Portugal’s Forum for Competitiveness predicts the country’s GDP will grow between 1.5% and 2% this year, which represents a downward revision of projections it released only two months ago. The previous forecasts pointed to economic growth of between 1.8% and 2.1% – but these figures were revised after second quarter data was released, showing GDP “slowed sharply, from 0.8% to 0.1%, while in year-on-year terms it stabilised at 1.5%”. In its ‘economic outlook note’, the forum admits that “in the coming months, the economy may benefit from some relief from personal income tax contributions and the pension supplement to be paid in October, but above all from the lowering of interest rates by the European Central Bank (ECB)”.
2024 GDP growth forecasts revised down to between 1.5 – 2% – forum
