Portugal’s GDP grew by 6.7% in 2022, the highest level in 35 years

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Growth is mainly explained by the increase in exports and the fall in imports. Domestic demand was also positive, but lower than in 2021. People walk along Praça do Comércio in Lisbon, Portugal, Tuesday, April 12, 2022 AP Photo/Armando Franca Portugal’s GDP increased by 6.7 % in 2022, the highest in the last 35 years, after an increase of 5.5% in 2021, the National Institute of Statistics (INE) reported this Tuesday (31) in a first estimate. “It’s a good sign”, reacted the Portuguese prime minister, António Costa. “These numbers show that the economy has resisted well and recovered well from the covid crisis” in an international context marked by the conflict in Ukraine and high inflation, highlighted the head of the socialist government. In 2020, Portugal recorded a “historic” recession of 8.3% due to the impact of the covid-19 pandemic, recalled INE. The growth in 2022 is mainly explained by the increase in exports and the drop in imports, specified the institute. Domestic demand was also positive, but lower than in 2021. The tourism sector was one of the main drivers. The hotel industry reached “levels close to those of 2019”, before the health crisis, indicated INE. Hotels in Portugal received almost 15.3 million foreign tourists in 2022, that is, an increase of 158.5% compared to 2021. For this year, the government forecasts a GDP growth of 1.3%. The Bank of Portugal, a little more optimistic, predicts 1.5%. It continues to be a “solid growth” that “will allow to maintain a high level of employment and improve families’ income”, said the prime minister.

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