Portugal’s growth in the first quarter of the year fell short of expectations, shrinking 0.5% quarter-on-quarter according to the preliminary estimate of Portugal’s National Statistics Institute.
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Portugal’s National statistics Institute confirmed that the economy grew by 0.2% quarter-on-quarter in Q3 (1.9% year-on-year), with a significant contribution from domestic demand, highlighting the strength of private consumption.
The Portuguese economy is showing remarkable resilience in 2025, driven mainly by a buoyant labour market and increasingly strong investment.
Since we last revised the economic forecasts for Portugal in September, some assumptions have changed and the new situation has led us to make a slight revision of our scenario, although the key underlying trends remain unchanged.
In 2023, the tourism sector in Portugal continued its path of recovery, exceeding expectations and setting new records in various parameters. For 2024, we expect this good performance to be maintained, albeit at a pace closer to cruising speed.
Economic activity is showing signs of a slowdown and inflation fell below 2% in March for the first time since August 2024.
GDP maintained a quarter-on-quarter growth rate of 0.2% in a Q3 marked by a pattern of steady growth.