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Portuguese economy expected to grow by 1.6% in 2024, above the Eurozone average

Allianz Trade has revised its economic growth estimates for Portugal upwards. The world leader in Credit Insurance anticipates that Portugal's gross domestic product (GDP) will grow by 1.6% this year and 1.4% in 2025, which represents an upward revision compared to the April forecast, when it anticipated economic growth of 1.3% for 2024 and 1.8% for 2025.

The Portuguese economy has shown signs of resilience despite the various challenges it has faced. The evolution of the tourism sector and private consumption have supported economic growth. However, Allianz Trade points out that there are still risks to be taken into account, particularly due to the uncertainty generated by elections in economies that are particularly important for Portugal, such as France, the United Kingdom and the United States of America (USA) later this year.

Allianz Trade's estimates for inflation in Portugal point to an approximation to the ECB's target of around 2%, and by 2025 it should stand at 1.9%.

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We have a new website

In 2023 Allianz Trade, the world leader in Credit Insurance, became our sole shareholder, making the Company a full member of Allianz group. 

With this in mind, and taking another step towards our integration, we have changed our website, adopting a more modern design.  

Although COSEC have a new digital identity, you can be sure that some things will not change: the dedication of our teams, our passion, our professionalism and, above all, our commitment to helping our customers grow safely. That's why we will continue to offer the best solutions for your company, thanks to our in-depth knowledge of the Portuguese market, the result of more than 50 years in the business. Count on us today, as you did yesterday.

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Allianz Trade pay

Allianz Trade launches Allianz Trade pay, a new range of services fully dedicated to B2B e-commerce activities.

  •  Allianz Trade pay is a payment solution with a range of services dedicated to B2B e-commerce activities, including a trade credit insurance protection, a fraud module, a digital buyer onboarding solution and instant financing solution through one of our financial institution partners.
  • Allianz Trade pay brings simplicity, security, flexibility and competitiveness to the e-commerce ecosystem thanks to comprehensive and easy-to-set-up products.
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allianz trade pay
insolvencies in portugal

Insolvencies in Portugal are expected to grow by 19% in 2024 and 10% in 2025

Allianz Trade released its latest Global Insolvency Report and revealed updated forecasts for 2024 and 2025. According to the world's leading credit insurer, after two gradual recoveries in 2022 (+1%) and 2023 (+7%), global insolvencies are set to accelerate again in 2024 (+9%) before stabilizing in 2025 (0%) at high levels.

Services, construction, retail and textiles are expected to continue to be the most affected sectors in 2024 in Portugal.

Portugal has successfully maintained a low level of cases until 2022, with less than 2,000 cases annually, marking the lowest level in 15 years. Insolvencies observed between 2020 and 2022 were reduced in several countries due to State support for companies in the Covid-19 pandemic scenario. Compared to 2016-2019 levels, it is possible to see that, between 2020 and 2022, support measures saved the equivalent of three quarters of insolvencies in countries such as the USA, Germany, Austria, Norway, Portugal and New Zealand. In this context, a "normalization" was expected in 2023 with the end of support measures in some countries and in a scenario of weaker global demand, prolonged pressure on profitability due to increased production and financing costs.

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