In 2023, the Gross Domestic Product (GDP) attained 267.4 thousand million Euros, which represents annual change rates of 7.0% and 2.5% for real GDP, in 2022 and 2023, respectively.

Statistics Portugal discloses a new series of information from Annual National Accounts, with reference year 2021, that replaces the previous series with 2016 as reference year. The 2021 benchmark provides consistent and complete information for the period 1995 to 2023, having last year the nature of preliminary data.

The 2021 benchmark includes new relevant information, namely the results of Census 2021, the Household Budget Survey, the new Balance of Payments series and additional fiscal authorities’ information (Simplified Business Information database and e-invoice). Methodological improvements have also been implemented, namely in the calculation of Consumption of Fixed Capital, according to recent recommendations from Eurostat, the change of the sector delimitation of the economy, with more impact in the sector of Non-Profit Institutions, and the update of hedonic models for calculating imputed rents.

For 2021, GDP has been revised by +440.5 million Euros (0.2%). For 2022, the GDP revision was 1 616 million Euros (0.7%). The results now released for 2022 reflect not only the new reference base year, but above all they correspond to the final version of the information, replacing the previous provisional version.

The GDP real growth rate is 7.0% for 2022 and 2.5% for 2023, reflecting revisions of 0.7% compared to previous results.

Based on 2021 benchmark, the Portuguese economy showed a marginally better net lending/net borrowing (0.1 p.p. of GDP on average per year) than in the previous benchmark. In 2021, the reference year, net lending improved from 0.6 to 0.8 p.p.. In 2022, there was a net lending equivalent to 1.3% of GDP. In the following year, the economy recovered the financing capacity, reaching a net borrowing of 1.6% of GDP.