Minister signals “remarkable growth” of the economy in 2022

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The Minister of Economy, António Costa Silva, pointed out, this Tuesday, the “remarkable” growth of the Gross Domestic Product (GDP) in 2022, noting that this year will bring “challenges and difficulties”, but that the economy can face it with “much more confidence”.

“I think the results are remarkable. It is the largest economic growth since 1987, which gives a lot of confidence in the future,” said António Costa Silva, speaking to Lusa.

The Portuguese economy grew 6.7% in 2022, “the highest since 1987,” according to the flash estimate released today by the National Statistics Institute (INE). The growth of 6.7% of the Gross Domestic Product (GDP) in 2022 is one tenth below the government’s forecast, since the Finance Minister, Fernando Medina, had stated his conviction, at the end of December, that Portugal would end “the year 2022 with a growth [of the economy] of about 6.8%. This rate is, however, higher than the 6.5% estimated in the State Budget for 2023 (OE2023), which entered the parliament last October.

Costa Silva reiterated that the Portuguese economy “is resilient and responsive to challenges”, recalling the direct contacts that the ministry has with all sectors, which pointed to these results. “In tourism we will beat the 2019 data, with 22 billion euros, but other sectors such as metalworking, footwear and also textiles are going to have extraordinary results,” he stressed. Thus, the economy can face 2023 “with much more confidence.

The reduction in inflation, the decrease in gas prices and a more favorable external environment also contribute to this. However, in 2023, the economy “may slow down” due to the “challenges and difficulties” that are expected.

Asked about projections for the current year, Costa Silva said the government is reviewing the growth estimates included in the State Budget. “I think that, probably, with these very positive developments, we will review these estimates and, if they are higher, we will maintain the course [of growth],” defended the Minister of Economy, also highlighting the “positive effect” of the measures that the Government adopted in 2022, such as the package of aid to families and businesses.

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