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Brussels expects account surplus until 2025

Given better-than-expected economic growth in the European Union in the first quarter of the year (0.3%) and persistent signs of falling inflation, the European Commission has upgraded its forecasts for the Portuguese economy until 2025.

Paolo Gentiloni, the European Commissioner for the Economy, sees a fiscal framework for a surplus in Portugal’s public accounts until 2025. “We know that we have a very positive fiscal framework for Portugal,” the commissioner told a press conference in Brussels, adding that forecasts estimate “a change in the surplus, which was 1.2% last year, to fall to 0.4 % this year and 0.5% in 2025,” but which continue to be “obviously a positive surplus, as confirmed by the good fiscal framework for the country,” says Gentiloni.

Regarding the impact of the IRS reform announced by the government, the commissioner said it would start in 2024 and continue until 2025, but “this depends on the level of detail and acceptance of Portuguese budget forecasts.”

The community leader upgraded Portugal’s growth forecasts to 1.7% this year and 1.9% next year, above the Eurozone and EU average, driven by private consumption and investment. The Prime Minister confirmed that growth targets will remain at 2.5% for 2025 and “around 3.5% until 2028”, Luis Montenegro said.

Brussels kept its inflation forecast for Portugal at 2.3% this year and 1.9% in 2025.

Author: Miguel Alexander Gagnan([email protected])
Source: CM Jornal

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