{"id":132,"date":"2020-11-28T09:52:00","date_gmt":"2020-11-28T09:52:00","guid":{"rendered":"https:\/\/oportoaccounting.com\/?p=132"},"modified":"2026-03-04T10:54:07","modified_gmt":"2026-03-04T10:54:07","slug":"portugal-economic","status":"publish","type":"post","link":"https:\/\/oportoaccounting.com\/new\/2020\/11\/28\/portugal-economic\/","title":{"rendered":"Portugal&#8217;s Economic Trajectory is a Clear Sucess Story"},"content":{"rendered":"<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p><strong>\u201cIn the five years that I have been in this position, Portugal has been a clear success story in economic terms\u201d, said Moscovici, the European Commissioner for Economic and Financial Affairs.\u201d<\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p align=\"justify\">European Commissioner for Economic and Financial Affairs, Pierre Moscovici, from France, has this Tuesday classified Portugal\u2019s economic trajectory as a \u201cclear success story\u201d, showing \u201cconfidence\u201d that the country will continue in a favourable situation.<\/p>\n<p align=\"justify\">\u201cIn my five years in this position, Portugal has been a clear success story in economic terms: I have seen a strong recovery and growth, strong job creation and an impressive improvement in public finances,\u201d said Pierre Moscovici in an interview with Lusa agency in Brussels.<\/p>\n<p align=\"justify\">Recalling the country\u2019s progress in this period in which he was in charge of Economic and Financial Affairs, the French official said he was \u201cconfident in Portugal\u201d, despite being \u201cvigilant\u201d towards other economies in the eurozone. This is because, in Portugal, \u201cdespite some moderation, economic growth has remained solid and is now more sustained by strong job creation\u201d.<\/p>\n<p align=\"justify\">\u201cSecond, the high budget deficit has been further reduced to 0.4% of GDP in 2019 and is expected to reach 0.1% by 2020 [according to the European Commission\u2019s forecasts]. Public debt is expected to accompany this reduction, which is why Portugal\u2019s public finance performance is impressive,\u201d added Pierre Moscovici.<\/p>\n<p align=\"justify\">He also stressed that \u201cPortuguese banks have made significant progress in reducing NPL [non-performing loans]\u201d and that \u201cthe short-term outlook also remains favourable, despite the risks arising from external factors having increased.<\/p>\n<p align=\"justify\">The interview with Lusa was even made on the day that the European Commission released its latest post-programme report on assistance to Portugal, which Pierre Moscovici will present at the Eurogroup meeting on Wednesday to eurozone finance ministers. In the document, Brussels acknowledges the progress made by Portugal, but warns of growing pressures in public spending on wages due to the thawing of careers, the growth of the state\u2019s workforce and increases in pensions.<\/p>\n<p align=\"justify\">The report \u2013 released following the tenth post-programme monitoring mission, which took place between 14 and 19 June last in Lisbon \u2013 also indicates that the quality of banking assets has improved and the reduction in bad debt was noticeable in 2018, helped mainly by sales by portfolio banks of defaulted loans (\u20ac6 billion in 2018).<\/p>\n<p align=\"justify\">On the labour market, the European Commission also considers that, despite the positive developments, precariousness is \u201cpersistently high\u201d and has expressed doubts about the impact of labour changes on employment growth. \u201cMore efforts are needed to attract investment, to increase productivity and to promote the business environment, factors that are crucial for [the country] to strengthen and grow,\u201d summarized Moscovici.<\/p>\n<p align=\"justify\">Former French Finance Minister Pierre Moscovici is about to finish his term as European Commissioner for Economic and Financial Affairs, a job he took in 2014, as he\u2019s not part of the new EU executive led by the French Ursula von der Leyen, which will take office in early November.<\/p>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p>Lusa 8\/10\/2019<br \/>\n<a href=\"https:\/\/econews.pt\/2019\/10\/08\/portugals-economic-trajectory-is-a-clear-success-story-says-moscovici\/\">https:\/\/econews.pt\/2019\/10\/08\/portugals-economic-trajectory-is-a-clear-success-story-says-moscovici\/<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cIn the five years that I have been in this position, Portugal has been a clear success story in economic terms\u201d, said Moscovici, the European Commissioner for Economic and Financial Affairs.