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Financial News: Portugal GDP Growth Improves To 2.2%

Portugal GDP Growth Improves To 2.2%

01/30/2024 - 08:46:00 (RTTNews)

(RTTNews) - Portugal's economy expanded at a slightly faster pace in the fourth quarter, thanks to strong domestic demand, flash data from Statistics Portugal showed on Tuesday.

Gross domestic product, or GDP, advanced 2.2 percent year-on-year in the December quarter, after the previous quarter's increase of 1.9 percent.

The contribution of domestic demand to the annual growth rate of GDP remained high in the fourth quarter, with an acceleration in private consumption and a slowdown in investment, the agency said.

Data showed that the contribution of net external demand was also positive in the final quarter, as exports grew faster than imports.

On a quarterly basis, the economy rebounded 0.8 percent in the December quarter, following a 0.2 percent fall in the previous three-month period.

During the whole year 2023, overall GDP expanded 2.3 percent in volume, albeit much weaker than the 6.8 percent rise in 2022, which was the strongest since 1987.

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