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Portugal: Exports to increase 13.1% in 2022 driven by recovery in tourism

by Dubai Forum
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LISBON, 29th March, 2022 (WAM) — The Portuguese government expects the country’s exports to increase 13.1% in 2022, driven by the services component, and to grow 5.2% in 2023, according to the Stability Programme (PE), released on Monday by parliament.

The Portuguese News Agency (Lusa) quoted the PE 2022-2026 as saying that the executive estimates that the 13.1% increase in exports this year will benefit 5% growth, reflecting in particular the export of services,” which in 2021 was still more than 20 percentage points [p.p.] below the 2019 level”.

“The lifting of restrictions on international mobility and the pace of vaccination at the global level will contribute to a strong recovery in tourism and associated transport services, especially from the second quarter of 2022 onwards,” the document justifies.

The government also estimates that exports will rise 5.2 percent in 2023, 4.1 percent in 2024 and 2025 and 4 percent in 2026, while imports will grow 11.5 percent this year, 4.1 percent in 2023, 4 percent in 2024 and 3.8 percent in 2025 and 2026.

Among the main components of Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF) is expected to rise 7.9% this year, 6.7% in 2023 and 2024 and 5% in 2025 and 2026.

Private consumption, which rose 4.5% in 2021, is expected to grow 4.3% this year, 2.1% in 2023 and 1.9% in 2024. In 2025 it should rise 2% and in 2026 increase 1.9%.

Public consumption is expected to increase by 1.4% this year, 0.9% in 2023, 0.8% in 2024 and 2025 and 0.9% in 2026.

WAM/Esraa Ismail

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