Portugal’s exports reached 50% of GDP in 2022. Portugal’s exports of goods and services were the main driver of economic growth in 2022, with the country’s GDP growing at the fastest rate since 1987 according to Portugal’s Statistics Institute INE.
Portugal’s GDP registered a real growth rate of 6.7% compared to 2021, that is the highest growth rate since 1987. Compared to the Euro Zone that registered a growth rate of 3.5%, Portugal’s GDP is growing at nearly twice the rate of other EU countries.
Portugal’s exports reached EUR 119.8 billion, with EUR 81.3 for the export of goods and EUR 38.5 billion for the export of services. This figure is equal to around 50% of Portugal’s GDP, since the volume of exports increased by EUR 13.6 billion and the GDP increased by EUR 13.3 billion.
It is to be noted that the degree of openness of the Portuguese economy registered 102.5%, that is the highest since 1995.