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Subject: OE 2026: o que muda para as PME portuguesas?
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RAIZE
=3D=3D=3D=3D=3D
OE 2026: o que muda para as PME portuguesas?
--------------------------------------------
A Proposta de Lei do Or=C3=A7amento do Estado para 2026 n=C3=A3o apresenta =
altera=C3=A7=C3=B5es substanciais e com impacto direto para as empresas por=
tuguesas, no entanto, h=C3=A1 mudan=C3=A7as positivas a ter em considera=C3=
=A7=C3=A3o.
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
----------------------------------------------
A apresenta=C3=A7=C3=A3o da Proposta do Or=C3=A7amento do Estado =C3=A9 sem=
pre um momento de expetativa para os empres=C3=A1rios, que aguardam as medi=
das de pol=C3=ADtica fiscal que ser=C3=A3o adotadas pelo Governo e que tant=
o impacto t=C3=AAm na vida das suas empresas, colaboradores e parceiros.
=C2=A0
Entre incentivos fiscais, capitaliza=C3=A7=C3=A3o e apoios ao investimento,=
na Proposta do Or=C3=A7amento do Estado para 2026, o Governo optou por inc=
luir apenas altera=C3=A7=C3=B5es legislativas cir=C3=BArgicas, reservando a=
s op=C3=A7=C3=B5es de pol=C3=ADtica fiscal para diplomas avulsos. Contudo, =
essas op=C3=A7=C3=B5es n=C3=A3o deixam de ter impacto financeiro no Or=C3=
=A7amento do Estado.
**Principais medidas que podem afetar as PME:**
- **Descida do IRC para PME:=C2=A0**A taxa geral de IRC desce de 20% para 1=
9% em 2026, prevendo-se redu=C3=A7=C3=B5es adicionais para 18% em 2027 e 17=
% em 2028. As PME e Small Mid Cap beneficiar=C3=A3o de uma taxa reduzida de=
15% sobre os primeiros 50.000 =E2=82=AC de mat=C3=A9ria colet=C3=A1vel;=20
- **Incentivo =C3=A0 valoriza=C3=A7=C3=A3o salarial no IRC:=C2=A0**Mant=C3=
=A9m-se o benef=C3=ADcio fiscal para empresas que aumentem sal=C3=A1rios em=
pelo menos 4,6%. O objetivo =C3=A9 premiar a valoriza=C3=A7=C3=A3o dos tra=
balhadores e alinhar as empresas com o acordo de concerta=C3=A7=C3=A3o soci=
al;=20
- **Pr=C3=A9mios de produtividade isentos at=C3=A9 6%:=C2=A0**Os pr=C3=A9mi=
os de produtividade, lucros e gratifica=C3=A7=C3=B5es mant=C3=AAm isen=C3=
=A7=C3=A3o de IRS at=C3=A9 6% do sal=C3=A1rio base anual. Esta isen=C3=A7=
=C3=A3o s=C3=B3 se aplica se houver um aumento salarial m=C3=ADnimo de 4,6%=
;=20
- **Entrega do ficheiro SAF-T da contabilidade:=C2=A0**A obrigatoriedade de=
entrega do ficheiro SAF-T da contabilidade volta a ser adiada. Em vez de e=
ntrar em vigor para os per=C3=ADodos contabil=C3=ADsticos de 2026, passar=
=C3=A1 a aplicar-se apenas a partir de 2027, com entrega em 2028. O Governo=
pretende rever e atualizar o regime antes da sua entrada em vigor;=20
- **Faturas em PDF e valoriza=C3=A7=C3=A3o dos stocks:=C2=A0**As faturas em=
formato PDF continuam v=C3=A1lidas at=C3=A9 ao final de 2026. A valoriza=
=C3=A7=C3=A3o dos invent=C3=A1rios permanece suspensa, mantendo-se apenas a=
obriga=C3=A7=C3=A3o de comunica=C3=A7=C3=A3o de quantidades;=20
- **Promo=C3=A7=C3=A3o do empreendedorismo e inova=C3=A7=C3=A3o empresarial=
:=C2=A0**O Governo reserva 2.337 milh=C3=B5es de euros para apoiar a cria=
=C3=A7=C3=A3o e o crescimento de empresas inovadoras. Inclui-se ainda a con=
solida=C3=A7=C3=A3o da Startup Portugal como plataforma nacional de empreen=
dedorismo, a promo=C3=A7=C3=A3o da ado=C3=A7=C3=A3o da intelig=C3=AAncia ar=
tificial nas empresas e a cria=C3=A7=C3=A3o de programas de acelera=C3=A7=
=C3=A3o internacional.=20
- **Aumento do sal=C3=A1rio m=C3=ADnimo nacional (SMN):=C2=A0**O sal=C3=A1r=
io m=C3=ADnimo sobe para 920 =E2=82=AC em 2026, um aumento de 5,75% face ao=
valor atual e situando-se acima da infla=C3=A7=C3=A3o. A meta =C3=A9 ating=
ir 1.100 =E2=82=AC at=C3=A9 2028, refor=C3=A7ando a valoriza=C3=A7=C3=A3o d=
o trabalho e dos rendimentos.=C2=A0=20
**=C2=A0**
**Perspectivas econ=C3=B3micas: Acelera=C3=A7=C3=A3o de crescimento suporta=
do pelo aumento da procura interna e do consumo privado.**
A economia portuguesa dever=C3=A1 acelerar no pr=C3=B3ximo ano. Depois de u=
m crescimento esperado do PIB de 2% este ano, Portugal ir=C3=A1 crescer 2,3=
% em 2026. A concretizarem-se estas previs=C3=B5es, a economia portuguesa c=
ontinuar=C3=A1 a crescer acima da m=C3=A9dia da zona euro, onde se prev=C3=
=AA um crescimento de apenas 1,2%, de acordo com as =C3=BAltimas previs=C3=
=B5es do Banco Central Europeu (BCE).
