Portuguese economy to grow by 1.7 pct in 2024: European Commission

  • World
  • Thursday, 16 May 2024

LISBON, May 15 (Xinhua) -- The Portuguese economy is expected to grow by 1.7 percent this year, according to forecasts of the European Commission released on Wednesday.

This estimate is more optimistic than that of the Portuguese State Budget for 2024, which projects a growth of 1.5 percent, but below the projections of the Bank of Portugal, which is 2 percent.

"Economic growth in Portugal is expected to moderate further in 2024, before picking up again in 2025, driven by private consumption and investment," the Commission said.

On the other hand, it noted that inflation will continue to decrease over the forecast horizon, in a context of steadily increasing employment and a relatively stable unemployment rate.

Portuguese Prime Minister Luis Montenegro said on Wednesday that the government maintains the growth targets of 2.5 percent for the economy in 2025.

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