Lisbon, Portugal street

Portugal GDP Q1 2023

Portugal: GDP growth records best result since Q1 2022 in Q1

According to a preliminary estimate, GDP growth sped up to 1.6% on a seasonally adjusted quarter-on-quarter basis in the first quarter, from 0.3% in the fourth quarter of last year. Although a full breakdown is not yet available, the flash estimate revealed that the external sector rebounded, while domestic demand swung to contraction. Q1’s reading marked the strongest growth in the Eurozone in Q1.

On an annual basis, economic growth lost steam, cooling to 2.5% in Q1, compared to the previous quarter’s 3.2% increase.

Analysts at the EIU commented:

“Reflecting the stronger than expected start to 2023 and the Portuguese economy’s proven resilience since the 2020 slump, we will revise up our full-year real GDP growth forecast for this year to about 2%, from 1.1% previously.”

A detailed breakdown will be published on 31 May.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest