Agência para o Investimento e Comércio Externo de Portugal


Portugal's gross domestic product (GDP) grew by 2.4 per cent in the first nine months of the year, according to data from the Instituto Nacional de Estatística (INE). Exports rose by 5.2 per cent, outpacing imports, which grew by 1.8 per cent. The European Commission forecasts that Portugal's GDP will grow by 2.2 per cent a year in 2023, outpacing the eurozone.

The European Commission's projections point to real GDP growth for Portugal of 2.2 per cent for the full year in 2023, which compares with the 0.6 per cent growth forecast for the Euro Zone. If these projections come true, 2023 will be the second year in a row that Portugal's GDP grows above that of the Eurozone and the sixth since 2016.


According to data from INE's National Accounts, GDP from January to September 2023 recorded real growth of 2.4 per cent compared to the same period in 2022. Exports saw real year-on-year growth of 5.2 per cent, outstripping imports, which grew by 1.8 per cent.


In the first nine months of 2023, exports reached a weight in GDP of 47.8 per cent. In nominal terms, the total value of exports was 94.8 billion euros (60.9 billion euros in goods and 33.9 billion euros in services). Based on current prices, in the period under review consumption accounted for 79.2 per cent of GDP, investment 19.4 per cent and imports 46.4 per cent.


In volume terms, the increase in total exports was 3.7 billion euros (471 million euros in goods and 3.2 billion euros in services). GDP growth was 3.7 billion euros, corresponding to a real rate of change of 2.4 per cent. Exports thus contributed 2.3 percentage points to economic growth (0.3 p.p. in goods and 2.0 p.p. in services).


Until September 2023, there was a positive Foreign Trade Balance of 2.7 billion euros, measured from the National Accounts perspective, equivalent to 1.3 per cent of GDP.


According to the Banco de Portugal, at the end of September 2023, foreign direct investment (FDI) in Portugal totalled 175.9 billion euros. Thus, given the annual GDP at the end of September 2023 (261.2 billion euros), the weight of FDI in the economy in 2023 was 67.4 per cent.