No que diz respeito =C3=A0 infla=C3=A7=C3=A3o, o Governo prev=C3=AA que no =
final de 2025 a subida m=C3=A9dia dos pre=C3=A7os atinja 2,4% e que em 2026=
desacelere para 2,1%. O Governo conta ainda com uma manuten=C3=A7=C3=A3o d=
a taxa de desemprego em n=C3=ADveis historicamente baixos, nos 6,1%, e espe=
ra ter um excedente or=C3=A7amental de 0,3%.
Conclu=C3=ADsse assim, que apesar de haver poucas iniciativas dirigidas esp=
ecificamente aos problemas das PME, a verdade =C3=A9 que tamb=C3=A9m n=C3=
=A3o se identificam iniciativas de maior risco que possam gerar problemas =
=C3=A0 atividade empresarial em 2026.=C2=A0
Equipa Raize
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**Se procura meios financeiros para investir na sua empresa, n=C3=A3o hesit=
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Acompanhe o podcast semanalmente nas plataformas habituais.=C2=A0
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e type=3D"text/css" emogrify=3D"no">@import url("https://fonts.googleapis.c=
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ttps://fonts.googleapis.com/css2?family=3DAptos"); @import url("https://fon=
ts.googleapis.com/css2?family=3DArial black"); </style><!--<![endif]--><sty=
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nt; } .no-show-for-you { border: none; display: none; float: none; font-siz=
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dden; table-layout: fixed; visibility: hidden; width: 0; } </style><!--[if =
mso]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:=
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"text/css">a:link{color: #fc0; font-style: normal; font-weight: bold; text-=
decoration: underline;}</style></head><body bgcolor=3D"#ffcc00" text=3D"#00=
0000" link=3D"#ffcc00" yahoo=3D"fix" style=3D"background-color: #ffcc00; pa=
dding-bottom: 0px; padding-top: 0px;"> <table cellpadding=3D"0" border=3D"0=
" cellspacing=3D"0" style=3D"mso-hide:all; display:none;">
<tr><td>OE para 2026 n=C3=A3o apresenta altera=C3=A7=C3=B5es substanciais e=
com impacto direto para as empresas portuguesas, no entanto, h=C3=A1 mudan=
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height=3D"1" src=3D"https://r.marketing.raize.pt/mk/op/sh/WCPxRrf2SE93WGxD=
1BvKICSLZ3BWrq8w/D6Xk3hqbCUo2" /> <![endif]-->
<!--[if !mso]> <!----> <img style=3D"display:none" src=3D"https://r.market=
ing.raize.pt/mk/op/sh/WCPxRrf2SE93WGxD1BvKICSLZ3BWrq8w/D6Xk3hqbCUo2" /> <!-=
- <![endif]--> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" rol=
e=3D"presentation" class=3D"nl2go-body-table" width=3D"100%" style=3D"backg=
round-color: #ffcc00; width: 100%;"><tr><td> <table cellspacing=3D"0" cellp=
adding=3D"0" border=3D"0" role=3D"presentation" width=3D"590" align=3D"cent=
er" class=3D"r0-o" style=3D"table-layout: fixed; width: 590px;"><tr><td val=
ign=3D"top" class=3D"r1-i" style=3D"background-color: #ffcc00;"> <table cel=
lspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation" width=
=3D"100%" align=3D"center" class=3D"r3-o" style=3D"table-layout: fixed; wid=
th: 100%;"><tr><td class=3D"r4-i" style=3D"background-color: #fdf8e8; paddi=
ng-bottom: 20px; padding-top: 20px;"> <table width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><tr><th width=3D"10=
0%" valign=3D"top" class=3D"r5-c" style=3D"font-weight: normal;"> <table ce=
llspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation" width=
=3D"100%" class=3D"r6-o" style=3D"table-layout: fixed; width: 100%;"><tr><t=
