Portugal’s GDP to grow 6.7% in 2022, the highest level in 35 years

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In 2020, Portugal recorded a “historic” recession of 8.3% due to the impact of the covid-19 pandemic, INE recalled

Portugal’s GDP recorded a 6.7% increase in 2022, the highest in 35 years, following a 5.5% increase in 2021, the National Statistics Institute (INE) said Tuesday, 31, in a first estimate. “It’s a good sign,” reacted Portuguese Prime Minister António Costa.

“These figures show that the economy has weathered well and recovered well from the covid crisis” in an international context marked by the conflict in Ukraine and high inflation, the Socialist head of government stressed.

In 2020, Portugal recorded a “historic” recession of 8.3% due to the impact of the covid-19 pandemic, INE recalled.

The growth in 2022 is mainly explained by an increase in exports and a drop in imports, the institute specified. Domestic demand was also positive, but lower than in 2021.

sThe tourism sector was one of the main drivers. Hotels reached “levels close to those of 2019” before the health crisis, INE indicated.

Hotels in Portugal welcomed almost 15.3 million foreign tourists in 2022, an increase of 158.5% compared to 2021.

For this year, the government forecasts a GDP growth of 1.3%. The Bank of Portugal, a bit more optimistic, forecasts 1.5%.

It remains a “solid growth” that “will make it possible to maintain a high level of employment and improve household incomes,” the prime minister said.

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