The Portuguese economy expanded 2.2% year-on-year in the last three months of 2019, above 1.9% in the previous period and the strongest in five quarters, preliminary estimates showed. Considering full 2019, the GDP grew 2%, below 2.2% in 2018. Domestic demand slowed, mainly due to private consumption while the contribution from net trade was slightly less negative as both exports and imports eased. 2019 growth beat the 1.9% estimate from the Government, OECD and IMF but was in line with estimates from the central bank and the European Commission.

GDP Annual Growth Rate in Portugal averaged 1.41 percent from 1996 until 2019, reaching an all time high of 5 percent in the second quarter of 1998 and a record low of -4.50 percent in the fourth quarter of 2012. This page provides - Portugal GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Annual Growth Rate in Portugal is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Portugal to stand at 1.80 in 12 months time. In the long-term, the Portugal GDP Annual Growth Rate is projected to trend around 1.70 percent in 2021, according to our econometric models.

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Portugal GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.20 1.90 5.00 -4.50 1996 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-08-30 10:00 AM YoY Final Q2 1.8% 1.8% 1.8%
2019-11-14 09:30 AM YoY Prel Q3 1.9% 1.9% 1.8%
2019-11-29 11:00 AM YoY Final Q3 1.9% 1.9% 1.9% 1.9%
2020-02-14 09:30 AM YoY Prel Q4 2.2% 1.9% 1.9%
2020-02-28 11:00 AM YoY Final Q4 1.9% 2.2% 2.2%
2020-05-15 08:30 AM YoY Prel Q1 1.8%
2020-06-01 10:00 AM YoY Final Q1 1.8%
2020-08-14 08:30 AM YoY Prel Q2 1.7%

Portugal GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by government expenditure (19 percent) and gross fixed capital formation (15 percent). Exports of goods and services account for 40 percent of GDP and imports account for 40 percent.