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What is the current economic situation in Portugal in 2023?


What is the current economic situation in Portugal in 2023? - portugal news
What is the current economic situation in Portugal in 2023? - Portugal Business News

Portugal news - What is the current economic situation in Portugal in 2023 and what is the growth forecast? The Portuguese economy is doing surprisingly well according to the data just released by Portugal’s central bank, Banco de Portugal.


Portugal’s economy went from a deficit in 2022 to an external surplus of 2.1 billion Euros for the first semester of 2023. For to the same period in 2022, the Balance of Payments registered a deficit of 2.9 billion Euros.


Portuguese economy 2023 - Balance of Payments surplus of EUR 2.1 billion - portugal news
Portuguese economy 2023 - Balance of Payments surplus of EUR 2.1 billion - Portugal Business News

The Portuguese economy is doing especially well due to the fact that exports figures have been rising quicker than imports. The exports of goods have risen by 3.3% to reach 1.2 billion Euros, while the imports of goods have risen by 1.4% to reach 692 million Euros for the first semester of 2023.


Moreover, Portugal’s services account registered a surplus of 3.8 billion Euros due to the boom in the travel and tourism sector as well as in the transport sector.


The current and capital account surplus in the first half of 2023 represents 1.6% of the half-yearly GDP. The increase of 725 million Euros in the capital account surplus is mainly due to investment grants and to the increased transfer of carbon permits.


Data just released by Portugal's central bank shows that the country has registered an annual inflation rate is 4.3%, that is well below the EU average of 6.1%. Moreover, Portugal’s current Daily Economic Indicator (DEI) points to a higher year-on-year rate of change in activity, the weekly moving average indicating a year-on-year growth in economic activity of 1.4%.


Despite the current global economic headwinds and the low growth forecast of 1% for EU countries for 2023, Portugal’s economy is expected to grow by 2.4% in 2023, that is significantly above the EU and Eurozone average.





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