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Portuguese companies’ gross value added (GVA) rose 6.8% in 2024, but growth slowed by 7.2 percentage points from 2023. Construction and real estate activities recorded the largest sector increase in the reported results, at 13.1% in nominal terms. That is a strong sector result—not evidence that construction alone caused economy-wide growth or that every construction company expanded.
What the 2024 company figures show
Statistics Portugal (INE) results, summarized by Portugal’s Directorate-General for Education (DGE), put nominal GVA growth for Portuguese companies at 6.8% in 2024. The rate was 7.2 percentage points lower than in 2023, so the aggregate still increased, but its growth slowed. DGE’s summary of INE’s 2024 company results reports these figures.
GVA measures the value businesses add through production after accounting for the goods and services used in producing it. The company-wide figure is nominal: it is not adjusted for price changes, and it should not be read as a real-volume growth rate.
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In the same INE results summary, the combined category “Construction and real estate activities” had nominal GVA growth of 13.1% in 2024, the largest increase among the sectors highlighted. The comparison figures were 10.9% for accommodation and food services, 10.8% for other services, and 10.4% for information and communication. The 13.1% applies to construction and real estate activities together, not construction alone.
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DGE reports that the four listed leading sectors collectively contributed 4.7 percentage points to total GVA growth. That contribution belongs to the group, not solely to construction and real estate. The figures show a leading growth pattern; they do not establish that construction was the single cause of Portugal’s overall company growth.
Growth rate is not the same as economic share
A sector can grow quickly while accounting for a smaller portion of the economy. INE and Eurostat figures published in Península Ibérica em Números, 2025 put construction’s share of total GVA in 2024 at 5.0% in Portugal, compared with 5.8% in Spain and 5.5% in the EU-27. The publication marks the 2023 and 2024 observations as provisional. It also shows Portugal’s construction share rising from around 4% in 2015 to around 5% in 2024. INE’s 2025 Iberian comparison provides the country and EU figures.
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The 5.0% figure is construction’s share of total GVA; it is not the share of the combined construction-and-real-estate category, and it is not a growth rate. Keeping those measures separate avoids reading the 13.1% sector increase as meaning construction represents 13.1% of Portugal’s economy.
Separate construction production and investment estimates
The European Construction Industry Federation (FIEC) gives a different view of activity. Its 2025 Portugal report estimates construction gross production value at €22.1 billion in 2024 and reports 3.0% real growth. It also reports construction investment growth of 2.3%. FIEC says public investment, supported by projects funded through the Recovery and Resilience Plan (PRR) and Portugal 2030, was the primary driver of that investment growth. FIEC’s 2025 statistical report is the source for these industry estimates and interpretation.
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These figures are not interchangeable with the INE company GVA results. FIEC’s production-value growth is stated in real terms, while the company GVA and sector growth figures above are nominal; the measures also describe different economic concepts. FIEC’s explanation concerns investment growth and is not a complete explanation for the rise in company GVA or proof of why individual firms grew.
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The national figures establish that company GVA rose in 2024 and that construction and real estate activities were among the strongest-growing sectors reported. They do not identify which Portuguese companies expanded, whether growth was broad-based, or what drove any one firm’s performance. Business-level conclusions require company-specific data rather than sector averages.
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INE’s Annual Survey of Construction Companies is designed to collect information on businesses’ purchases of materials, equipment and land, as well as the value of work by type. Its stated scope can help describe the questions construction-business statistics address, but the survey page itself is not a release of current results. INE’s construction companies survey information explains the survey’s purpose.
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