Robust first quarter, but hardly repeatable
The Portuguese economy recorded a quarter of sharp growth, making it the third-fastest growing economyamong European Union countries. If quarterly growth were to be zero by the end of the year (which is unlikely,given the signs of growth), the economy would still grow by more than 2% in 2023 (our current forecast is 1%), aremarkable expansion in a such a challenging context. As such, it is likely that we will soon be revising ourprojections upwards. In turn, inflation has decreased significantly, despite the resistance of its more stablecomponents, and employment has continued to register gains in a context of an increase in the participation rate.