Portugal GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

2.7

Units In

1.9

Frequency

Quarterly

Next Release

May 30, 2025

Time to Release

2 Months 28 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
16.1 Jun 2021	-17.9 Jun 2020	1.47 %	1996-2024	Statistics Portugal

On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by government expenditure (19 percent) and gross fixed capital formation (15 percent). Exports of goods and services account for 40 percent of GDP and imports account for 40 percent.

Latest Updates

The Portuguese economy expanded 2.8% year-on-year in the last three months of 2024, slightly higher than 2.7% in the preliminary estimate and above a downwardly revised 1.9% in Q3. It is the strongest economic performance in six quarters, with positive contribution of domestic demand to GDP growth rising to 3.1 percentage points from 2.9 percentage points in the third quarter, reflecting stronger private consumption despite a decline in investment. At the same time, the drag from net external demand eased to -0.3 percentage points from -1.0 percentage points, as exports slowed at a milder pace than imports. Compared to the previous quarter, the economy grew 1.5%, the best gain in almost three years, compared to a downwardly revised 0.2% in the third quarter of 2024. Considering full 2024, the Portuguese economy expanded 1.9%, below 2.6% in 2023.