Portugal registers highest Q1 GDP growth in EE

Lisbon, April 30 (IANS) The Gross Domestic Product (GDP) of Portugal grew by 2.6 per cent in the first quarter (Q1) of 2022 compared to the fourth quarter of 2021, the best performance among the 11 European Union (EU) countries, according to official figures.

The GDP also grew by 11.9 per cent compared to the same period last year, Xinhua news agency quoted the country’s national institute of statistics (INE) as saying.

INE said that private consumption was the main factor in giving an unexpected boost to GDP in Q1.

“Meanwhile, the contribution of net external demand remained slightly positive,” said INE, adding that this can be explained by the gradual lifting of pandemic restrictions.

Finance Minister Fernando Medina said in Parliament that the country is recovering to pre-pandemic levels, with “impressive growth”.