National Statistics Institute confirms 2.1% GDP growth in 2018

  • Lusa
  • 28 February 2019

The Portuguese National Statistics Institute (INE) confirmed on Wednesday that the country's economic growth went up by 2.1% in 2018. This value is in line with their previous estimates.

Portugal’s National Institute of Statistics (INE) on Wednesday confirmed that the country’s economy grew by 2.1% in 2018, or 0.7 percentage points less than in 2017, and below the government’s forecast, which was for 2.3%.

The INE thus confirmed the flash estimate in the last quarterly national accounts, released on 14 February.

In nominal terms, gross domestic product increased by 3.6% to €201.5 billion, after 4.4% in 2017.

According to the INE, net external demand last year contributed a negative 0.7 of a percentage point to the change in GDP, as growth in exports of goods and services slowed down more than that of imports. In 2017 net external demand had contributed a negative 0.3 of a point.

The positive contribution from domestic demand decreased to 2.8 points, reflecting a slowdown in the growth of investment, from 3.1 of a point in 2017).