Portugal’s GDP grows 2.3% in Q2 of 2018

Portugal’s economy grew by 2.3% in GDP terms in the second quarter of 2018 like-for-like according to government statistics.

The growth represents a 0.5% increase on the previous quarter (2.1% like-for-like on 2017). The estimates are in line with forecasts outlined in the Portuguese State Budget for 2018.

The latest figures show that Portugal’s growth is closing the gap with its European Union partners while overall national growth is slightly above that of Europe and the Euro zone (2.2% and 2.1%) like-for-like respectively.

The growth pattern compared to the same period in 2017 continues to show robust performance in job creation (+2.4% with 114,000 new jobs) and a reduction in unemployment (2.1 percentage points) with 110,000 less unemployed).

The combined figures for investment and exports saw an increase of 10.5% on the same period the previous year.

This was the 17th consecutive quarter in which the Portuguese economy grew, a growth taking place within a context of balancing external accounts and responsible budget management.

The structural change, assisted by more stable financing conditions, has placed the Portuguese economy in a better position to deal with eventual external fluctuations as well as supporting sustainable public services.