In a significant economic performance amid a global slowdown, Portugal distinguished itself as the fifth fastest-growing economy within the Organization for Economic Cooperation and Development (OECD) in 2023. The country achieved a commendable 2.3% growth in Gross Domestic Product (GDP), outshining the average growth rates of both the European Union and the Eurozone, which stood at a mere 0.5%, and surpassing the OECD average of 1.6%. This achievement places Portugal in a league with some of the world’s most robust economies, trailing only behind Costa Rica, Mexico, the United States, and Spain, according to data from INE and reports by ECO.
Despite the commendable ranking, it’s noteworthy that Portugal’s economic expansion has decelerated from the previous year’s high of 6.8% to 2.3% in 2023. This trend reflects a broader pattern of slowing growth among OECD nations, underscoring the challenges posed by increased underlying inflation across these economies.
The slowdown in growth has not been uniform across the board. Of the 27 OECD countries with available data, ten have seen their economies contract in 2023, with Estonia experiencing the most significant downturn at -3.0%. Meanwhile, fourteen countries managed to maintain positive growth, albeit at a reduced pace.
In a year marked by economic challenges, only a select few economies, namely Costa Rica, the United States, and Japan, bucked the trend by registering higher growth rates in 2023 compared to the previous year. This divergence highlights the varied impacts of global economic conditions on different countries.
As Portugal navigates through these turbulent economic waters, its performance remains a beacon of resilience and potential. The country’s ability to outperform the average growth rates of the EU, Eurozone, and OECD serves as a testament to its economic strength and strategic positioning within the global marketplace.
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