More good news for Portugal’s economy
Published on 23 Nov, 2017 by
Liam Gould /
Palacio da Pena, Sintra
Finance Minister Mario Centeno was elated to announce that Portugal has once again recorded a series of positive economic results in the space of just one week. Unemployment has hit a new low, debt yields fell to their best rates ever, overall well-being continued to improve and the EU has revised Portugal’s budget deficit forecast down to just 1.4% for 2017.
In September, Standard & Poor’s upgraded Portugal’s credit rating with Fitch and Moody’s now expected to follow suit – this should inevitably result in Portugal’s sovereign debt yields falling even further.
Portugal’s improving financial situation and status globally, has meant positive results domestically too. Figures released last week showed that dole queues had shrunk once again during the third quarter of the year, dropping 0.3 points to 8.5% - figures have not looked this good since the end of 2008, the Portugal Statistics office INE said.
Under 25’s seem to be benefiting the most as the number of jobless in this age group has fallen by almost 25% in the past year.
The European Commission, whilst being cautious about accrediting any particular policy, positively revised its budget deficit forecast for Portugal in 2017 down to 1.4% from its previous figure of 1.8%.
Debt overall, in relation to the GDP is also projected to fall from around 130% to 126%.
Prime Minister Antonio Costa underlined the country’s growing investment potential whilst visiting the Lisbon Web Summit. He reminded potential investors that “Portugal is a great place to invest. Bureaucracy has been tamed and is shrinking; there is political and economic stability and the ecosystem is enjoying great prosperity.”