Economy Minister António Costa Silva said today that Portugal “is always denying the most pessimistic projections” and that economic growth above expectations gives confidence in the future, marked by geopolitical tensions.
«I think the news is very positive for Portugal and the Portuguese economy, all indicators reveal growth above all existing expectations, including the Government's expectations», said the Minister of Economy and the Sea, speaking to Lusa after the release of GDP data in 2023 by the National Statistics Institute (INE).
According to INE, the Portuguese economy grew 2,2% year-on-year and 0,8% quarter-on-quarter in the last quarter of 2023, escaping the technical recession, having guaranteed GDP growth of 2,3% for the entire year.
Exports fell by 1,9% and imports fell by 5,4% in the fourth quarter of 2023 compared to the same period in 2022, while the economic climate indicator, which reflects companies' expectations, increased between November and January, reversing the downward movement observed between July and October, with the consumer confidence indicator also increasing.
«The Portuguese economy is always contradicting the most pessimistic and most catastrophic projections», highlighted the minister, who wanted to leave «a message of great serenity and confidence in the future».
Costa Silva highlighted, among other sectors, the performance of tourism, which reached 'record' revenues of 27.000 million euros last year, as well as that of the metalworking industry, which was 5% above exports recorded in 2022, and that of the industry of complements, which grew 10%.
As for investment, which saw a decrease in 2023, Costa Silva highlighted that foreign direct investment reported by the Agency for Investment and Foreign Trade of Portugal (Aicep) reached around 3.500 million euros, «significantly above» the previous year.
«If we continue with what we expect for 2024, which is the decline in inflation, [...] and if this is combined with the decline in interest rates from the European Central Bank, we can expect very positive news for the economy in 2024» , pointed out the ruler.
For this year, the Minister of Economy pointed out as elements that cause “some concern” the three simultaneous wars that are taking place and the economic stagnation in Germany.
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