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How does Portugal’s economy rank compared to the rest of the EU?


How does Portugal’s economy rank compared to the rest of the EU? - portugal news
How does Portugal’s economy rank compared to the rest of the EU? - Portugal Business News





Portugal economy news – Portugal’s economic growth ranks higher than the EU average according to the latest data released by Eurostat on October 31st, 2023.



How does Portugal’s economy rank compared to the rest of the EU?


Portugal is one of the EU’s fastest growing economies, registering 1.9% average annual change for the third quarter of 2023 compared to the same quarter in 2022, that is ahead of Spain that registered 1.8%, of Belgium that registered 1.5%, and of the EU average of 0.1%.


If Portugal’s economic growth maintains the same pace during the fourth quarter of 2023, the country will register a GDP growth of around 2%.



Is Portugal highly taxed?


Portugal’s average tax burden, including tax revenue and social contributions, registered an overall tax-to-GDP ratio of 38% in 2022, that is lower than the EU average of 41.2% according to data published by Eurostat.



Which EU country has the highest tax burden? - portugal news
Which EU country has the highest tax burden? - Portugal Business News


Which EU country has the highest tax burden?


The EU countries with the highest tax burden are: France that has a tax-to-GDP ratio of 48%, Belgium of 45.6%, and Austria of 43.6% in 2022.



Which EU country has the lowest tax burden?


The EU countries with the lowest tax burden in 2022 were Ireland with 21.7%, Romania with 27.5% and Malta with 29.6%.



How does inflation in Portugal compare to the rest of the EU?


In October 2023, Portugal’s inflation rate was 2.1%, that is the lowest inflation rate in the last two years according to Portugal’s statistics office INE.


According to the latest data just released by Eurostat, Portugal has the 9th lowest inflation (HICP) in Europe. The EU average inflation rate was 2.9% in October 2023, that is much lower than in September. In Portugal and in the rest of the EU, the fall in inflation is strongly influenced by the reduction in the prices of fuel and food.






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