Financial and ESG Performance Review
A domestic player in a market with 2022 GDP growth >6.5%, with resilient
private consumption, strong recovery in tourism and rise in net exports
Annual GDP growth 1
(%)
Average Inflation1
(%)
Unemployment rate
(% labour force)
Employment
(RHS)
8.4
7.8
20
5,100
6.7
6.3
5.8
15
4,800
3.5
10
Unemployment rate
4,500
6.7%
(LHS)
4,200
1.5
0.5
5
3,900
0
3,600
EU
PT
EU
PT
EU
PT
EU
PT
2000
2003 2006 2009 2012 2015 2018 2021
2022
2023E
2022
2023E
INE house price index and transactions
(% YoY; # thousands)
Industrial production and services turnover
(% YoY; 3m MA)
# Transactions
40
15
(RHS)
13.2
50
Prices % YoY
10
40
(LHS)
5
43.6
0
-5
ON WAT
30
20
Services Turnover
22.0
10
30
0
0.1
20
-10
-20
10
Industrial Production
-30
-10
0
-40
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2006
2008
2010 2012 2014 2016 2018 2020
2022
novobanco (1) Source: Portugal - INE and Bank of Portugal (Dec/22); European average - ECB (Dec/22)
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