Portugal GDP Growth Improves To 2.7%

(RTTNews) - Portugal's economy expanded at a faster pace in the fourth quarter, flash data from Statistics Portugal showed on Thursday.

Gross domestic product, or GDP, advanced 2.7 percent year-on-year in the December quarter, faster than the 2.0 percent rise in the third quarter. Further, this was the biggest growth since the second quarter of 2023. 

Domestic demand contributed positively to the yearly growth amid increased private consumption. Meanwhile, net external demand was not favorable, as imports grew faster than exports.

On a quarterly basis, the economy expanded at a faster pace of 1.5 percent in the fourth quarter after growing 0.3 percent in the previous quarter.

In 2024, GDP grew by 1.9 percent in volume after increasing by 2.5 percent in 2023, the agency said.

Separate official data showed that the consumer confidence remained negative, though it improved slightly to -15.2 in January from -15.7 in December. Meanwhile, the economic confidence indicator eased to 2.8 in January from 2.9 in the prior month.