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Economy

Finance Minister believes GDP can grow this year

23 FEBRUARI 2024
Onderwerpen
Bancos Taxas de Juro Inflação Portugal BCE Zona Euro União Europeia Despesas PIB (Produto Interno Bruto) Salários Desemprego
Fernando Medina is optimistic about GDP growth, despite the European Commission's downward revision, believing that it will rise by 1.5% in 2024.
Finance Minister believes GDP can grow this year
Source: Freepik
Author: Redaction

Fernando Medina, Minister of Finance, is more optimistic about the evolution of the Gross Domestic Product (GDP) than the European Commission, believing in growth of 1.5% this year and contradicting Brussels' pessimistic forecasts. For the executive, this is an "achievable figure".

"It's too early in the year to make any changes to the government's forecast on this matter. I believe that the data we have from the last quarter, due to their knock-on effect for the year 2024, reinforces the call that the figure of 1.5% is an achievable figure for the year 2024", said Medina.

On the evolution of employment, and questioned on arrival at the informal meeting of the finance ministers of the European Union's eurozone, which took place in Ghent, Belgium, the executive said: "Any increase in unemployment is obviously worrying news and is not to the liking of any finance minister. Now we have to understand the situation we're living in, a very exceptional situation [...] in which the capacity to create jobs often doesn't follow exactly the same rhythm as the arrival of people on the job market and that's why we're having this paradox: employment is also increasing." 

He added: "I'm worried about the unemployment situation, [but] I'd be more worried if the economy was at a point of destroying jobs compared to what we have and not growing jobs." 

Brussels is more pessimistic in its forecasts

In its latest winter forecasts, released this February, the European Commission predicted Portuguese GDP growth of 1.2% in 2024 and 1.8% in 2025, a downward revision of one tenth for this year, but above the average for the eurozone and the European Union. 

Portugal was thus considered one of the single currency countries with the second biggest slowdown in growth between this year and last, to 1.2% this year and 1.8% next year, with the winter projections estimating growth of 1.3% for this year. 

As a result, the European Commission points out that growth in Portugal should "remain moderate at the beginning of 2024", impacted by "weak demand from the main trading partners".

Onderwerpen
Bancos Taxas de Juro Inflação Portugal BCE Zona Euro União Europeia Despesas PIB (Produto Interno Bruto) Salários Desemprego
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