Portugal Emerges: Among the Fastest-Growing Economies in 2023

In the year 2023, Portugal’s Gross Domestic Product (GDP) exhibited a robust growth rate of 2.3%. This data underscores a positive trajectory in the nation’s economic performance and signifies an enhancement of its overall financial position. The data was meticulously collected by the intergovernmental organization known as the OECD (Organisation for Economic Co-operation and Development).

This growth represents a significant advancement for Portugal, as it surpassed both the Eurozone and European Union averages. While the Eurozone and EU recorded an average growth rate of 0.5%, Portugal’s remarkable performance reached 2.3%, even outpacing the overall OECD average (1.6%).

Among the OECD member countries, only a select few achieved a higher growth rate than Portugal:

• Costa Rica: 5.1%
• Mexico: 2.5%
• United States: 2.5%
• Spain: 2.5%

Notably, out of the 27 countries for which data is available, 10 experienced a decline in GDP during 2023 compared to the preceding year (2022). The most substantial contraction occurred in Estonia, with a negative growth rate of -3.0%. Despite a slowdown in growth, the majority of countries still experienced positive economic expansion.

Analysing the year in quarters, Portugal particularly excelled in the final quarter of 2023, securing the 4th highest GDP growth globally. Tied with the United States at 0.8%, Portugal once again surpassed the averages of the European Union (0.1%), Eurozone (0%), and OECD (0.4%). This outstanding economic performance positions Portugal as an attractive investment destination. Investing in Portugal is a great opportunity that should not be missed, especially now that the country is experiencing remarkable economic growth.

Linked to Lisbon’s recent accolade as the most innovative capital of Europe, Portugal continues to strategically invest in reshaping its economic paradigm, leveraging technology and innovation to drive sustained development. For potential investors, this is an opportune moment to consider Portugal.

If you require guidance and support for investing in Portugal, please reach out to us. We would be delighted to assist you.