Portugal GDP Q1 2017


Portugal: Portuguese economy motors ahead in Q1

May 15, 2017

Portugal’s GDP increased 1.0% in Q1 2017 from Q4, according to preliminary figures published on 15 May by the National Statistics Institute (INE). The reading was up from the prior quarter’s revised 0.7% figure (previously reported: +0.6% quarter-on-quarter) and significantly overshot analysts’ expectations of a 0.7% expansion. On a year-on-year basis, growth also shot up from a revised 2.0% in Q4 (previously reported: +1.9% yoy) to 2.8% in Q1, the highest rate in well over a decade.

According to the Institute, the expansion was driven by greater investment and a positive contribution from the external sector, with export growth outpacing import growth as firms likely benefited from stronger demand from other European trading partners. On the other hand, private consumption growth dropped off, with higher inflation likely eating into consumers’ purchasing power.

The Bank of Portugal expects the economy to expand 1.8% in 2017 and 1.7% in 2018. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.7% in 2017, which is unchanged from last month’s projection. For 2018, the panel sees the economy growing 1.5%.

Author:, Economist

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Portugal GDP Chart

Portugal GDP Q1 2017

Note: Year-on-year and annual average variation in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.

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