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Portuguese Market Insight: Out Of The Frying Pan & Still In The Fire

Uncertainty and distrust continues to be part of Portuguese daily life. The economic difficulties caused by inflation which now stands at 3.6% combined with interest rates rising to 4.27%, their highest since 2009, have led customers to hold back on consumption due to their loss of purchasing power. The most recent forecast released by the Bank of Portugal in October reduced the previous GDP predictions for this year, down from 2.7% to 2.1%. The news is not encouraging for 2024 with a new…