The Portuguese economy grew by 1.9 percent year-on-year in the third quarter (Q3) of 2023, the National Institute of Statistics (INE) said on Tuesday.
There was a slowdown of 0.7 percentage points in the country’s gross domestic product (GDP), compared to a 2.6 percent increase recorded in the second quarter. This slowdown resulted from a « significant slowdown in exports of goods and services, » due to reduced external demand, INE said.
« Conversely, imports of goods and services recorded a moderate reduction, » it added.
Portuguese Finance Minister Fernando Medina said that the latest GDP data reinforces the importance of stimulating domestic demand.
Speaking in the Portuguese Parliament about the proposal for the State Budget for 2024, Medina said that the GDP figures reflect « the recession abroad » that affects « external demand. »
In the forecasts underlying the proposal for the State Budget for 2024, the government expects 2.2 percent growth in the economy for the entirety of this year.
