Castro Almeida acknowledges "enormous delay" in income

The Minister of Economy acknowledged a significant delay in Portuguese income, stating that the country should not settle for less than the European average. Manuel Castro Almeida highlighted that Portugal's GDP per capita is around 80% of the EU average, a level it reached 30 years ago. He emphasized the need for Portugal to grow faster than the EU average to close this gap, aiming for 100% of the EU average by 2043 if growth continues as in the first half of this year. The minister also noted that the government has reduced IRS taxes, resulting in a loss of 4 billion euros in revenue. He mentioned that salaries are rising above inflation, although he wishes the increase were larger, attributing limitations to external factors like the Gulf War and rising fuel costs. The final vote on the 2027 State Budget is scheduled for November 24.