According to the interim forecasts, Portuguese Gross Domestic Product (GDP) will grow 5.5% this year, like the Irish one, only exceeded by the forecast of expansion of 6% for Malta and 5.6% for Spain.

Considering the 27 Member States of the European Union (EU), the rate foreseen for Portugal is also equal to that of Poland.

On the other hand, Belgium (2.7%), Finland and the Netherlands (both with 3%) are the countries with the lowest growth projected for this year.

The European Commission today revised down the growth of the European economy for this year, to 4% GDP, both in the euro area and in the EU, due to the slowdown in winter caused by the Omicron variant.

After, three months ago, in the autumn forecasts, having anticipated a GDP growth of 4.3% this year both in the space of the single currency and in the block as a whole, the community executive now estimates, in the interim winter forecasts today published, a growth of 4% in both cases, projecting that in 2023 the pace will decelerate to 2.7% in the Eurozone and 2.8% in the EU.

On the other hand, Brussels is slightly more optimistic about the growth of the Portuguese economy, improving its growth projections by 0.2 percentage points to 5.5% this year and to 2.6% in 2022.

Brussels' forecast for this year is in line with the government's estimate, which forecasts a GDP expansion of 5.5% or more.

Brussels explains that the resurgence of Covid-19 infections at the beginning of the year, as well as a new drop in the international travel market, should slow economic growth in Portugal to 0.5% in the first quarter.

However, he points out that, “assuming an improvement in pandemic conditions, growth is expected to accelerate in the second quarter when the economy reaches pre-pandemic level”.