European commission forecasts 1.7 percent economic growth for Portugal in 2024


(MENAFN) According to forecasts released by the European Commission on Wednesday, the Portuguese economy is anticipated to experience growth of 1.7 percent throughout the current year. This projection offers a more positive outlook compared to the 1.5 percent growth forecasted in the Portuguese State Budget for 2024, yet it slightly trails behind the Bank of Portugal's more optimistic projections of 2 percent growth.

The European Commission's assessment underscores a nuanced understanding of Portugal's economic trajectory. It notes that while economic growth is expected to moderate further in 2024, there are indications of a potential resurgence in 2025. This anticipated rebound is likely to be fueled by a combination of factors, including increased private consumption and investment activity.

In addition to forecasting economic growth, the Commission also emphasizes key trends in inflation and employment. It anticipates a continued decrease in inflation over the forecast horizon, which is set against a backdrop of gradually improving employment rates and a relatively stable unemployment rate within Portugal. These dynamics suggest a complex interplay of factors shaping the country's economic landscape.

Meanwhile, Portuguese Prime Minister Luis Montenegro reiterated the government's commitment to ambitious growth targets during his remarks on Wednesday. Affirming the goal of achieving a robust 2.5 percent economic growth rate by 2025, Montenegro's statement underscores the government's steadfast determination to foster long-term economic resilience and prosperity.

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