"Economic growth since the pandemic has been one of the highest in the eurozone at European level," he said during a dinner hosted by the Portuguese Center for Studies (CPE).

The most recent estimate from the National Statistics Institute (INE) points to 1.9% growth in Gross Domestic Product (GDP) in 2024, but the minister highlighted that "the last quarter was exceptionally good".

"Our official forecast remains at 2.1%. However, with the growth we expected in October when we presented the budget in Parliament, and now with this 'carry over' of 1.3% (of GDP), we will have 2.5% of real growth (of GDP). This is our expectation if no external economic shock affects us", he explained.

According to the Portuguese minister, "the results exceeded expectations in 2024: more growth than initially predicted, less employment, a higher fiscal surplus, less debt and less inflation than expected."

"Looking at the Portuguese economy, even if there is a recession next year, we will remain below 3% of (budget) deficit in terms of GDP", he assured.

Miranda Sarmento welcomed the fact that the main rating agencies are currently making a positive assessment of Portuguese public debt, which has reduced interest rates on treasury bonds.

This situation contrasts with the 'junk' rating, i.e. high risk, during the sovereign debt crisis during much of the 2010s.

In January, the financial rating agency DBRS decided to raise Portugal's rating to 'A' (high).

On Friday, it will be S&P's turn to speak, followed by Fitch on March 14 and Moody's on May 16, according to the calendars published by the agencies.

"I wouldn't be surprised if S&P also raised 'our rating' on Friday," the minister said.

Despite the "good news in this uncertain international environment", the minister acknowledged that Portugal continues to face "problems and difficulties", mentioning, among other issues, low productivity and the need to modernize public administration.