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Portuguese companies’ gross value added (GVA) rose 6.8% in nominal terms in 2024, but growth slowed by 7.2 percentage points from 2023. Construction and real estate activities recorded the largest increase among the sectors highlighted in the official results, though the figures show a leading sector pattern—not that construction alone caused the expansion of Portuguese businesses overall.
What the 2024 company figures show
Statistics Portugal (INE) results, summarized by the Directorate-General for Economic Activities (DGE) on 11 December 2025, put nominal GVA growth for Portuguese companies at 6.8% in 2024. That was 7.2 percentage points slower than in 2023. GVA measures the value businesses add through production after subtracting the cost of intermediate inputs; a nominal increase is not adjusted for price changes.
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The DGE summary reports the largest sector increases as follows:
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errors| Activity category | Nominal GVA growth in 2024 |
|---|---|
| Construction and real estate activities | 13.1% |
| Accommodation and food services | 10.9% |
| Other services | 10.8% |
| Information and communication | 10.4% |
The 13.1% figure applies to the combined category of construction and real estate activities, not construction alone. DGE also reports that the four listed leading sectors collectively contributed 4.7 percentage points to total GVA growth; that contribution cannot be assigned entirely to construction and real estate. DGE’s summary of INE’s 2024 company results
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Construction’s growth rate is not its share of the economy
A sector can grow quickly without accounting for a large proportion of total economic activity. In the INE and Eurostat comparison, construction represented 5.0% of Portugal’s total GVA in 2024, compared with 5.8% in Spain and 5.5% across the EU-27. Portugal’s construction share had risen from around 4% in 2015 to around 5% in 2024. The publication marks its 2023 and 2024 observations as provisional. INE, Península Ibérica em Números, 2025, p. 78
These figures answer different questions: the 13.1% rate describes the nominal year-on-year increase in GVA for construction and real estate activities, while the 5.0% figure describes construction’s share of the economy. Neither should be read as the other.
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Separate estimates point to growth in construction activity
The European Construction Industry Federation (FIEC) estimated Portugal’s construction gross production value at €22.1 billion in 2024 and reported 3.0% real growth. It also reported construction investment growth of 2.3%, identifying public investment supported by projects funded through the Recovery and Resilience Plan (PRR) and Portugal 2030 as the primary driver. These are industry-federation estimates, and they use measures distinct from INE’s nominal company GVA figures; the rates are not directly comparable. FIEC, 2025 statistical report
What the figures can—and cannot—establish
Together, the statistics establish that construction-related activity was part of a broader pattern of company growth in Portugal in 2024, and that construction and real estate activities led the listed sectors by nominal GVA growth. FIEC’s account gives public investment a prominent role in construction investment, but these aggregate results do not explain every company’s performance or isolate a single cause of economy-wide growth.
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They also do not identify which individual Portuguese companies expanded. INE’s Annual Survey of Construction Companies is designed to collect information on businesses’ material, equipment and land purchases, as well as the value of work by type; the survey description itself is not a release of current results.
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