{"id":10393,"date":"2021-10-15T14:38:32","date_gmt":"2021-10-15T13:38:32","guid":{"rendered":"https:\/\/invest.turismodeportugal.pt\/portugal-de-relance\/visao-macroeconomica\/"},"modified":"2025-09-02T19:34:14","modified_gmt":"2025-09-02T18:34:14","slug":"visao-macroeconomica","status":"publish","type":"page","link":"https:\/\/invest.turismodeportugal.pt\/en\/portugal-de-relance\/visao-macroeconomica\/","title":{"rendered":"Macroeconomic vision"},"content":{"rendered":"\t\t
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Portugal<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Aggregate economic overview and outlooks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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You are here:<\/div>
  1. Home<\/span><\/a><\/li>
  2. Page<\/span><\/li><\/ol>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Macroeconomic scenario 2024-2029<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Projections for the Portuguese Economy<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    <\/th><\/th><\/th><\/th><\/th><\/th><\/th><\/tr><\/thead>
    <\/td>2024 <\/td>2025F <\/td>2026F <\/td>2027F <\/td>2028F <\/td>2029F <\/td><\/tr>
    Real GDP and components (change, %) <\/td>1.9 <\/td>2.2 <\/td>2.0 <\/td>1.6 <\/td>1.8 <\/td>1.8 <\/td><\/tr>
    Private Consumption <\/td>3.2 <\/td>2.8 <\/td>2.3 <\/td>2.1 <\/td>1.9 <\/td>1.8 <\/td><\/tr>
    Public Consumption <\/td>1.1 <\/td>1.2 <\/td>1.2 <\/td>0.7 <\/td>0.3 <\/td>0.6 <\/td><\/tr>
    Investment (GFCF) <\/td>3.0 <\/td>6.3 <\/td>5.5 <\/td>-1.7 <\/td>2.0 <\/td>2.3 <\/td><\/tr>
    Exports <\/td>3.4 <\/td>2.6 <\/td>2.4 <\/td>2.5 <\/td>2.5 <\/td>2.5 <\/td><\/tr>
    Imports <\/td>4.9 <\/td>4.3 <\/td>4.0 <\/td>1.3 <\/td>2.2 <\/td>2.3 <\/td><\/tr>
    Contributions (p.p.) <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td><\/tr>
    Domestic demand <\/td>2.6 <\/td>3.1 <\/td>2.8 <\/td>1.1 <\/td>1.7 <\/td>1.7 <\/td><\/tr>
    Net exports <\/td>-0.7 <\/td>-0.8 <\/td>-0.8 <\/td>0.5 <\/td>0.1 <\/td>0.1 <\/td><\/tr>
    Prices (change, %) <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td><\/tr>
    GDP Deflator <\/td>4.4 <\/td>2.6 <\/td>2.4 <\/td>2.2 <\/td>2.0 <\/td>2.0 <\/td><\/tr>
    HIPC <\/td>2.7 <\/td>2.3 <\/td>2.1 <\/td>2.0 <\/td>2.0 <\/td>2.0 <\/td><\/tr>
    Labour Market (change, %) <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td><\/tr>
    Employment <\/td>1.6 <\/td>1.0 <\/td>0.5 <\/td>0.2 <\/td>0.1 <\/td>0.0 <\/td><\/tr>
    Unemployment rate (%) <\/td>6.5 <\/td>6.5 <\/td>6.4 <\/td>6.3 <\/td>6.2 <\/td>6.0 <\/td><\/tr>
    Apparent labour productivity <\/td>0.3 <\/td>1.2 <\/td>1.5 <\/td>1.5 <\/td>1.6 <\/td>1.7 <\/td><\/tr>
    External sector (% GDP) <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td>- <\/td><\/tr>
    Net lending <\/td>2.9 <\/td>2.5 <\/td>1.9 <\/td>2.4 <\/td>1.9 <\/td>1.7 <\/td><\/tr>
    Current account balance <\/td>1.7 <\/td>1.0 <\/td>0.4 <\/td>1.4 <\/td>1.2 <\/td>1.0 <\/td><\/tr>
    Of which: balance of goods and services <\/td>1.8 <\/td>0.9 <\/td>0.2 <\/td>0.8 <\/td>0.9 <\/td>1.0 <\/td><\/tr>
    Capital account balance <\/td>1.1 <\/td>1.5 <\/td>1.4 <\/td>1.0 <\/td>0.7 <\/td>0.6 <\/td><\/tr><\/tbody><\/table><\/div>WP Table Builder<\/a><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    National accounts perspective – 2021 Basis; F – Forecast<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    Sources: 2024 – INE, I.P. and BdP; 2025-2029 – Conselho das Finan\u00e7as P\u00fablicas<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Gross Domestic Product<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Private Consumption<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Public Consumption<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Gross Fixed Capital Formation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Exports<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Imports<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Harmonized Index of Consumer Prices<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Gross Domestic Product De\ufb02ator<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Unemployment Rate (% of active population)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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    Stability Program\/2023<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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    State Budget\/2023<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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    Stability Program\/2022<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Source: INE, I.P. e Minist\u00e9rio das Finan\u00e7as<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    We help in the investment process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    We have a qualified and experienced team, with insights into the industry and an extensive network of partners, prepared to accompany you along the way.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tContact us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Portugal Aggregate economic overview and outlooks You are here: Home P\u00e1gina Macroeconomic scenario 2024-2029 Projections for the Portuguese Economy National accounts perspective – 2021 Basis; F – Forecast Sources: 2024 – INE, I.P. and BdP; 2025-2029 – Conselho das Finan\u00e7as P\u00fablicas Gross Domestic Product Private Consumption Public Consumption Gross Fixed Capital Formation Exports Imports Harmonized…<\/p>\n","protected":false},"author":1,"featured_media":13694,"parent":5431,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-10393","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nMacroeconomic vision - Turismo de Portugal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/invest.turismodeportugal.pt\/en\/portugal-de-relance\/visao-macroeconomica\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macroeconomic vision - 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