economy

Portugal with eighth best economic performance out of 35 OCDE countries

The UK current affairs magazine The Economist has placed Portugal in eighth place out of 35 OCDE countries in terms of economic performance in its ranking.

The Economist took five indicators into consideration, including inflation, GDP, the shares market, and employment.

Portugal scored better than Finland, Austria, Germany, and the United Kingdom; all of which had the worst performances in these indicators.

Looking at Portugal, core prices saw an increase of 3.5% while at the same time inflation fell back 6.7%. GDP registered an increase of 1.4% in this period with employment rising 0.9% and the price of shares gaining 1.3%.

Portugal was neck-and-neck with Spain, which did better in employment and shares but did worse in terms of inflation.

“Almost everyone expected a global recession in 2023 and, as a result, central banks raised interest rates to put the brakes on inflation. The consensus was wrong. Global GDP probably grew 3%. The labour markets held out. Inflation is falling. The capital markets increased 20%,” says the Economist in its ranking published in December.