Lisbon, lisboa

Portugal registers highest Q1 GDP growth in EU

The Gross Domestic Product (GDP) of the Portuguese economy grew by 2.6 percent in the first quarter (Q1) of 2022 compared to the fourth quarter of 2021, and by 11.9 percent compared to the same period last year, the country’s national institute of statistics (INE) announced on Friday.

This is the best performance among the 11 European Union (EU) countries for which data are available, according to Eurostat, the EU’s statistics office.

INE said that private consumption was the main factor in giving an unexpected boost to GDP in Q1.

“Meanwhile, the contribution of net external demand remained slightly positive,” said INE, adding that this can be explained by the gradual lifting of pandemic restrictions.

Portuguese Finance Minister Fernando Medina said in parliament Friday that the country is recovering to pre-pandemic levels, with “impressive growth.”