Portugal’s industrial sector growth almost flat in 2024

Most sectors of Portugal’s industrial economy were almost stagnant in 2024 after recording losses in 2023.

According to data released by the National Statistics Institute last week, the gross added value of production in industry for 2024 displayed a tiny positive increase of just 0.1%.

The stagnation in growth followed a fall of 1.9% on last year, affected by a slowdown in exports and internal demand.

The stagnation in industrial wealth last year hit the manufacturing industry displaying 0 variation while extractive industries suffered a production fall of 9.1%.

Commerce, which includes tourism, saw the rate of increase in gross added value fall from 3.2% to 1.6% while other services fell 3.7% to 2%.