THE The Portuguese economy grew by 6.7% in 2022, according to the first estimate made by the National Institute of Statistics (INE). And, unlike economies like Germany, it maintained positive growth in the fourth quarter, compared to the previous quarter: 0.2%.
The Government had indicated in December that the Gross Domestic Product (GDP) should have grown around 6.8%, that is, growth will have been one tenth less than that prediction. This projection implied an upward revision compared to the 6.5% estimated in the General State Budget for 2023. The Bank of Portugal, in mid-December, had also indicated a growth of 6.8%.
This 6.7% growth calculated this Tuesday by the INE is highest since 1987after the “5.5% increase in 2021 that followed the historic decline of 8.3% in 2020, following the adverse effects of the pandemic on economic activity.”
Domestic demand had a significant positive contribution to the annual variation of GDP, but less than that observed the previous year, with an acceleration in private consumption and a slowdown in investment. The contribution of net foreign demand was positive in 2022, after being negative in 2021, with an acceleration in the volume of exports of goods and services and a slowdown in imports,” adds the INE.
Compared to the third quarter of 2022, GDP increased by 0.2%, a slowdown compared to the chain’s growth of 0.4% in the previous quarter). There was a “decrease in the positive contribution of internal demand to the change in the GDP chain, while the contribution of net external demand remained slightly negative,” says the INE.
Not all European economies managed to maintain positive economic growth in the fourth quarter – this Monday in Germany an economy drop of 0.2% was calculated, which could mean that if the first quarter is also negative we will be facing a technological recession in the largest in Europe. economy.
The IMF saw positive “surprises” in the economy in 2022 and is more optimistic about global growth in 2023
Source: Observadora
