GDP above forecast and shows strong recovery for the Portuguese economy

GDP grew 4.9% in 2021, the highest growth rate of the last 31 years (since 1990) and above the Government’s forecasts (4.8%). The upward trend in investment and exports was detrimental to this growth.

 In the fourth quarter, GDP growth was 5.8% compared to the same period in the previous year (and 1.6% quarter-on-quarter growth) influenced by the positive contribution of net foreign demand due to an acceleration of exports. This was the second highest quarter-on-quarter growth rate of the European Union to date.  

 This result is extremely positive for Portugal and shows that the national economy is undergoing a strong recovery phase and that it has resumed its path to EU convergence since the second quarter of 2021.

 This growth in GDP reinforces the confidence in continuing with the Portuguese economy’s quick recovery during 2022, anticipating that we may surpass the pre-pandemic levels in the first quarter and exceed the Government’s forecast of 5.5% for this year.