\u201d European Commissioner for Economic and Financial Affairs, Pierre Moscovici, from France, has this Tuesday classified Portugal\u2019s economic trajectory as a \u201cclear success story\u201d, showing \u201cconfidence\u201d that the country will continue in a favourable situation. \u201cIn my five years in this position, Portugal has been a clear success story in economic terms: I have seen a strong recovery and growth, strong job creation and an impressive improvement in public finances,\u201d said Pierre Moscovici in an interview with Lusa agency in Brussels. Recalling the country\u2019s progress in this period in which he was in charge of Economic and Financial Affairs, the French official said he was \u201cconfident in Portugal\u201d, despite being \u201cvigilant\u201d towards other economies in the eurozone. This is because, in Portugal, \u201cdespite some moderation, economic growth has remained solid and is now more sustained by strong job creation\u201d. \u201cSecond, the high budget deficit has been further reduced to 0.4% of GDP in 2019 and is expected to reach 0.1% by 2020 [according to the European Commission\u2019s forecasts]. Public debt is expected to accompany this reduction, which is why Portugal\u2019s public finance performance is impressive,\u201d added Pierre Moscovici. He also stressed that \u201cPortuguese banks have made significant progress in reducing NPL [non-performing loans]\u201d and that \u201cthe short-term outlook also remains favourable, despite the risks arising from external factors having increased. The interview with Lusa was even made on the day that the European Commission released its latest post-programme report on assistance to Portugal, which Pierre Moscovici will present at the Eurogroup meeting on Wednesday to eurozone finance ministers. In the document, Brussels acknowledges the progress made by Portugal, but warns of growing pressures in public spending on wages due to the thawing of careers, the growth of the state\u2019s workforce and increases in pensions. The report \u2013 released following the tenth post-programme monitoring mission, which took place between 14 and 19 June last in Lisbon \u2013 also indicates that the quality of banking assets has improved and the reduction in bad debt was noticeable in 2018, helped mainly by sales by portfolio banks of defaulted loans (\u20ac6 billion in 2018). On the labour market, the European Commission also considers that, despite the positive developments, precariousness is \u201cpersistently high\u201d and has expressed doubts about the impact of labour changes on employment growth. \u201cMore efforts are needed to attract investment, to increase productivity and to promote the business environment, factors that are crucial for [the country] to strengthen and grow,\u201d summarized Moscovici. Former French Finance Minister Pierre Moscovici is about to finish his term as European Commissioner for Economic and Financial Affairs, a job he took in 2014, as he\u2019s not part of the new EU executive led by the French Ursula von der Leyen, which will take office in early November. Lusa 8\/10\/2019 https:\/\/econews.pt\/2019\/10\/08\/portugals-economic-trajectory-is-a-clear-success-story-says-moscovici\/<\/p>\n","protected":false},"author":3,"featured_media":133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-setup"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portugal&#039;s Economic Trajectory is a Clear Sucess Story - Oporto Accounting<\/title>\n<meta name=\"description\" content=\"EU Commissioner hails Portugal&#039;s economic progress as a &#039;clear success story.&#039; Discover how fiscal reforms and growth strategies are reshaping the nation\u2019s financial future\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oportoaccounting.com\/new\/2020\/11\/28\/portugal-economic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portugal&#039;s Economic Trajectory is a Clear Sucess Story - Oporto Accounting\" \/>\n<meta property=\"og:description\" content=\"EU Commissioner hails Portugal&#039;s economic progress as a &#039;clear success story.&#039; 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