Reuters — Portugal economic forecast looks promising as evident from the recent developments in its current account. In September 2023, the country’s current account surplus experienced a significant expansion to EUR 985.3 million, a notable increase from EUR 4.9 million in the same month of the previous year. This improvement in the surplus is mainly attributed to the growth in the services account, particularly from tourism receipts, which rose to EUR 2,891.86 million from the previous year’s EUR 2,241.4 million.
The Portugal Economic Forecast also highlights a decline in the goods account deficit, which fell to EUR 2,135.86 million from EUR 2,455.78 million. Moreover, the primary income deficit saw a slight reduction to EUR 269.62 million from EUR 272.17 million. Adding to this positive outlook, the secondary income surplus increased to EUR 498.87 million, up from EUR 491.46 million.
The Portugal Economic Forecast shows a country on an upward trajectory, with a resilient service sector driven by a booming tourism industry. The decrease in the trade deficit and the stable inflow of secondary income further bolsters the optimistic outlook for Portugal’s economy. While the country is not expected to reach its 3% inflation target until 2025, the current trends suggest a steady path toward economic stability and growth.