Private Consumption in 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.
Portugal Private Consumption Chart
Portugal Private Consumption Data
|Private Consumption (ann. var. %)||2.1||2.7||3.4||-7.1||4.7|