Financial Times cites Portugal in group of 4 countries with GDP growth of 200 billion

Financial Times cites Portugal in group of 4 countries with GDP growth of 200 billion - Portugal Business News

Portugal news – Financial Times cites Portugal in the group of 4 countries with a combined GDP growth of 200 billion over the last six years.

Portugal, Spain, Italy, and Greece are the new economic powerhouses of Europe, as the output of southern Europe’s four biggest countries is now more than 5% bigger than Germany’s and led to a GDP growth of 200 billion since 2017. The analysis carried out by Capital Economics for the Financial Times shows that Germany’s GDP grew by only 85 billion euros during the same period.

The southern growth spurt is thus creating a two-speed eurozone economy, according to Andrew Kenningham, chief European economist at Capital Economics. Unlike Germany, the economies of southern Europe registered a high growth supported both by the recovery of tourism after the pandemic restrictions were lifted, and by the fact that industries in these countries were less affected by the energy price crisis.

Portugal is one of the fastest growing economies in the EU since the country ranks 3rd among EU countries with the highest GDP growth during the fourth quarter of 2023, with a 2.2% growth compared to the same quarter of the previous year, according to Eurostat. This compares to the Euro area average of 0.1% and to the EU average of 0.3%.

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