Macro - Country Economic Forecasts - Portugal

Macro - Country Economic Forecasts - Portugal

We have raised our 2023 GDP growth forecast for Portugal by 0.2ppts to 1.1% to incorporate support from a new package of fiscal measures and signs that the economy started this year on a stronger-than-expected footing. But recent global banking sector woes have resulted in additional tightening of eurozone financial conditions, reinforcing our cautious outlook for next year. We have therefore lowered our 2024 growth outlook by 0.1ppt to 1.4%.