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28 February 2023 – Portugal’s economy grew 6.7% in 2022, its strongest pace in 35 years, fuelled by domestic demand and booming tourism, but inflation put the brakes on private consumption in the fourth quarter, and an indicating collapse of consumer demand in 2023.

Hit by high inflation, private consumption – which represents two-thirds of GDP – grew just 2.7% between October and December compared to 4.3% in the previous three months.

Portuguese consumer prices rose 8.2% year-on-year in February in a slowdown from 8.4% reported in the previous month, flash data from INE showed on Tuesday.

Still, core inflation, which strips out volatile food and energy prices, accelerated to 7.2% from 7.0% in January.

The government projects expansion to slow to just 1.3% in 2023, with private consumption almost stagnating as families struggle with high energy and food prices alongside rising interest rates and slowing exports.

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