Flash Notes

15 de Maio de 2023
Monthly Report | Economic and Financial Market Outlook | April 2023

Resilience yes, but for how long?

The European economies, and that of Portugal in particular, have performed better than most observers and analysts expected. The Portuguese case has even been accompanied by significant structural improvements, reinforcing the resilience of the economy in the face of persistently high levels of inflation and a very significant increase in financing costs for families and companies. But the biggest question is whether the economy will continue to withstand present circumstances. For the time being, activity is growing at a very moderate pace, with inflation coming down due to cooling energy prices and the labour market taking some steps towards cooling as well. Let’s take a closer look.