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Economic Growth in Portugal
Portugal's economy recorded an average growth rate of 1.7% in the decade to 2022, above the Euro Area's 1.4% average. In 2022, real GDP growth was 6.8%. For more GDP information, visit our dedicated page.
Portugal GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Portugal from 2014 to 2023.
Source: Macrobond.
Portugal GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.7 | -8.2 | 5.6 | 7.0 | 2.5 |
| GDP (EUR bn) | 214 | 201 | 216 | 244 | 267 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.6 | -6.3 | 7.7 | 12.7 | 9.6 |
Economic growth remains unchanged in Q3
Economy posts another uninspiring print in Q3: According to a preliminary reading, the economy expanded 0.2% on a seasonally adjusted quarter-on-quarter basis in the third quarter. Q3’s reading matched Q2’s upwardly revised increase but fell short of the Euro area average of 0.4%. Meanwhile, year-on-year economic growth accelerated to 1.9% from 1.6% in the second quarter.
Contrasting dynamics continue in the quarter: According to the statistical office, Portugal’s economy continued to operate at two different speeds in quarterly terms: Though the external sector continued to detract from growth, this was largely offset by a positive contribution from domestic demand. In particular, the statistics office noted sturdy expansions in both private spending and fixed investment. A complete breakdown will be released on 29 November.
GDP growth to accelerate, though downside risks loom: Our panel expects sequential growth to be kicking into a higher notch in Q4, buoyed by ongoing monetary policy easing and low inflation. After an expected slowdown overall in 2024, economic growth is expected to accelerate slightly next year. Renewed political uncertainty is a downside risk.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Portuguese GDP projections for the next ten years from a panel of 26 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Portuguese GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Portuguese GDP projections.
Want to get access to the full dataset of Portuguese GDP forecasts? Send an email to info@focus-economics.com.
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