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.