According to the October Economic Bulletin, there was an increase of 0.4 percentage point in the growth projection concerning the performance projected by the BdP in the previous report.
Besides negative effects from the Ukraine crisis, other external effects "will be more noticeable in 2023, anticipating a significant deceleration compared to 2022," the bank said.
The Portuguese economy this year, meanwhile, is benefiting from "the recovery of tourism and private consumption" in Portugal, it added.
The bank also revised its forecast for this year's inflation rate by 1.9 percentage points to 7.8 percent, the highest value since 1993, reflecting growing external pressure on prices.
The financial institution also predicted that the harmonized consumer price index will rise to 7.8 percent from the 5.9 percent forecast in June, but still below the eurozone.
Inflationary pressures, however, remain high in the second half of the year, despite some signs of relief, it added.
Latest comments