EC revises growth to 4.5%
The European Commission has revised Portugal’s growth for 2021 upwards to 4.5% and 5.3% for 2022.
In the four months since it last reviewed Portugal’s economic growth, it revealed on Thursday that it was more optimistic on post-pandemic economic recovery thanks to the success of the vaccination campaign over the summer.
The EC put Portugal’s growth for this year at 3.9% in July, but now believes the figure will be closer to 4.5%. For 2022 the Commission had thought that Portugal’s economy would grow 5.1% in 2022 back in July, but now has forecast a more optimistic 5.5% for next year.
Overall, the EU Commission thinks that Europe’s economy is growing faster than expected: 5% in 2021 and 4.2% in 2022.
It also suggests that Portugal will grow less than the European Union average this year, but will exceed it next year.
Moreover, according to the commission European GDP had already recovered to pre-pandemic levels in the third quarter of 2021 when Portugal’s GDP was still around 3% below average. The EC forecasts that Portugal will achieve pre-pandemic growth in the summer of next year.