According to the latest data from Eurostat, the economies of the Eurozone and the European Union are on a path of sustained recovery, with GDP continuing to grow in the third quarter, driven by strengthened domestic demand led by household consumption. Against the backdrop of the ongoing improvement in the Eurozone economy, the Portuguese economy has also returned to the right track following its adjustment, providing a significant boost to Portugal's ability to attract foreign investment and to investment immigration. Portuguese President Aníbal Cavaco Silva stated that he hopes the country can maintain this trend.
This Wednesday, Irish President Michael Higgins paid a state visit to Portugal. Portuguese President Aníbal Cavaco Silva recalled that both countries had jointly implemented economic adjustments and emphasized that Portugal must not abandon the goals of economic growth and job creation.
The two presidents held a press conference at the Belém Palace, where the Portuguese President stated: "We are very envious of Ireland's recent economic growth rate. When hearing of an economic growth rate of approximately 6%, any country in the European Union would look on with envy."
When asked whether the country could enact the 2016 national budget before his term ends, Cavaco Silva deflected, saying: "All documents submitted to the President of the Republic undergo profound analysis before the President makes a decision regarding their enactment. Currently, there are no pending documents."
The Portuguese President stated: "More and more Portuguese people realize that without a strong banking system and a sound public finance system, there will be no sustainable economic growth."
Cavaco Silva also indicated that Portugal and Ireland share the view that economic growth and job creation need to comply with the European Union's fiscal and budgetary rules, while also being built upon the stability of their respective economic systems.
Cavaco Silva emphasized: "In addition to ensuring the implementation of the budget, the European Union should also promote economic growth and create more jobs, while not forgetting the goal of social cohesion." He also pointed out that Portugal and Ireland have stood side-by-side in defending social cohesion throughout various stages of European integration.
Cavaco Silva believes that efforts should be made to create an energy union, which is very important for Portugal and will help reduce dependence on Russian natural gas.