IMF Staff Country Reports

Portugal: 2023 Article IV Consultation-Press Release; and Staff Report

Publication Date:

June 22, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The Portuguese economy has sustained its dynamic recovery from the pandemic. Driven by private consumption and external demand, growth in 2022 was markedly higher than the euro area (6.7 percent versus 3.5 percent). Growth is projected to slow to 2.6 percent in 2023, with downdrafts from higher cost of living on domestic demand and a slower external demand growth. Headline inflation is expected to decline from 8.1 percent in 2022 to 5.6 percent in 2023, with core inflation declining more gradually. Near-term risks to the outlook are broadly balanced—key downside risks arise from tighter-than-projected financial conditions and weaker global growth, offset by upsides from tourism.

Series:

Country Report No. 2023/218

Subject:

Financial sector policy and analysis Fiscal policy Fiscal stance International organization Labor Labor markets Monetary policy Public debt Systemic risk

Frequency:

regular