Portugal news - Is Portugal’s economy improving compared to other EU countries in 2023? Portugal’s economy is expected to grow double that of the other Eurozone countries and here is an update of latest figures.
Portugal is doing far better than other European countries and here are the latest Eurostat and Central Bank figures for the second quarter of 2023:
Portugal has registered the 8th lowest inflation rate compared to both the single currency area and other EU countries, given that the country’s inflation rate is 4.3%. Portugal’s annual inflation rate is well below the European average since the annual inflation rate in the EU was 6.1% in July 2023.
While Portugal’s inflation rate has been falling in recent months, the country’s economic activity is now back to growth according to data just released by Portugal’s central bank, Banco de Portugal. Portugal's central bank has issued a statement stating that in the week ending on August 13th, the Daily Economic Indicator (DEI) points to a higher year-on-year rate of change in activity compared to that observed in previous weeks. For the period between August 7th and August 13th, the weekly moving average for the DEI indicates a year-on-year growth in economic activity of 1.4%. The Daily Economic Indicator is showing in real-time the upward trend in Portugal’s economic activity.
According to the forecasts disclosed by the European Commission in May, Portugal’s economy is expected to grow significantly above the EU and Eurozone average. Brussels expects the Portuguese economy to grow 2.4% this year and 1.8% in 2024. This compares to the forecast of 1% growth for EU countries and the growth forecast of 1.1% for single currency countries in 2023. For 2024, forecasts indicate 1.7% growth in the EU and 1.6% in the Eurozone.
Portugal’s Prime Minister, António Costa, stated that the Government has "good news for the economy, but that does not mean we can rest assured. Quite the opposite, it must make us understand the following: just as with a bicycle, we either continue pedaling and the economy continues to grow, or else, if we stop, the bicycle stops too, and might even topple over".
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