The end of the year brings some optimism, but families will continue to suffer

Fernando Medina has reason to smile. “The end of the year without a recession, without a decline in the economy means that we will have more possibilities to be able to achieve the goals for the year 2023,” said the Finance Minister, after the INE figures were released, revealing that the GDP of 2022 had the highest growth in the last 35 years, one of the twelve known euro countries to have the highest growth (after Ireland). And the reasons to make Medina happy aren’t limited to the confirmation of 6.7% growth last year – in December, the government revised upwards the 6.5 forecast in the State Budget (SO), showing a price one point above the one you end the year with. The prospects of our main business partners also dispel the worst estimates. Even with European Union GDP stagnating, Eurostat revealed yesterday, the Eurozone still made progress of 0.1% in the fourth quarter, shrugging off a looming recession and bringing particularly good news for Portugal, with Madrid growing at the same pace that Lisbon and Berlin managed to avoid recession (the German economy was surprised to be able to grow by 1.9% in 2022), despite falling by 0.2% in the final stretch of the year.

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