October 2025 issue of the Economic Bulletin - The Portuguese economy is projected to grow by 1.9% in 2025.

Despite an international environment marked by trade tensions, uncertainty and the appreciation of the euro, the effects on foreign demand have been limited for now. Easing financial conditions, the historically high level of net transfers from the European Union and fiscal measures with a positive impact on household disposable income in 2025 have helped to sustain activity growth. 

Over the projection horizon, GDP will grow at an average pace of 2%, close to that of the period 2020–24, but with domestic demand having greater relevance. Portugal will continue to outperform the euro area average in terms of growth as a result of the country’s population dynamics and more favourable productivity developments.