It was during the period after joining the European Union, in the late 1980s, that the country grew the most. Portugal’s gross domestic product (GDP) peaked in 1990.
According to the forecasts of the International Monetary Fund (IMF) for 2022, Portugal ranks 8th in terms of growth in the group of developed economies. Country GDP Growth Forecast about 4.5% while the average variation for 2021 in the rest of the territories is 3.3%.
Figures in the graph date back to 1980 and refer to average annual changes in GDP for 40 countries and territories with economies considered to be developed. This package includes 22 of the 27 member states of the European Union. Ireland (5.2%), Spain (4.8%) and Malta (4.8%) stand out among European partners with increasingly higher growth rates than expected for Portugal. Outside the advanced economies group, five EU countries: Hungary (3.7%), Poland (3.7%), Bulgaria (3.2%), Croatia (2.7%) and Romania (2.2%) – all of them with growth forecast for 2022. lower than in Portugal.
GDP growth in Portugal and in developed countries* (from 1980 to 2022)
The overall fall in GDP in 2020, caused by the covid-19 pandemic and the mitigation measures taken by countries, affected Portugal more (-8.4%) than the average of other developed countries (-4.5%). Portugal’s real GDP growth last year was 0.4 percentage points higher than this year’s forecast, but below the average for other developed countries. In 2022, Portugal changes this comparative position.
Also, when comparing network growth, the figures published by the OECD this Monday, 23 May, follow the same trend: Portugal was the first out of 38 OECD countries. country with the largest increase in gross domestic product (GDP) registered in the first three months of the year compared to the previous quarter, with chain growth of 2.6%.
In a group of 40 developed countries, Macau generates income from gambling and casinos. The Macau Special Administrative Region is recovering from the 2020 drop (-54%) and stands out from all others with the highest GDP growth forecast of 15.5%. At the bottom of the table are Estonia (0.2%), Hong Kong (0.5%) and Latvia (1%). Globally, Russia (-8.5%) and Ukraine (-35%) have the lowest rates among 193 countries.
