The Portuguese economy grew 2,2% year-on-year and 0,8% quarter-on-quarter in the last quarter of 2023, escaping the technical recession, having guaranteed GDP growth of 2,3% for the entire year, INE revealed today .
The growth of the Portuguese economy in the fourth quarter of 2023 was surprising, as the economists consulted expected an expansion of the Gross Domestic Product (GDP) in year-on-year terms between 1,2% and 2% and in a chain between a growth of 0,6% and a contraction of 0,1%.
According to the first estimate from the National Statistics Institute (INE), at the end of 2023, the Portuguese economy grew 2,2% compared to the same period of the previous year and 0,8% compared to the third quarter, thus avoiding a technical recession , after GDP contracted 0,2% quarter-on-quarter in the penultimate quarter of the year.
In 2023 as a whole, GDP recorded growth of 2,3%, in line with the 2,2% target expected by the Government, after an increase of 6,8% in 2022, the highest since 1987.
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