Economic growth is expected to continue

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… although, at a progressively slower pace

According to the macroeconomic projections of Banco de Portugal referring to the period from 2018-21, the Portuguese economic growth is expected to continue, although, at a progressively slower pace. GDP is expected to slow down gradually, from 2.1% in 2018 to 1.8% in 2019, 1.7% in 2020 and 1.6% in 2021, approaching potential output growth.

These projections are broadly in line with those published for the euro area as a whole by the European Central Bank, reflecting a high degree of synchronisation between Portugal and the euro area.

The slowdown in economic activity reflects mainly a progressively lower contribution of exports (net of import content), as international trade is expected to move more closely to world GDP and the export market share is expected to show only marginal gains. A slight decrease of the contribution of domestic demand (net of import content) is also projected.

The Portuguese economy is expected to follow a sustainable growth profile, while maintaining a net lending position towards the rest of the world, as observed since 2012.

The growth rate of external demand for Portuguese goods and services is the main source of risks in 2019-2021, due to the possibility of a deterioration in the international environment, with negative effects on world trade. At European level, the Bank of Portugal highlights the risk of a sudden adjustment in euro area sovereign debt markets, as well as the possibility of a more adverse impact from Brexit.

To read the Economic Bulletin click here

 

  Categoria: Headline


Fresh initiatives needed to support SMEs

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On the 19th February 2019, CIP – Confederation of Portuguese Business, attended BusinessEurope’s conference “What do SMEs expect from the future EU SME policy”, in Brussels. BusinessEurope called on strengthening EU policy for small and medium-sized companies (SMEs) in Europe. In its “EU SME policy goals” memorandum, published today in Brussels, BusinessEurope called on the European Commission to take fresh initiatives aimed at 7 strategic goals, namely:

  1. Let SMEs work in a modern legal and administrative environment
  2. Achieve an SME-friendly Single Market
  3. Help SMEs to internationalise outside the EU
  4. Support SMEs in the digital transformation
  5. Support SMEs in their innovation efforts
  6. Improve SME access to finance
  7. And enhance SME access to skills, talents and external advice.

BusinessEurope Director General Markus J. Beyrer said:

A massive job remains to be done in strengthening EU SME policy. For example, SMEs wishing to expand in Europe still face huge barriers in the Single Market, in particular in public procurement.
SMEs have been busy preparing for data protection and the GDPR, but now they are faced with the European Commissions’ e-privacy proposal which, if passed in its present form, will contradict their previous preparations to protect the privacy of consumers.”
The “EU SME policy goals” were published today at BusinessEurope’s conference “What do SMEs expect from the future EU SME policy?”, at the Permanent Representation of the Netherlands to the EU.

Please see BusinessEurope’s “EU SME policy goals” here.

ENDS

BUSINESSEUROPE

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  Categoria: Headline