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CIP/ISEG Barometer estimates a GDP growth of 1.7% to 2.1%
The CIP/ISEG Barometer, published today, estimates a year-on-year growth of between 1.7% and 2.1% of the GDP in the first quarter, and of 1.1% to 1.5% in chain, due to the growth of production in industry, construction and services.
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Economia 1.º trimestre
"In terms of spending, the contribution to this evolution will have been driven, fundamentally, by internal demand, although external tourist demand has also continued to grow, albeit moderately", point out the Portuguese Business Confederation (CIP) and the Institute of Economics and Business Management of the University of Lisbon (ISEG), in a statement.
For the year as a whole, the barometer has revised its projections, now pointing to growth of between 1.5% and 2.1%, in line with the forecasts of the Stability Plan submitted by the Government (1.5%) and also with the estimates of the Bank of Portugal (2%), the Organisation for Economic Co-operation and Development (OECD) (2.2%) and the International Monetary Fund (IMF) (1.7%).
The barometer emphasises that this range assumes that "chained growth in the coming quarters will fall well short of the value now estimated for the beginning of the year", i.e. "the surprise recorded at the end of 2023 gave some breathing space for the first few months of the year, but this momentum does not seem sustainable".
For the CIP's director-general, Rafael Rocha, this means that "the Government must implement as soon as possible the measures in its programme that prove capable of stimulating the economy and encouraging companies to invest".
Read Also: Economy's indebtedness falls to 800.4 billion until February (Portuguese version)
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