According to the rapid estimate released by INE at the end of October, the Gross Domestic Product (GDP) grew by 2.4% in the third quarter, year-on-year, and 0.8% quarter-on-quarter.
This data indicates an acceleration in economic activity both year-on-year and quarterly, exceeding the forecasts of economists consulted by Lusa, who expected a slowdown in the range of 0.3% to 0.6% quarter-on-quarter.
The INE stated that year-on-year growth benefited from a less pronounced negative contribution from net external demand, “reflecting the acceleration of exports of goods and services and a slight deceleration of imports of goods and services.”
Meanwhile, the positive contribution of domestic demand to the year-on-year change in GDP “remained close to what was observed in the previous quarter, with an acceleration in private consumption and a deceleration of investment.”
For the entire year, the Government included a growth forecast of 2% in the State Budget. This is the most optimistic outlook among institutions monitoring the Portuguese economy, with all projecting a growth of 1.9% for 2025.
