In the first quarter of the year, the Gross Domestic Product (GDP) recorded a real growth of 1.5% compared to the first quarter of 2023. According to the results of the Quarterly National Accounts published by INE, GDP increased by 6.5% in nominal terms, reaching 69.5 billion euros. Based on this result, national GDP growth is above the forecast growth for the Eurozone for 2024 (0.8%).
For the same period, exports observed a real year-on-year growth of 2.5% and imports 1.4%. In nominal terms, the rates of change were 1.9% and -2.8%, respectively.
In volume, the increase in total exports was 612 million euros (321 million in goods and 290 million in services). Considering that GDP growth was 785 billion euros, corresponding to a real rate of change of 1.5%, exports made the most significant contribution to economic growth (1.1 percentage points, with 0.6 percentage points in goods and 0.5 percentage points in services). The weight of exports in GDP was 47.0%. Investment (gross capital formation) contributed 0.3 percentage points to economic growth, consumption 0.7 percentage points (private consumption 0.5 percentage points and public consumption 0.2 percentage points), and imports -0.6 percentage points.
In the first three months of the year, the external trade balance was positive, amounting to 1.9 billion euros, equivalent to 2.7% of GDP, measured from the perspective of national accounts.
According to the Bank of Portugal, at the end of March 2024, the position of Foreign Direct Investment in Portugal (FDI) amounted to 179.3 billion euros, while Portugal's Direct Investment Abroad (PDIA) totalled 65.4 billion euros.
Thus, considering the annual GDP ending in the first quarter of 2024, the weight of FDI in the economy was 66.5% (69.2% in the first quarter of 2023), while the weight of PDIA was 24.2% (25.2% in the same period of 2023).
For the same period, exports observed a real year-on-year growth of 2.5% and imports 1.4%. In nominal terms, the rates of change were 1.9% and -2.8%, respectively.
In volume, the increase in total exports was 612 million euros (321 million in goods and 290 million in services). Considering that GDP growth was 785 billion euros, corresponding to a real rate of change of 1.5%, exports made the most significant contribution to economic growth (1.1 percentage points, with 0.6 percentage points in goods and 0.5 percentage points in services). The weight of exports in GDP was 47.0%. Investment (gross capital formation) contributed 0.3 percentage points to economic growth, consumption 0.7 percentage points (private consumption 0.5 percentage points and public consumption 0.2 percentage points), and imports -0.6 percentage points.
In the first three months of the year, the external trade balance was positive, amounting to 1.9 billion euros, equivalent to 2.7% of GDP, measured from the perspective of national accounts.
According to the Bank of Portugal, at the end of March 2024, the position of Foreign Direct Investment in Portugal (FDI) amounted to 179.3 billion euros, while Portugal's Direct Investment Abroad (PDIA) totalled 65.4 billion euros.
Thus, considering the annual GDP ending in the first quarter of 2024, the weight of FDI in the economy was 66.5% (69.2% in the first quarter of 2023), while the weight of PDIA was 24.2% (25.2% in the same period of 2023).
