LISBON, Oct. 31 (Xinhua) — The Portuguese economy experienced a growth of 1.9 percent year-on-year in the third quarter (Q3) of 2023, as reported by the National Institute of Statistics (INE) on Tuesday.
The country’s gross domestic product (GDP) saw a decline of 0.7 percentage points, compared to the 2.6 percent increase observed in the previous quarter. INE attributed this slowdown to a decrease in exports of goods and services due to reduced external demand. However, it noted a mild decrease in the imports of goods and services.
Portuguese Finance Minister Fernando Medina emphasized the importance of stimulating domestic demand in light of the latest GDP data. Addressing the Portuguese Parliament regarding the proposed State Budget for 2024, Medina stated that the GDP figures reflect the impact of the global recession on external demand.
The government’s forecast for the State Budget for 2024 anticipates a 2.2 percent growth for the entire year.
