GDP expanded 0.4% in Q3 but YoY growth rate slowed to 4.9%
"Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 4.9% in the third quarter of 2022 (7.4% in the previous quarter)," reads the INE release.
Portugal’s gross domestic product increased by 0.4% in the third quarter, and was up 4.9% from the same quarter of last year, according to a flash estimate released on Monday by Statistics Portugal (INE).
“Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 4.9% in the third quarter of 2022 (7.4% in the previous quarter),” reads the INE release.
“The contribution of domestic demand to the year-on year growth rate of GDP decreased in the third quarter, with a deceleration in private consumption and in investment,” it continues. “The positive contribution of net external demand to the year-on-year growth rate of GDP also decreased, with a deceleration in volume of Exports of Goods and Services more intense than that of Imports.”
The quarter-on-quarter increase in GDP in the third quarter, or 0.4%, was 0.3 of a percentage point higher than that seen in the second quarter.
“The contribution of domestic demand to the quarter-on-quarter rate of change of GDP turned positive, highlighting the growth of private consumption despite the acceleration of consumer prices, while the contribution of net external demand was lower than in the previous quarter,” the release states.
