The most recent Economic Bulletin of the Bank of Portugal precisely shows that. Despite a slight slowdown in economic activity in the coming years, there are important signs that indicate that the Portuguese economy is now more prepared to face challenges than it was a decade ago.

In an international context marked by geopolitical conflicts, energy volatility, persistent inflation and uncertainty in global markets, Portugal is expected to continue to grow. Growth is projected to be 1.8% in 2026, a slight slowdown to 1.6% in 2027 and a return to 1.8% in 2028. These are not spectacular numbers, but they are also not worrying numbers when analysed in the light of the international context.

In reality, the most relevant message of the report is not in the growth rate. It is in the resilience of the Portuguese economy.

The Bank of Portugal itself recognises that the country is currently facing external shocks in conditions very different from those that existed a few years ago. Energy dependence has decreased, the production of renewable energy has gained weight, indebtedness has been reduced and public accounts have a solidity that for a long time seemed difficult to achieve.

Perhaps the most significant data is the trajectory of public debt. After decades in which Portugal was often pointed out as one of the most vulnerable countries in Europe, debt is expected to fall to around 79.5% of GDP by 2028, below the Eurozone average. This is a milestone that goes far beyond statistics. It represents greater international credibility, greater capacity to respond to future crises and a more robust financial position vis-à-vis investors and markets.

At the same time, the labour market continues to show signs of strength. Unemployment remains low, and domestic consumption continues to support economic activity. Even in a less favourable international environment, the Portuguese economy maintains a relatively solid demand base.

There is yet another message that deserves attention. For many years, Portuguese economic growth was excessively dependent on external or cyclical factors. Today, a more relevant discussion begins to emerge on productivity. Banco de Portugal anticipates that productivity gains could play an increasing role in the economy over the next few years, partially offsetting the demographic challenges that the country faces.

Of course, there are risks. The conflict in the Middle East, energy prices and the evolution of the global economy continue to be factors of uncertainty. But the difference is that Portugal now seems more prepared to absorb these impacts.

In an increasingly unstable world, perhaps the true measure of economic strength is not to grow rapidly in good times. Perhaps it is to continue to grow, create jobs and reduce vulnerabilities when the external context becomes more difficult.

And that is precisely the message that many may not find in the headlines.

Portugal grows less. But it is stronger.