Portugal’s gross domestic product grew by 4.9% in 2021, driven by domestic demand and exports, the National Institute of Statistics (INE) said on Monday, confirming its first estimates.
In the fourth quarter of 2021, the increase was 5.8% and is explained by the “acceleration of exports of goods and services” which increased by 15.8% within one year and by 8.9% compared to the previous quarter, assures the National Institute of Statistics.
According to the Census Bureau, “during this period we also note a positive contribution from domestic demand” which grew by 4.8% in one year.
On a quarterly basis, GDP rose 1.6% after rising 2.8% over the previous three months.
Over the year as a whole, the 4.9% increase in GDP is “the highest since 1990,” the National Institute of Statistics recalls.
This increase is slightly higher than the estimates of the socialist government of Antonio Costa, which won the early legislative elections at the end of January, or the estimates of the Bank of Portugal, which was based on 4.8%.
In 2020, the health crisis caused a recession of 8.4%, the most severe since the 1974 Carnation Revolution.
