Portugal's Economic Growth Set to Moderate Further in 2024

Experts Forecast a Slower Pace of Expansion

According to economic projections, Portugal's economic growth is expected to moderate further in 2024, following a strong rebound in 2022. The country's GDP is currently projected to increase by 1.6% in 2024, down from an estimated 3.5% in 2023.

Factors Contributing to the Moderation

Several factors are contributing to the projected moderation in economic growth. These include:

• Slowing global demand due to geopolitical uncertainties
• Rising interest rates, which may impact consumer spending
• Supply chain disruptions, which continue to constrain businesses

Despite the expected moderation, Portugal's economic outlook remains positive in the medium term. The country's strong fundamentals, including a favorable fiscal position and a skilled workforce, are expected to support sustained growth in the years ahead.