Portugal GDP Q1 2022


Portugal: Activity gains traction in Q1

June 3, 2022

According to a preliminary estimate, GDP growth improved to 2.6% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 1.7% in the fourth quarter of last year.

Private consumption sped up to 2.2%, which marked the best reading since Q2 2021 (Q4 2021: +1.1% s.a. qoq). Public consumption bounced back, growing 1.1% in Q1 (Q4 2021: -0.7% s.a. qoq). Meanwhile, fixed investment growth waned to 3.3% in Q1, from the 4.4% recorded in the prior quarter.

Exports of goods and services growth fell to 1.7% in Q1, marking the worst result since Q2 2021 (Q4 2021: +9.1% s.a. qoq). In addition, imports of goods and services growth moderated to 0.7% in Q1 (Q4 2021: +7.7% s.a. qoq), marking the worst reading since Q2 2021.

On an annual basis, economic growth improved to 11.9% in Q1, from the previous quarter's 5.9% increase. Q1's reading marked the best result since Q2 2021.

FocusEconomics Consensus Forecast panelists see GDP climbing 5.0% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the economy is seen growing 2.5%.

Author: Massimo Bassetti, Senior Economist

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Portugal GDP Chart

Portugal GDP Q1  2022

Note: Quarter-on-quarter and year-on-year changes in GDP in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.

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