{"id":8716,"date":"2022-02-10T13:35:46","date_gmt":"2022-02-10T13:35:46","guid":{"rendered":"https:\/\/vivreauportugalconsulting.com\/?p=8716"},"modified":"2022-02-10T13:35:50","modified_gmt":"2022-02-10T13:35:50","slug":"rise-pib-portuguese","status":"publish","type":"post","link":"https:\/\/vivreauportugalconsulting.com\/en\/hausse-pib-portugais\/","title":{"rendered":"European Commission revises Portuguese GDP upwards to 5.5 % in 2022"},"content":{"rendered":"

In the forecast update, the European Commission has revised up Portugal's growth to 5.5 % in 2022, up from the previously estimated 5.3 %. Eurozone GDP has been revised downward.<\/p>\n\n\n\n

European Commission revises Portuguese GDP upwards to 5.5 % in 2022<\/h2>\n\n\n\n

Following growth of 4.9% in 2021, Portugal is heading for an economic expansion of 5.5% this year, according to the European Commission's latest forecasts published on Thursday. This figure represents an upward revision from the 5.3 % previously forecast by the European executive. For 2023, it forecasts GDP growth of 2.6 %, up from 2.4 % in the autumn.<\/p>\n\n\n\n

In its winter forecasts, the European Commission indicates that the recent wave of Covid-19 infections at the start of the year, together with a \"further decline\" in international tourism, should have slowed economic activity to 0.5 % quarter-on-quarter growth in the first quarter. It should be noted, however, that these forecasts only take into account January data, and that there is still a month and a half to go before the end of the quarter.<\/p>\n\n\n\n

Assuming the pandemic situation improves, the EU executive sees the Portuguese economy accelerating in the second quarter, anticipating that this is when GDP will reach its pre-pandemic level, in quarterly terms. For the year as a whole, gross domestic product should accelerate to 5.5 % growth in 2022, then slow to 2.6 % in 2023.<\/p>\n\n\n\n

\"Portuguese
Source: European Commission 2022 winter forecasts. GDP growth and contributions.<\/figcaption><\/figure><\/div>\n\n\n\n

In the case of Portugal, the European Commission considers that these forecasts still carry a degree of risk, as it is possible that international tourism could be affected again by an unforeseen event linked to the pandemic and travel disruptions.<\/p>\n\n\n\n

As far as 2021 is concerned, the Community executive affirms that the growth of 4.9% already confirmed by the French National Institute of Statistics (INE<\/a>) translates into a recovery of just over half the value lost in 2020, with GDP falling by 8.4%<\/strong>. The investment and goods export components have already exceeded pre-pandemic levels in 2021, according to the Commission, but this is not yet the case for private consumption and especially services exports (tourism).<\/p>\n\n\n\n

European Commission revises euro zone growth downwards<\/h3>\n\n\n\n

The upward revision of the outlook for Portugal contrasts with the downward revision of GDP for the eurozone. Whereas in the autumn, the EU executive forecast 4.3% in 2022, growth is now expected to reach 4%. However, expansion in 2023 has been revised upwards, from 2.4 % to 2.7 %, according to the new winter forecasts.<\/p>\n\n\n\n

Thus, in both 2022 and 2023, European Commission figures indicate that Portugal is converging towards the eurozone average, as the Portuguese economy is set to grow at a higher rate, in contrast to what happened in 2020 and 2021. Last year, the eurozone economy grew by 5.3 %, higher than Portugal's 4.9 %. And in 2020, the Portuguese economy shrank more than that of Europe as a whole.<\/p>","protected":false},"excerpt":{"rendered":"

In the forecast update, the European Commission has revised up Portugal's growth to 5.5 % in 2022, up from the previously estimated 5.3 %. Eurozone GDP has been revised downward.<\/p>","protected":false},"author":1,"featured_media":8718,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Lors de la mise \u00e0 jour des pr\u00e9visions, la Commission europ\u00e9enne a revu \u00e0 la hausse la croissance du Portugal, qui passera \u00e0 5,5 % en 2022, contre 5,3 % pr\u00e9c\u00e9demment estimer. Le PIB de la zone euro a \u00e9t\u00e9 r\u00e9vis\u00e9 \u00e0 la baisse.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3308],"tags":[],"class_list":["post-8716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie-du-portugal"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/vivreauportugalconsulting.com\/wp-content\/uploads\/2022\/02\/PIB-portugais-2.jpg?fit=1400%2C875&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=8716"}],"version-history":[{"count":0,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/media\/8718"}],"wp:attachment":[{"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=8716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=8716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vivreauportugalconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=8716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}