Growth forecasts for the Portuguese economy were revised last Friday, with the European Commission pointing to growth of 6.6 percent for 2022, slightly higher than the previous forecast. For 2023, expectations are for 0.7 percent, below initial forecasts.
Bearing in mind the July forecasts of 6.5 percent growth, Portuguese GDP is now expected to grow by 6.6 percent in 2022, a tenth of a percent higher than the previous forecast and the second highest estimate in the Euro Zone.
In turn, the International Monetary Fund (IMF) forecast for world growth in 2023 fell to 2.7% from the previous 2.9%.
Regarding inflation, the European Commission forecasts a rate for 2022 of 8%, well above the 7.4% set by the Portuguese government, but still below the Euro Zone average.
The Consumer Price Index is expected to fall to 5.8% in 2023.