d valign=3D"top" class=3D"r7-i" style=3D"padding-left: 15px; padding-right:=
15px;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0" role=3D"presentation"><tr><td class=3D"r8-c" align=3D"center" style=
=3D"padding-bottom: 30px; padding-top: 30px;"> <table width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation" height=3D"=
1" style=3D"border-top-style: solid; background-clip: border-box; border-to=
p-color: #4A4A4A; border-top-width: 1px; font-size: 1px; line-height: 1px;"=
><tr><td height=3D"0" style=3D"font-size: 0px; line-height: 0px;">=C2=AD</t=
d> </tr></table></td> </tr><tr><td class=3D"r9-c nl2go-default-textstyle" a=
lign=3D"left" style=3D"color: #000; font-family: arial,helvetica,sans-serif=
; font-size: 16px; line-height: 1.2; word-break: break-word; padding-top: 1=
5px; text-align: left; valign: top;"> <div><h1 class=3D"default-heading1" s=
tyle=3D"margin: 0; color: #1f2d3d; font-family: arial,helvetica,sans-serif;=
font-size: 36px; word-break: break-word;"><span style=3D"color: #666666; f=
ont-family: Arial; font-size: 48px;">RAIZE</span></h1></div> </td> </tr><tr=
><td class=3D"r10-c" align=3D"center" style=3D"font-size: 0px; line-height:=
0px; padding-bottom: 15px; padding-top: 15px; valign: top;"> <a href=3D"ht=
tp://r.marketing.raize.pt/mk/cl/f/sh/WCPzyXJTZ6uvg8ehKsvjL13w2wQvRkIc/IRIE4=
Mdfos4B" target=3D"_blank" style=3D"color: #fc0; font-style: normal; font-w=
eight: bold; text-decoration: underline;" sib_link_id=3D"0" templating=3D"n=
"> <img src=3D"https://img.marketing.raize.pt/im/sh/WCOIrA4Nj5Pn.png?u=3D92=
pJLo34vnrQtTPlejoa8FdxQ35mWQx5Q26" width=3D"560" title=3D"logo" border=3D"0=
" style=3D"display: block; width: 100%;" sib_img_id=3D"0"></a> </td> </tr><=
/table></td> </tr></table></th> </tr></table></td> </tr></table><table cell=
spacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation" width=3D=
"100%" align=3D"center" class=3D"r3-o" style=3D"table-layout: fixed; width:=
100%;"><tr><td class=3D"r11-i" style=3D"background-color: #fdf8e8; padding=
-top: 20px;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor=
der=3D"0" role=3D"presentation"><tr><th width=3D"100%" valign=3D"top" class=
=3D"r5-c" style=3D"font-weight: normal;"> <table cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o" =
style=3D"table-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=3D=
"r7-i" style=3D"padding-left: 15px; padding-right: 15px;"> <table width=3D"=
100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation=
"><tr><td class=3D"r12-c" align=3D"left"> <table cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r13-o"=
style=3D"table-layout: fixed; width: 100%;"><tr><td align=3D"left" valign=
=3D"top" class=3D"r14-i nl2go-default-textstyle" style=3D"color: #000; font=
-family: arial,helvetica,sans-serif; font-size: 16px; word-break: break-wor=
d; line-height: 1; text-align: left;"> <div><h2 class=3D"default-heading2" =
style=3D"margin: 0; color: #000; font-family: arial,helvetica,sans-serif; f=
ont-size: 32px; word-break: break-word;"><span style=3D"color: #000000; fon=
t-size: 48px;">OE 2026: o que muda para as PME portuguesas?</span></h2></di=
v> </td> </tr><tr class=3D"nl2go-responsive-hide"><td height=3D"5" style=3D=
"font-size: 5px; line-height: 5px;">=C2=AD</td> </tr></table></td> </tr><tr=
><td class=3D"r12-c" align=3D"left"> <table cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r13-o" st=
yle=3D"table-layout: fixed; width: 100%;"><tr><td align=3D"left" valign=3D"=
