Portugal Economic Growth 2022

Portugal Economic Growth 2022 - Portugal Business News

The IMF has just announced that it is upgrading Portugal’s GDP growth forecast to 6.2%. The IMF expects Portugal’s average inflation rate to be 7.9% this year.

Portuguese Exports exceed Euros 50 billion between January and August 2022, which is a growth of nearly 26% compared to the same period in 2021. Compared to the same period in 2020, this accounts for a growth of 53%.

According to INE, the major drivers of growth are Spain, the US, Germany and France. Spain is the main export market with a share of nearly 26% of total exports, followed by France with 12% of exports and Germany with nearly 11%. Concerning markets outside the EU, exports increased by nearly 30% compared to the same period in 2021.

The main goods exported by market segment are machinery and apparatus with a share of 13% of total goods exported, followed by vehicles and transport equipment reaching nearly 12%.

Portugal’s economic growth is measured by the significant increase in the value of goods and services produced compared to previous periods and underlines the soundness of the economy.

Source: https://www.portugalbusinessesnews.com/post/portugal-growth