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Portugal GDP Q1 2022

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

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.

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