top" class=3D"r14-i nl2go-default-textstyle" style=3D"color: #000; font-fam=
ily: arial,helvetica,sans-serif; font-size: 16px; word-break: break-word; l=
ine-height: 1; text-align: left;"> <div><h2 class=3D"default-heading2" styl=
e=3D"margin: 0; color: #000; font-family: arial,helvetica,sans-serif; font-=
size: 32px; word-break: break-word;"><span style=3D"color: #ffcc00; font-si=
ze: 20px;">A Proposta de Lei do Or=C3=A7amento do Estado para 2026 n=C3=A3o=
apresenta altera=C3=A7=C3=B5es substanciais e com impacto direto para as e=
mpresas portuguesas, no entanto, h=C3=A1 mudan=C3=A7as positivas a ter em c=
onsidera=C3=A7=C3=A3o.</span></h2></div> </td> </tr><tr class=3D"nl2go-resp=
onsive-hide"><td height=3D"5" style=3D"font-size: 5px; line-height: 5px;">=
=C2=AD</td> </tr></table></td> </tr></table></td> </tr></table></th> </tr><=
/table></td> </tr></table><table cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0" role=3D"presentation" width=3D"100%" align=3D"center" class=3D"r3-o"=
style=3D"table-layout: fixed; width: 100%;"><tr><td class=3D"r11-i" style=
=3D"background-color: #fdf8e8; padding-top: 20px;"> <table width=3D"100%" c=
ellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><tr><=
th width=3D"100%" valign=3D"top" class=3D"r5-c" style=3D"background-color: =
#fdf8e8; font-weight: normal;"> <table cellspacing=3D"0" cellpadding=3D"0" =
border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o" style=3D"t=
able-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=3D"r15-i" st=
yle=3D"background-color: #fdf8e8; padding-left: 15px; padding-right: 15px;"=
> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" ro=
le=3D"presentation"><tr><td class=3D"r12-c nl2go-default-textstyle" align=
=3D"left" style=3D"color: #000; font-family: arial,helvetica,sans-serif; fo=
nt-size: 16px; word-break: break-word; line-height: 1.5; text-align: left; =
valign: top;"> <div><p data-pm-slice=3D"1 1 []" id=3D"isPasted" style=3D"ma=
rgin: 0;"><br></p><p id=3D"isPasted" style=3D"margin: 0;"><span style=3D"fo=
nt-size: 14px;">A apresenta=C3=A7=C3=A3o da Proposta do Or=C3=A7amento do E=
stado =C3=A9 sempre um momento de expetativa para os empres=C3=A1rios, que =
aguardam as medidas de pol=C3=ADtica fiscal que ser=C3=A3o adotadas pelo Go=
verno e que tanto impacto t=C3=AAm na vida das suas empresas, colaboradores=
e parceiros.</span></p><p style=3D"margin: 0;"><span style=3D"font-size: 1=
4px;">=C2=A0</span></p><p style=3D"margin: 0;"><span style=3D"font-size: 14=
px;">Entre incentivos fiscais, capitaliza=C3=A7=C3=A3o e apoios ao investim=
ento, na Proposta do Or=C3=A7amento do Estado para 2026, o Governo optou po=
r incluir apenas altera=C3=A7=C3=B5es legislativas cir=C3=BArgicas, reserva=
ndo as op=C3=A7=C3=B5es de pol=C3=ADtica fiscal para diplomas avulsos. Cont=
udo, essas op=C3=A7=C3=B5es n=C3=A3o deixam de ter impacto financeiro no Or=
=C3=A7amento do Estado.</span></p><p style=3D"margin: 0;"><br></p><p style=
=3D"margin: 0;"><span style=3D"font-size: 18px;"><strong><span style=3D"col=
or: rgb(255, 204, 0);">Principais medidas que podem afetar as PME:</span></=
strong></span></p><p style=3D"margin: 0;"><br></p><ul style=3D"margin: 0;">=
<li style=3D"margin: 0; font-size: 14px;"><strong data-start=3D"64" data-en=
d=3D"94">Descida do IRC para PME:=C2=A0</strong>A taxa geral de IRC desce d=
e 20% para 19% em 2026, prevendo-se redu=C3=A7=C3=B5es adicionais para 18% =
