Lisbon, Portugal street

Portugal GDP

Portugal GDP

Economic Growth in Portugal

Portugal's economy recorded an average growth rate of 1.7% in the decade to 2022, above the Euro Area's 1.4% average. In 2022, real GDP growth was 6.8%. For more GDP information, visit our dedicated page.

Portugal GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Portugal from 2014 to 2023.
Source: Portugal National Statistical Institute.

Portugal GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.8 2.7 -8.3 5.7 6.8
GDP (EUR bn) 205 214 201 216 242
Economic Growth (Nominal GDP, ann. var. %) 4.7 4.5 -6.5 7.7 12.2

Economy rebounds in Q4

According to a preliminary reading, GDP bounced back in the fourth quarter, expanding 0.8% on a seasonally adjusted quarter-on-quarter basis, compared with the 0.2% contraction tallied in the third quarter. Q4's reading marked the best result since Q1. On an annual basis, economic growth improved to 2.2% in Q4 from the previous period's 1.9%. According to the accompanying press release, domestic demand made a stronger positive contribution to the qoq expansion than in the previous quarter, while the contribution of the external sector was less negative.

The economy should lose momentum this year from last. Cooling services exports—amid a stabilization of tourist numbers—will restrain growth, and household spending will expand at a softer annual clip on tight monetary policy. That said, EU-funded investment should support activity. Higher price pressures due to supply disruptions in the Panama Canal and Red Sea are a downside risk.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Portuguese GDP projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Portuguese GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Portuguese GDP projections.

Want to get access to the full dataset of Portuguese GDP forecasts? Send an email to

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