LISBON, Jan. 30 (Xinhua) -- The Portuguese economy grew by 2.3 percent in 2023, according to data released on Tuesday by the National Institute of Statistics (INE).
The result exceeded the Portuguese government's forecast, which had projected growth of 2.2 percent, but was significantly lower than the 6.8 percent performance recorded in 2022.
According to INE, the slowdown was anticipated, as Portugal's economic performance in 2022 was the highest since 1987.
"Domestic demand made a positive contribution to the annual GDP variation, although lower than the previous year, with a deceleration in private consumption and investment," explained INE.
In the fourth quarter of 2023 the GDP, in real terms, recorded a year-on-year variation of 2.2 percent, after increasing by 1.9 percent in the preceding quarter. A recession was therefore avoided.
"The contribution of net external demand to the year-on-year variation in GDP turned positive, with exports of goods and services in volume showing a more intense growth than imports," said INE. ■