Portugal with fifth fastest growing economy in the EU in 2023

Written By Manuel Poças

According to the latest OECD report, the OECD countries’ GDP growth decreased to 1.6%, when compared to 2.9% in the previous year.

Among the 27 EU countries, Portugal was the fifth fastest-growing economy. Its GDP growth rate was 2.6%. This is above the OECD, the EU, and the eurozone averages, which were 1.6%, 0.5%, and 0.5%, respectively.

Above Portugal were the US and Spain with 2.5%, Mexico with 3.1%, and Costa Rica with 5.1%. On the other hand, 10 countries had a negative growth rate. Ireland, Hungary, and Austria are among those countries.

Note, however, that even though Portugal was the fifth fastest growing country in 2023, its GDP growth rate decreased substantially when compared to the previous year. It went from 6.8% to 2.6%, which represents a drop of 4.2 percentage points.

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