According to the National Institute of Statistics (INE), in the quarterly national accounts published, the statistical institute maintained a growth variation of 6.7% of Gross Domestic Product (GDP) in 2022, which is one-tenth below the Government forecast: At the end of December, the Minister of Finance, Fernando Medina, had stated that he was convinced that Portugal would end “the year 2022 with a [economic] growth of around 6.8%”.

This rate is, however, above the 6.5% estimated in the State Budget for 2023 (OE2023), which was submitted to parliament last October.

With regard to the fourth quarter of 2022, INE revised upwards the year-on-year expansion of GDP to 3.2% (compared to the 3.1% estimated in January and slowing down compared to the 4.8% of the third quarter) and the variation chain to 0.3% (the same rate as in the previous quarter and above the 0.2% advanced in the January estimate).