The period after joining the European Union, in the late 1980s, was the period in which the country grew the most. The peak of Portuguese GDP growth was in 1990.
According to the forecasts of the International Monetary Fund for 2022, Portugal ranks eighth among the fastest growing economies in the group of advanced economies. The country’s GDP growth forecast is about 4.5% While the average variance for 2021, in the remaining regions, is 3.3%.
The figures in the graph go back to 1980 and indicate the average annual change in GDP for 40 countries and regions with economies considered advanced. This package includes 22 of the 27 member states of the European Union. Ireland (5.2%), Spain (4.8%) and Malta (4.8%) stand out among the European partners with higher and higher than expected growth for Portugal. Outside the group of advanced economies are five EU countries: Hungary (3.7%), Poland (3.7%), Bulgaria (3.2%), Croatia (2.7%) and Romania (2.2%) – all with lower growth forecasts for 2022 than Portugal.
Real GDP growth in 2022
In EU 27 (2022)
Estonia: 0.2%
GDP growth in Portugal
And in advanced economies* (1980 to 2022)
The overall decline in GDP in 2020, caused by the COVID-19 pandemic and the mitigation measures adopted by countries, affected Portugal (-8.4%) more than the average of other advanced economies (-4.5%). Last year, Portugal’s real GDP growth was 0.4 percentage points higher than expectations for this year, but it was below the average for other advanced economies. In 2022, Portugal reversed this comparative situation.
Also in comparing the growth of the series, the figures released by the Organization for Economic Co-operation and Development, on Monday 23 May, follow the same trend: Portugal, among the 38 OECD countries, was The country with the largest increase in gross domestic product (GDP) Recorded in the first three months of the year compared to the previous quarter, with a chain growth of 2.6%.
In the group of 40 developed countries, Macau benefits from income from gambling and casinos. Macau SAR recovers from fall 2020 (-54%) and stands out from all other regions with the highest GDP growth forecast, 15.5%. At the bottom of the table are Estonia (0.2%), Hong Kong (0.5%) and Latvia (1%). Globally, Russia (-8.5%) and Ukraine (-35%) have the lowest indicators among 193 countries.
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