According to Executive Digest, after a growth of 2,1%, in 2024, the economy may go forward in 1,9%, in 2025 and 2026.

Allianz Trade anticipates a growth in the Portuguese Gross Domestic Product (GDP) of 1,9% in 2025 and 2026, in a context of economic normalisation and reduced external impulse. According to the same media outlet, the inflation may converge with the objectives of the European Central Bank (ECB), establishing in a 2% for 2026, after the 2,3% in 2025.

Despite the gradual slowing of the economy, Allianz Trade expects that Portugal may have a performance above the Eurozone. The three-month evolution points to stable growth, in the short term, with a growth of 0,5% in the fourth quarter of 2025, and predicts an evolution of 0,4% in the first quarter of 2026.

The growth is still supported by the intern demand, in a market context that can be considered resilient, based on controlled inflation, as mentioned by Executive Digest. However, Allianz Trade alerts for a reduced dynamism of the European economy and the fragmentation of the international market as reasons to delay the growth.

Eurozone with different paces

In the Eurozone, Allianz Trade estimates a growth of 1,1% in 2026, after 1,4% registered in 2025. The European recovery must be gradual and asymmetric, as mentioned by Executive Digest, between countries, and limited by structural factors.