Portugal

Growth target of 3% of GDP “has become more difficult” to achieve, says Minister for Finance

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 12/11/2026, 12:56:24 UTC.

Briefings

Portuguese Finance Minister Joaquim Miranda Sarmento stated that the government's target of exceeding 3% GDP growth by the end of the legislative period has become more difficult to achieve due to unfavorable international conditions and stalled reforms. The minister noted that while the 3% target was set for the end of the 2029 legislative term, revisions to the 2023 GDP figure by the INE in September 2025 raised it to 3.1%. Key challenges include the failure to approve the new labor code, which the minister identified as a major bottleneck for competitiveness, alongside broader international economic shifts.

Key points

• The Portuguese Finance Minister Joaquim Miranda Sarmento explicitly stated that the 3% GDP growth target is now 'more difficult' to meet.
• The target was originally set for the end of the 2029 legislative period, but the 2023 GDP revision by the INE raised the benchmark to 3.1%.

Context

The finding comes from a CNN Portugal International Summit held on November 12, 2026, where the minister explained that the 3% growth target was revised to 3.1% in September 2025. The context involves the failure to approve the new labor code, which the minister identified as a major bottleneck for competitiveness, alongside broader international economic shifts.

Limitations

The evidence is limited to a single statement from the Portuguese Finance Minister at a summit. It does not include data on specific economic indicators, forecasts, or the full scope of the stalled reforms. The minister did not provide specific numbers for the current period, only the revised 2023 baseline.

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