Central bank upgrades labour market outlook
Portugal's Central bank now anticipates an unemployment rate of 6.8% in 2021. An improved outlook compared to 7.2% estimated in the June Economic Bulletin.
The Bank of Portugal (BoP) has improved the outlook for the labour market, now anticipating an unemployment rate of 6.8% in 2021, compared to 7.2% estimated in the June Economic Bulletin, it said on Wednesday.
Employment is expected to grow by 2.6%, up from the previously expected 1.3%.
This Wednesday, the institution led by Mário Centeno maintained its economic growth forecast at 4.8% for 2021, similar to what it had done in the June Economic Bulletin.
According to the document, “the Portuguese economy will grow by 4.8% in 2021, approaching the pre-pandemic level at the end of the year,” considering that “the recovery of activity reflects the control of the pandemic, through the vaccination process – with positive effects on the confidence of economic agents – and the maintenance of expansionary monetary policies.
