AM QoQ Prel Q1 2.6% 1.7% 0.4%
2022-05-31 10:00 AM QoQ Final Q1 2.6% 1.7% 2.6%
2022-07-29 08:30 AM QoQ Prel Q2 2.6% -1.7%


Related Last Previous Unit Reference
GDP Growth Rate 2.60 1.70 percent Mar 2022
GDP Annual Growth Rate 11.90 5.90 percent Mar 2022
GDP Constant Prices 52077.20 50749.10 EUR Million Mar 2022
Gross Fixed Capital Formation 9872.40 9445.60 EUR Million Mar 2022
Full Year GDP Growth 4.90 -8.40 percent Dec 2021
GDP From Transport 4331.10 4118.70 EUR Million Mar 2022
GDP From Services 8585.10 8145.30 EUR Million Mar 2022
GDP From Manufacturing 6208.80 6206.20 EUR Million Mar 2022
GDP From Construction 2083.10 1992.30 EUR Million Mar 2022
GDP From Agriculture 977.60 1029.50 EUR Million Mar 2022
GDP From Utilities 1581.70 1613.00 EUR Million Mar 2022
Gross National Product 55645.50 54561.43 EUR Million Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
2.60 1.70 14.70 -15.20 1988 - 2022 percent Quarterly

News Stream
Portugal GDP Growth Confirmed at 2.6% in Q1
Portugal's gross domestic product expanded 2.6 percent on quarter in the first three months of 2022, accelerating from a 1.7 advance in the previous quarter, in line with preliminary estimates. The acceleration of GDP was determined by the positive contribution of domestic demand, reflecting the acceleration of private consumption mostly due to the increase of expenditure in services’ activities, after the removal of most restrictions on economic activity imposed in the context of the COVID-19 pandemic. The contribution of net external demand remained slightly positive. Year-on-year, the economy grew 11.9 percent, quickening from a 5.9 percent increase in Q4 mostly due to a base effect, since, in January and February 2021, several measures to mitigate the pandemic were in place that strongly conditioned economic activity.
2022-05-31
Portugal Economic Growth Quickens in Q1 2022
Portugal’s GDP rose 2.6 percent on quarter in the first three months of 2022, accelerating from a revised 1.7 percent expansion in the previous quarter, a preliminary estimate showed. Domestic demand was a key driver of growth, partly due to the acceleration of private consumption, while the contribution of net external demand remained slightly positive. Year-on-year, the economy advanced 11.9 percent, following a revised 5.9 percent expansion in the fourth quarter of 2021.
2022-04-29
Portugal GDP Growth Confirmed at 1.6% in Q4
Portugal’s GDP expended 1.6 percent quarter-on-quarter in the last three months of 2021, in line with preliminary estimates and slowing from a downwardly revised 2.8 percent expansion in the previous quarter. Net external demand was positive but its contribution to GDP growth decreased, as imports (7.0 percent vs 4.6 percent in Q3) almost offset exports (8.9 percent vs 8.8 percent). Meanwhile, growth of domestic demand lost some momentum (0.9 percent vs 1.3 percent), reflecting a softer increase in household spending (1.0 percent vs 1.7 percent), amid stronger headwinds from spending in nondurable goods. Finally, gross fixed investment rebounded strongly (3.5 percent vs -1.8 percent). On an annual basis, GDP advanced 5.8 percent, quickening from a downwardly revised 4.4 percent expansion in the third quarter. Considering 2021 as a whole, the economy of Portugal expanded 4.9 percent, rebounding from an unprecedented, downwardly revised 8.4 percent contraction in 2020.
2022-02-28