Portugal GDP Growth Rate by Year (1961–2023)

Portugal GDP Growth Rate by Year (1961–2023)

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TGM StatBox. (2024). Portugal GDP Growth Rate by Year (1961–2023). TGM StatBox.
Chart Details
Timeframe: 1961-2023
Country: Portugal
Published date: 2024
Note:

The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.

Key Takeaways

Portugal GDP Growth (1961-2023)

Portugal experienced robust growth in the 1960s and early 1970s, reaching 11.2% in 1973 due to industrial expansion. However, the 1974 Carnation Revolution led to economic instability, with growth dropping to -4.3% in 1975. Portugal’s EU accession in 1986 revitalized growth, peaking at 8.0% in the late 1980s. The 2008 financial crisis and subsequent Eurozone debt crisis resulted in a prolonged recession, with GDP shrinking by -4.1% in 2012. Recovery began in 2015, and by 2021 growth had rebounded to 5.7%. However, global pressures slowed growth to 2.3% in 2023.

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