These figures confirm the initial estimates released at the end of October by the INE, indicating an acceleration in the Gross Domestic Product (GDP) both compared to the same period last year and the previous quarter.
As explained by the statistics office, the “negative contribution of net external demand to the year-on-year GDP variation was less pronounced in the third quarter, reflecting both a slowdown in imports of goods and services and an increase in exports of goods and services.”
Meanwhile, internal demand contributed positively to economic growth, albeit less than in the second quarter, reflecting a slowdown in investment.
INE data also shows that the final consumption expenditure of resident households, in volume, grew by 4% year-on-year from July to September, with notable growth in expenditure on durable goods, which accelerated from 8.2% to 9.7%, while expenditure on non-durable goods and services grew by 3.4% in the third quarter.
Regarding quarter-on-quarter variation, the contribution of net external demand worsened, “with the acceleration of Imports of Goods and Services surpassing the growth in Exports of Goods and Services, which increased.”
On the other hand, the positive contribution of internal demand increased to 1.4 percentage points, “with more intense growths in private consumption and investment.”
Compared to the second quarter of 2025, total investment, in volume, rose by 2.7%, notes the INE.
For the entire year, the Government has projected a growth of 2% in the State Budget. This is the most optimistic among institutions monitoring the Portuguese economy, all of which indicate a 1.9% growth in 2025.
[Updated at 11:41 AM]
