Macro - Country Economic Forecasts - Portugal
We've kept our GDP growth forecasts for Portugal broadly unchanged at 1.9% for 2025 and 2% for 2026. Although growth disappointed slightly in Q3 at 0.2% q/q, we think the overall outlook remains solid. Improving real disposable incomes and the EU's Recovery and Resilience Facility will support growth. The economy will also benefit from its continued strong tourism activity. But as tourism growth normalises, we think domestic demand will remain the main growth engine.
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