Portugal GDP Q3 2022


Portugal: GDP growth accelerates in the third quarter

October 31, 2022

According to a preliminary reading, GDP growth picked up to 0.4% on a seasonally adjusted quarter-on-quarter basis in the third quarter, from 0.1% in the second. Although a full breakdown is not yet available, the flash estimate revealed that domestic demand became a positive contributor to the reading, with private consumption growing despite higher inflation during the quarter. On the other hand, the external sector posted a smaller contribution.

On an annual basis, economic growth waned notably to 4.9% in Q3, from the previous quarter's 7.4% increase. Q3's reading marked the worst reading since Q1 2021.

A detailed breakdown will be published on 30 November.

FocusEconomics Consensus Forecast panelists see GDP growing 0.8% in 2023, which is down 0.3 percentage points from the previous month’s forecast. For 2024, the panel sees GDP climbing 1.9%.


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Portugal GDP Chart

Portugal GDP Q3  2022 1

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

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