Portugal’s GDP growth above OECD average in Q4 2021

  • ECO News
  • 21 February 2022

The Portuguese economy grew 0.4 percentage points more than the OECD average, between the third and fourth quarter of 2021.

The Portuguese economy has grown by 1.6%, above the average (1.2%) of the countries within the Organisation for Economic Cooperation and Development (OECD), between the third and fourth quarter of 2021, according to a statement published this morning.

“Gross domestic product (GDP) in the OECD area rose by 1.2% between the third and fourth quarter of 2021 according to provisional estimates, slightly up from the 1.1% increase recorded between the second and third quarter,” the organisation points out.

Among the countries for which data is already available for the period between October and December, Colombia and Israel stand out, as they registered the sharpest quarter-on-quarter economic growth: 4.3% and 3.9%, respectively.

They were followed by Hungary (2.1%), Spain (2%), Poland (1.7%), Portugal (1.6%) and Sweden (1.4%). In contrast, Austria (2.2%) and Latvia (0.1%) saw their economies shrink at the end of last year.

For 2021 as a whole, according to initial estimates GDP in the OECD area increased by 5.5% following the decline recorded in 2020 (-4.6%) due to the pandemic. By comparison, the Portuguese economy rose by 4.9% in 2021, above the government’s forecast but below the OECD average.