It was in the period after joining the European Union, in the late 1980s, that the country grew the most. The peak of gross domestic product (GDP) growth was in 1990.
According to the developed economies for 2022 of the International Monetary Fund (IMF), Portugal is the 8th fastest growing economy in the group of developed economies. The country’s GDP growth forecast is about 4.5% while the reference average for 2021, in the remaining territories, is 3.3%.
Chart numbers go up to 4 countries to annual GDP savings for specified countries. 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 growth than expected for Portugal. (3.7%), Croatia (2.7%) and Romania2%) — all of them with a growth forecast for 2022 lower than the Portuguese one.
Real GDP growth in 2022
in the EU-27 (2022)
GDP growth in Portugal
and in developed economies* (1980 to 2022)
generalized fall in 2020 GDP, caused by the covid-19 pandemic and the mitigation measures adopted more Portugal (-8.4%) than the average of the other economies added countries (A-4.5%). Last year Portuguese real growth was 0.4 percentage points above the forecast for this year, but it was the average of the other modified economies. In 2022, Portugal reverses this comparative position.
Also in the comparison of chain growth, the numbers released by the OECD, this Monday-May 23, follow this same trend: Portugal was, among 38 of the OECD, the country with the biggest increase in gross domestic product (GDP) registered 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 economies, Macau receives income from gambling and casinos. The Macau Special Administrative Region recovers the fall of 2020 (-54%) and stands out from all others 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.