The Portuguese gross domestic product expanded 1.8 percent year-on-year in the first quarter of 2019, up from a 1.7 percent advance in the prior period and in line with preliminary estimates. Domestic demand was the main driver of growth while net exports contributed negatively to the GDP. On a quarterly basis, the economy grew 0.5 percent, slightly above the previous period's figure of 0.4 percent and also unrevised from the preliminary estimate. It is the strongest growth rate since the second quarter of 2018. GDP Annual Growth Rate in Portugal averaged 1.33 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.
GDP Annual Growth Rate in Portugal is expected to be 1.60 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 1.90 percent in 2020, according to our econometric models.