Ora Pois: Portugal’s GDP grows 6.7% in 2022, the highest value in 35 years

by

Preliminary figures from Portugal’s INE (National Statistics Institute) indicate that the country’s GDP (Gross Domestic Product) grew by 6.7% in 2022, which is the “highest value since 1987”.

The result is in line with recent forecasts by the Ministry of Finance and industry analysts, but exceeded estimates by the IMF (International Monetary Fund), which projected growth of 6.2%,

In 2021, the Portuguese economy increased by 5.5%, after experiencing a historic drop of 8.3% in 2020, due to the effects of the Covid-19 pandemic.

According to the National Institute of Statistics, internal and external demands helped the country’s economy overcome the adverse international scenario. The institute also notes an acceleration of private consumption, but with a slowdown in investments.

There was also an “acceleration in volume in volume of exports of goods and services and a deceleration in imports”.

Finance Minister Fernando Medina publicly celebrated the result.

“It means that, in the international comparison, we will close the year 2022 with a growth rate that will be significantly double that recorded in the euro zone. . Therefore, we are 2.6% above the levels of the 2019 pandemic, which does not happen with other countries”, he said, and in an interview with the Lusa agency.

Despite the result, the country also faces a scenario of high prices and a serious crisis in the housing market.

Inflation started to slow down in November, but Portugal ended 2022 with an average inflation rate of 7.8%, the highest value in 30 years.

You May Also Like

Recommended for you