Despite the war in Ukraine, the Portuguese economy grew above projections in the first quarter of 2022.
In the first three months of the year, the country’s GDP (Gross Domestic Product) rose by 2.6% compared to the last quarter of 2021.
In relation to the same period of the previous year – when Portugal faced a severe lockdown due to the pandemic –, the GDP growth was 11.9%.
The data were revealed by the INE (Instituto Nacional de EstatÃstica), which highlighted the contribution of private consumption to the good economic result.
The recovery of tourist activities was also felt in the economic figures, with a slowdown in imports of goods and services and a slight increase in their exports.
The published results are above the projections of several experts.
Economists interviewed by the Lusa agency, for example, anticipated a much more modest GDP growth: around 9% year on year (compared to the first quarter of 2021) and between 0.1% and 0.8% compared to the quarter. previous.
The growth rate of the Portuguese economy was the highest among the 11 European Union countries that have already released their results for the period between January and March, according to Eurostat (the bloc’s statistics office).
Speaking to Parliament, Finance Minister Fernando Medina celebrated the result.
“The economy grew an impressive amount. It makes this first quarter we are already 3.1% above the first of 2019, recovering to pre-pandemic levels”, he said.
Despite the tone of optimism, the minister also highlighted the additional challenges brought by the conflict in Eastern Europe, with direct impacts on the food and energy production and distribution chains.
The price spike also follows a challenge in Portugal. The inflation rate rose to 7.2% in April – it was 5.3% in March – and reached its highest level since March 1993.
