Key View

• We expect that Portugal’s medical devices market will register single-digit growth over the forecast period to 2026.
• A flat economy in 2023 will significantly constrain Portugal’s medical devices market.
• We also maintain that the high National Health Service debt will continue to be an impediment to Portugal's attractiveness to

Key View: We hold an upbeat outlook for Portugal’s EV market and we expect the country's EV adoption rates to continue to grow over the next decade on the back of conducive national EV policies and EV purchase incentives. However, we highlight that for Portugal to remain on track with the electrification of its vehicle fleet, the country’s EV

Key View

• We at Fitch Solutions believe that the ruling Socialist Party is well positioned to maintain stability amid the present spell of rising prices.
• We are maintaining Portugal’s Short-Term Political Risk Index score of 75.6 (higher score implies lower risk).
• However, we note several challenges for the administration in the coming years

Key View

• We at Fitch Solutions forecast 2022 real GDP growth of 4.1% in Portugal following a 4.9% expansion in 2021.

• We expect strong growth in private consumption owing to a supportive policy backdrop in H122, with inflation only providing a slight headwind due to Portugal’s relatively low gas and oil usage.

• We anticipate strong

Key View

• From a projected 2021 deficit of 0.8% of GDP, we at Fitch Solutions forecast Portugal’s current account balance to shift to a surplus of 1.0% in 2022 (compared to a previous 0.6% deficit forecast).
• We believe upwards pressure on goods imports will dissipate as price inflation subsides and domestic demand growth moderates, as the

Key View

• The rejection of the Portuguese budget and subsequent government collapse in late October will complicate Portugal’s post-pandemic economic recovery in 2022.
• A poll conducted, since the January 2022 snap election was called, indicates that the incumbent Socialist Party have expanded their lead but are still short of a majority

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• DIGI's involvement in 5G licensee Dixarobil allays our concerns that an inexperienced player has acquired key resources.
• A mobile-only strategy runs counter to DIGI's usual preference to act as a multi-service provider, but there are few wireline acquisition opportunities in Portugal.
• B2B-orientated newcomers Nowo and Dense Air may

Key View

• We expect Portugal’s medical devices market to grow faster than previously forecast, due to a stabilised economic and political environment and the rise in healthcare budget spending.
• Dental products will be the growth driver within Portugal’s medical devices market, offering double-digit CAGR growth.
• Market growth will be driven by

Key View

• At Fitch Solutions, our outlook for Portugal remains that of stagnant, fragile political stability. The incumbent centre-left Socialist Party rules in a parliamentary minority and depends on ad-hoc support from smaller parties.
• The government’s minority position makes policymaking difficult, but a loyal voter base stabilises their

Key View

• At Fitch Solutions, we have raised our Portugal real GDP forecast from 4.5% to 4.9% in 2021 on the back of an improved macroeconomic outlook, but headwinds to the recovery persist.
• Q121 real GDP contracted by 3.3% q-o-q as the country locked down to stem a surge in Alpha variant cases. Thanks to high rates of vaccinations, we believe