Portugal: Economic growth accelerates in the third quarter of 2025
Portugal remains among the top euro area performers: According to a flash estimate, GDP increased 0.8% on a seasonally adjusted quarter-on-quarter basis in Q3, following a 0.7% expansion in the prior quarter, keeping Portugal among the euro area’s top performers. On a seasonally adjusted year-on-year basis, the economy expanded 2.4% in Q3, following a 1.8% expansion in the previous quarter.
Faster private spending growth drives acceleration: The statistical office said that domestic demand increased at a faster quarterly pace in Q3 than in Q2, led by accelerating private consumption growth. Still, net trade fell more sharply, with imports of goods and services growing faster than exports of goods and services.
A comprehensive release is set to be published on 28 November.
Sequential GDP growth to decelerate in Q4: Looking ahead, sequential GDP growth will likely ease in Q4, before broadly stabilizing in 2026.
Looking at next year as a whole, GDP growth should accelerate from 2025, with fixed investment gaining momentum due to corporate tax cuts, and exports speeding up due to stronger economic growth in key trading partners France and Germany.