Flash Notes

15 de Abril de 2025
Monthly Report | Economic and Financial Market Outlook | April 2025
  • The Bank of Portugal updated its macroeconomic scenario last March, and foresees GDP to advance 2.3% in 2025 and 2.1% in 2026, respectively 1 tenth more and 1 tenth less than in the December scenario. This update reflects the easing of financing conditions, associated with the ECB's cut in key interest rates, the expected acceleration in external demand and the implementation of European funds, which is more concentrated in 2026. Adverse risks worsened compared to December, reflecting the possible negative impact of changes in US geostrategic and trade policy. Latest economic indicators point to a deceleration on the quarterly growth, which is normal given the boost the economy had in 4Q24 (+1,5%), but continue to suggest that activity is expanding.