According to the European Commission, Portugal is set to experience significant employment growth and a high level of economic activity. Although there has been a slight downward revision in the country’s projected GDP for 2024, the Commission emphasized that this is in line with the overall slowdown in GDP growth across the eurozone.
Economy Commissioner Paolo Gentiloni highlighted the positive aspects of Portugal’s economic performance, stating that there is solid growth in employment and that the fact that the European Union has avoided recession is encouraging. Additionally, Portugal continues to register a high level of GDP growth.
During a press conference in Brussels, Gentiloni explained that the slowdown in the Portuguese economy is a reflection of the broader regional trends. Despite this, he reassured that Portugal’s GDP is still growing at a strong pace.
Addressing the farmers’ protests in Portugal and other EU countries, Commissioner Gentiloni stated that there are no imminent disruptions to the supply chain as a result of these demonstrations. He also assured that the Commission is attentive to the concerns raised by farmers and is taking necessary actions to address them.
Although the European Commission has revised Portugal’s GDP growth for 2024 by a tenth of a percentage point, the country’s projected growth remains above the average for the eurozone and the EU as a whole. The Commission expects Portugal’s GDP to grow by 1.2% in 2024 and 1.8% in 2025.
However, the Commission’s winter economic forecasts indicate that Portugal will experience the second-largest slowdown in GDP growth among euro-area countries between 2023 and 2024, surpassed only by Malta. Portugal’s GDP growth rate is expected to almost halve from 2.3% in 2023 to 1.2% in 2024.
The European Commission also downgraded its growth forecast for the entire eurozone for the third consecutive time, projecting a growth rate of 0.8% in 2022. However, it predicts that growth will accelerate in 2025.
Despite the slight revision in GDP forecasts, Portugal remains optimistic with solid employment growth and overall economic activity.
FAQ:
1. What is the current economic outlook for Portugal?
The European Commission predicts significant employment growth and a high level of economic activity in Portugal.
2. Has Portugal’s projected GDP for 2024 been revised?
Yes, there has been a slight downward revision in Portugal’s projected GDP for 2024.
3. Why was Portugal’s GDP revised?
The revision is in line with the overall slowdown in GDP growth across the eurozone.
4. What positive aspects of Portugal’s economic performance were highlighted?
Economy Commissioner Paolo Gentiloni highlighted solid growth in employment and the fact that the European Union has avoided recession.
5. Is Portugal still experiencing a high level of GDP growth?
Yes, Portugal continues to register a high level of GDP growth.
6. Are there any disruptions to the supply chain as a result of farmers’ protests in Portugal?
According to Commissioner Gentiloni, there are no imminent disruptions to the supply chain as a result of these demonstrations.
Key Terms:
– GDP: Gross Domestic Product, which measures the total value of goods and services produced within a country’s borders.
– Eurozone: The group of countries that have adopted the euro currency as their official currency.
Related Links:
– European Commission
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