Portugal's gross domestic product shrank by 3.3 percent on quarter in the three months to March of 2021, compared to a 0.2 percent growth in the previous period, amid a strict lockdown imposed in mid-January to contain a surge in Covid-19 infections, a preliminary estimate showed. Year-on-year, the economy contracted 5.4 percent, following a 6.1 percent decline in the previous quarter. Both internal and external demand are estimated to have contributed negatively to the GDP. Earlier this month, the government cut its 2021 economic growth forecast to 4% from 5.4% due to the tough restrictions imposed in January that are still being gradually lifted. source: Statistics Portugal
GDP Growth Rate in Portugal averaged 0.35 percent from 1988 until 2021, reaching an all time high of 13.30 percent in the third quarter of 2020 and a record low of -13.90 percent in the second quarter of 2020. This page provides - Portugal GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
GDP Growth Rate in Portugal is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Portugal to stand at 0.60 in 12 months time. In the long-term, the Portugal GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 0.50 percent in 2023, according to our econometric models.