Portugal enjoyed highest growth since 1987 in 2022

Portugal’s economy grew 6.8% in 2022, the highest rate since 1987 according to a recalculation made by the national statistics institute INE from 6.7% to 6.8%.

During Portugal’s democratic history, Portugal’s GDP only exceeded 6% five times and last year was one of them.
The INE also reveals that GDP stood at €242.2Bn in 2022 with a nominal growth of 12.2% — the highest since 1992 after the increase of 7.7% registered in 2021, and the strong contraction of-6.5% in 2020 because of Covid-19.
The minister of Finances said that the revision “confirms the very firm trajectory of Portugal’s convergence with the Euro Zone” in a press conference reacting to the statistics.
“Over the last eight years Portugal has grown more than the Euro Zone for six of them, not including 2020.
“This growth was above all down to an improvement in private consumption, sustained investment and also the contribution of exports and the capacity to continue exporting significantly”, said Fernando Medina.
“Exports of services rose 40.8% in volume while investment increased at a more moderate 3.5% in volume.”
Gross Added Value increased 12.1% in nominal terms and 6.5% in volume with emphasis on he accommodation and restaurant sectors, transports and warehousing (50% and 20.4% respectively).
Gross National Income increased 11.7% while family savings fell by 6.5%.