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March 2023 issue of the Economic Bulletin

Economic Bulletin - March 2023  


The March issue of the Economic Bulletin disseminates detailed projections for the Portuguese economy in 2023, 2024 and 2025.

For more information, see


Projections for the Portuguese economy: 2023–2025

Gross domestic product | Annual change (%)

The Portuguese economy is expected to grow in a sustained manner until 2025 and more than the euro area economy

Exports and investment are projected to drive once again economic growth.

The Portuguese economy will continue to grow more than the euro area economy, benefiting from EU fund inflows and tourism.

The number of employed individuals is expected to remain high.

Recent financial market tensions make the economic outlook more uncertain.

Harmonised index of consumer prices | Annual change (%)

Price increases are still expected, but at a slower pace and closer to 2% in 2025

Price increases are expected to ease somewhat during 2023, particularly in energy and food prices.

Increases in the price of most goods and services are projected to be even more restrained in 2024 and 2025.

The rise in interest rates will help curb price increases and thus protect households’ purchasing power.