The Portuguese economy grew by 2.5% year-on-year in the 1st quarter of this year, compared to the same period last year, and by 1.6% year-on-year, i.e. compared to the last three months of 2022 , according to data from the Institute. rapid estimation Statistics (INE), released this Friday.
“Gross domestic product (GDP), in real terms, showed a year-on-year change of 2.5% in the first quarter of 2023 (3.2% in the previous quarter)”, promotes the statistical organization in the 30-day quick estimate of the National Quarterly Accounts.
INE’s estimate exceeds that of several economists, who pointed to a year-on-year growth of the Portuguese economy from January to March between 1% and 2.3% and a chain evolution of 0.1% to 1.4% .
According to INE, “the contribution of domestic demand to year-on-year GDP change remained positive in the first quarter, but lower than in the previous quarter, due to the slowdown in private consumption and the fall in investment , determined by a negative contribution from changes in inventories”.
In the reporting period there was also “an acceleration in exports of goods and services and a slowdown in imports of goods and services”, so that “the positive contribution of net external demand was greater than in the previous quarter”.
In the first quarter, INE reports “a significant slowdown in the year-over-year import deflator, stronger than that of the export deflator,” which translated into gains in terms of trade, something not seen since the first quarter. quarter from 2021.
In the chain equation, i.e. with the fourth quarter of 2022, GDP increased by 1.6% in volume (chain growth of 0.3% in the previous quarter), “due to the significant positive contribution of net external demand (which was negative in the fourth quarter), largely due to export dynamism”.
On the contrary, the contribution from domestic demand turned negative.
In the first quarter of 2022, GDP grew at an annualized rate of 11.9% and an annualized rate of 2.3%. In the last quarter of last year, the economy recorded year-on-year growth of 3.2% and 0.3% year-on-year.
The government forecasts growth of 1.8% for the full year.
The detailed results of the National Quarterly Accounts for the first quarter of this year will be published on 31 May.
Eurozone GDP rises 1.3% in Q1, Portugal registers biggest increase in a chain
The eurozone economy advanced 0.1% quarter-on-quarter in the first quarter and 1.3% yoy in the first quarter, with Portugal registering the largest increase in the chain (1.6%), so Eurostat also announced this Friday.
According to a preliminary rapid estimate by the Statistical Service of the European Union (EU), GDP in the 27 Member States has increased by 1.3% compared to the first quarter of 2022 and by 0.3% compared to the last three months from 2022.
Of the Member States for which data are available, Portugal recorded the largest increase in GDP compared to the previous quarter, and the third highest (2.5%) compared to the same period last year.
On an annual basis, GDP increased in all countries, with the exception of Germany (-0.1%), with Spain (3.8%), Ireland (2.6%) and Portugal (2.5%) showing the highest growth to see.
Compared to the last four months of 2022, the largest gains in GDP after Portugal were recorded by Spain, Italy and Latvia (0.5% each), with Ireland (-2.7%) and Austria (-0.3% ) as their savings withdrawn between January and March.
In the fourth quarter of 2022, the GDP of the Eurozone had increased by 1.8% and that of the EU by 1.7% compared to the same period of the previous year and remained stable compared to the previous year.
Eurostat warns that the estimate for the eurozone and the EU is based on incomplete data and will be revised.
News updated at 10:59
Source: DN
