Despite inflation, private household consumption increased between July and September this year. This increase allowed the Portuguese economy to continue growing in the third quarter. The growth was 4.9% compared to the same period last year.
The past few months have confirmed a trend towards sharp inflation and rising costs such as mortgage payments for those with mortgages. Difficulties that are currently forcing families to consume less than a year ago. But, compared to the second quarter of 2022, from July to September this year, private consumption increased by 1.1%. Domestic demand supported the slight growth of the Portuguese economy recorded in the third quarter.
Even with the fall in exports and investment, GDP grew by 0.4% compared to the previous quarter and by 4.9% compared to the same period last year. The numbers that need to be produced to ensure that 2022 ends with a booming economy, even during a downturn and international uncertainty.
This instability still does not affect the unemployment rate, which remained at 6.1% in October. Compared to September, the number of unemployed has decreased by 2,000. The active population has also declined and there are still 285,000 people who are not considered unemployed but are out of the labor market or only work a few hours a week.
