Portuguese exports rose in the first quarter of 2023. Prices of some food products fell and the unemployment rate fell in April.
According to the National Institute of Statistics (INE), Portuguese exports rose by 10.9% in the first quarter of 2023, an increase of 7.7% compared to the last quarter of 2022.
The prices of some food products in particular also decreased, thanks to the measures taken by the government to help families cope with the inflationary crisis. That is, a “zero-rate” value-added tax on basic foodstuffs. Thus inflation continued to fall in May, again according to the National Institute of Statistics. The increase in consumer prices was 4% year-on-year in May, compared to 5.7% in the previous month, due in particular to lower prices for electricity, gas and food products.
The unemployment rate also fell in April to 6.8% compared to 7% in February and March.
Thus, Portugal’s GDP increased in the first quarter by 1.6% compared to the last quarter of 2022, and the country is witnessing the strongest quarterly growth among all eurozone countries, according to Eurostat.
The executive authority expects a growth of 1.8% for the current year, but the European Commission was able to be more optimistic and expects a growth of 2.4%, especially due to the increase in tourism in the country.