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Economic Bulletin – March 2024
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ECONOMIC ACTIVITY WILL CONTINUE TO GROW FASTER THAN IN THE EURO AREA
The Portuguese economy has withstood the slowdown in the euro area. The economy will continue to grow at a pace close to potential until 2026.
Exports will make the largest contribution to growth.
Investment will be driven by European funds and an easing in financial conditions.
MORE PEOPLE WILL BE EMPLOYED, AND UNEMPLOYMENT WILL REMAIN LOW
Firms have continued to create jobs, including in the best-paid sectors.
Employment is expected to continue to rise until 2026, while unemployment is projected to remain low.
Wages will grow more than prices, sustaining households’ purchasing power.
PRICES WILL GROW AT A PACE OF 2% PER YEAR
Inflation will decrease further, despite some fluctuations in 2024.
From 2025 onwards, inflation is expected to stabilise at around 2%. Cost pressures for firms will ease, and demand will still be contained by the effects of past interest rate hikes.