Portugal's gross domestic product (GDP) grew by 2.3 per cent in 2023, a rate of growth above the eurozone average for the second consecutive year.
Exports grew by 4.2 per cent in real terms, making the largest contribution to Portugal's economic growth for the third consecutive year.
After three years of deficit, in 2023, Portugal recorded a positive External Trade Balance.
In 2023, the GDP recorded a real growth of 2.3 percent compared to 2022, according to the results of the Quarterly National Accounts published by the INE - National Institute of Statistics. In nominal terms, the GDP increased by 9.7 percent, reaching 265.7 billion euros. Based on this result, 2023 is the second consecutive year in which Portugal's GDP growth exceeds that of the Eurozone and the sixth since 2016.
Exports observed a year-on-year real growth of 4.2 percent and Imports 2.2 percent and accounted for 47.4 percent of GDP (30.5 percent in goods and 16.9 percent in services). In volume, the increase in total exports was 4.0 billion euros.
Considering that GDP growth was 4.8 billion euros, corresponding to a real change rate of 2.3 percent, Exports contribute 1.9 percentage points to economic growth (0.3 percentage points in goods and 1.6 percentage points in services) and show the largest contribution to economic growth for the third consecutive year.
In 2023, after three years of deficit, a positive External Trade Balance was observed, amounting to 2.3 billion euros, measured from the perspective of the National Accounts, equivalent to 0.9 percent of GDP (+0.5 percent in 2019, -2.1 percent in 2020, -2.8 percent in 2021, and -2.4 percent in 2022).
According to information from the Bank of Portugal, at the end of December 2023, the position of Foreign Direct Investment in Portugal (FDI) amounted to 180.4 billion euros. Thus, the weight of FDI in the economy was 67.9 percent in 2023, while the weight of IPDI was 24.2 percent.
Exports grew by 4.2 per cent in real terms, making the largest contribution to Portugal's economic growth for the third consecutive year.
After three years of deficit, in 2023, Portugal recorded a positive External Trade Balance.
In 2023, the GDP recorded a real growth of 2.3 percent compared to 2022, according to the results of the Quarterly National Accounts published by the INE - National Institute of Statistics. In nominal terms, the GDP increased by 9.7 percent, reaching 265.7 billion euros. Based on this result, 2023 is the second consecutive year in which Portugal's GDP growth exceeds that of the Eurozone and the sixth since 2016.
Exports observed a year-on-year real growth of 4.2 percent and Imports 2.2 percent and accounted for 47.4 percent of GDP (30.5 percent in goods and 16.9 percent in services). In volume, the increase in total exports was 4.0 billion euros.
Considering that GDP growth was 4.8 billion euros, corresponding to a real change rate of 2.3 percent, Exports contribute 1.9 percentage points to economic growth (0.3 percentage points in goods and 1.6 percentage points in services) and show the largest contribution to economic growth for the third consecutive year.
In 2023, after three years of deficit, a positive External Trade Balance was observed, amounting to 2.3 billion euros, measured from the perspective of the National Accounts, equivalent to 0.9 percent of GDP (+0.5 percent in 2019, -2.1 percent in 2020, -2.8 percent in 2021, and -2.4 percent in 2022).
According to information from the Bank of Portugal, at the end of December 2023, the position of Foreign Direct Investment in Portugal (FDI) amounted to 180.4 billion euros. Thus, the weight of FDI in the economy was 67.9 percent in 2023, while the weight of IPDI was 24.2 percent.
