1.9% compared to the 1.8% provided for by the government. Economy accelerated at the end of the year – and those responsible were the Portuguese, who made internal demand grow.
The Portuguese economy grew by 2.7% in homologous terms and 1.5% in chain in the last quarter of 2024, registering growth in Gross Domestic Product (GDP) 1.9% in the whole of the year, today released the INE.
The 30 -day rapid estimate of the National Statistics Institute (INE) for all last year confirm the projections of the economists consulted by the Lusa agency, which expected a homologous expansion of GDP between 1.5% and 1.9%, and surpass those of the Government, which, in the state budget for 2025, designed a growth in the economy of 1,8%.
Regarding the numbers related to the last quarter of the year, estimates of economists consulted by Lusa ranged from 1.2% to 2.1% in homologous terms and 0.2% and 1% in chain.
The Finance Minister had already signaled on January 15, in hearing in the Budget, Finance and Public Administration Commission, that the fourth quarter figures were “significantly good, with economic acceleration.”
According to the National Institute of Statistics (), the annual growth is due to the internal demand, which “presented a positive contribution to the annual variation in GDP volume, higher than that observed in the previous year, reflecting the acceleration of final consumption expenses, and the investment has slowed.”
“The positive contribution of internal demand to GDP chain variation has decreased in the 4th quarter due to the reduction of investment, mainly reflecting the negative contribution of the variation of existences to large extent to the behavior of international trade flows. Indeed, imports of goods and services recorded a chain decrease in the 4th quarter, leading to a positive contribution of liquid external demandafter being negative in the previous two quarters, ”says INE.
