Portuguese economy grows again

  • 5 February, 24

The Portuguese economy grew 2.2% year-on-year and 0.8% quarter-on-quarter in the last quarter of 2023, escaping the technical recession, having guaranteed GDP growth of 2.3% for the entire year, INE revealed today.

The growth of the Portuguese economy in the fourth quarter of 2023 was surprising, as the economists consulted expected an expansion of the Gross Domestic Product (GDP) in year-on-year terms between 1.2% and 2% and in a chain between a growth of 0.6% and a contraction of 0.1%.

According to the first estimate from the National Statistics Institute (INE), at the end of 2023, the Portuguese economy grew 2.2% compared to the same period of the previous year and 0.8% compared to the third quarter, thus avoiding a technical recession, after GDP contracted 0.2% quarter-on-quarter in the penultimate quarter of the year.

In 2023 as a whole, GDP recorded growth of 2.3%, in line with the 2.2% target expected by the Government, after the 6.8% increase in 2022, the highest since 1987.

Cre: Portugalnews

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