Portugal GDP Q1 2022


Portugal: GDP growth accelerates in the first quarter of this year

May 2, 2022

According to a preliminary estimate, GDP growth accelerated to 2.6% on a seasonally-adjusted quarter-on-quarter basis in the first quarter of this year, from 1.7% in the last quarter of 2021.

Although a full breakdown is not yet available, the flash estimate reported that the acceleration was due to a stronger contribution from domestic demand, namely from household spending. Meanwhile, the contribution from external demand remained slightly positive.

On an annual basis, economic growth also gained steam, rising to 11.9% in Q1 following the previous quarter's 5.9% expansion.

FocusEconomics Consensus Forecast panelists see GDP climbing 4.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the economy is seen growing 2.4%.

Author: Massimo Bassetti, Senior Economist

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Portugal GDP Chart

Portugal GDP Q4  2021 1

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

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