em 2027 e 17% em 2028. As PME e Small Mid Cap beneficiar=C3=A3o de uma taxa=
reduzida de 15% sobre os primeiros 50.000 =E2=82=AC de mat=C3=A9ria colet=
=C3=A1vel;</li></ul><p style=3D"margin: 0;"><span style=3D"font-size: 14px;=
"><br></span></p><ul style=3D"margin: 0;"><li style=3D"margin: 0; font-size=
: 14px;"><strong data-start=3D"279" data-end=3D"325">Incentivo =C3=A0 valor=
iza=C3=A7=C3=A3o salarial no IRC:=C2=A0</strong>Mant=C3=A9m-se o benef=C3=
=ADcio fiscal para empresas que aumentem sal=C3=A1rios em pelo menos 4,6%. =
O objetivo =C3=A9 premiar a valoriza=C3=A7=C3=A3o dos trabalhadores e alinh=
ar as empresas com o acordo de concerta=C3=A7=C3=A3o social;</li></ul><p st=
yle=3D"margin: 0;"><span style=3D"font-size: 14px;"><br></span></p><ul styl=
e=3D"margin: 0;"><li style=3D"margin: 0; font-size: 14px;"><strong data-sta=
rt=3D"527" data-end=3D"573">Pr=C3=A9mios de produtividade isentos at=C3=A9 =
6%:=C2=A0</strong>Os pr=C3=A9mios de produtividade, lucros e gratifica=C3=
=A7=C3=B5es mant=C3=AAm isen=C3=A7=C3=A3o de IRS at=C3=A9 6% do sal=C3=A1ri=
o base anual. Esta isen=C3=A7=C3=A3o s=C3=B3 se aplica se houver um aumento=
salarial m=C3=ADnimo de 4,6%;</li></ul><p style=3D"margin: 0;"><span style=
=3D"font-size: 14px;"><br></span></p><ul style=3D"margin: 0;"><li style=3D"=
margin: 0; font-size: 14px;"><strong data-start=3D"755" data-end=3D"804">En=
trega do ficheiro SAF-T da contabilidade:=C2=A0</strong>A obrigatoriedade d=
e entrega do ficheiro SAF-T da contabilidade volta a ser adiada. Em vez de =
entrar em vigor para os per=C3=ADodos contabil=C3=ADsticos de 2026, passar=
=C3=A1 a aplicar-se apenas a partir de 2027, com entrega em 2028. O Governo=
pretende rever e atualizar o regime antes da sua entrada em vigor;</li></u=
l><p style=3D"margin: 0;"><br></p><ul style=3D"margin: 0;"><li style=3D"mar=
gin: 0; font-size: 14px;"><strong data-start=3D"964" data-end=3D"1010">Fatu=
ras em PDF e valoriza=C3=A7=C3=A3o dos stocks:=C2=A0</strong>As faturas em =
formato PDF continuam v=C3=A1lidas at=C3=A9 ao final de 2026. A valoriza=C3=
=A7=C3=A3o dos invent=C3=A1rios permanece suspensa, mantendo-se apenas a ob=
riga=C3=A7=C3=A3o de comunica=C3=A7=C3=A3o de quantidades;</li></ul><p styl=
e=3D"margin: 0;"><br></p><ul style=3D"margin: 0;"><li style=3D"margin: 0; f=
ont-size: 14px;"><strong data-start=3D"1194" data-end=3D"1252">Promo=C3=A7=
=C3=A3o do empreendedorismo e inova=C3=A7=C3=A3o empresarial:=C2=A0</strong=
>O Governo reserva 2.337 milh=C3=B5es de euros para apoiar a cria=C3=A7=C3=
=A3o e o crescimento de empresas inovadoras. Inclui-se ainda a consolida=C3=
=A7=C3=A3o da Startup Portugal como plataforma nacional de empreendedorismo=
, a promo=C3=A7=C3=A3o da ado=C3=A7=C3=A3o da intelig=C3=AAncia artificial =
nas empresas e a cria=C3=A7=C3=A3o de programas de acelera=C3=A7=C3=A3o int=
ernacional.</li></ul><p style=3D"margin: 0;"><br></p><ul style=3D"margin: 0=
;"><li style=3D"margin: 0; font-size: 14px;"><strong data-start=3D"1444" da=
ta-end=3D"1491">Aumento do sal=C3=A1rio m=C3=ADnimo nacional (SMN):=C2=A0</=
strong>O sal=C3=A1rio m=C3=ADnimo sobe para 920 =E2=82=AC em 2026, um aumen=
to de 5,75% face ao valor atual e situando-se acima da infla=C3=A7=C3=A3o. =
A meta =C3=A9 atingir 1.100 =E2=82=AC at=C3=A9 2028, refor=C3=A7ando a valo=
riza=C3=A7=C3=A3o do trabalho e dos rendimentos.=C2=A0</li></ul><p class=3D=
"default" style=3D"margin: 0;"><span style=3D"font-size: 14px;"><strong>=C2=
=A0</strong></span></p><p class=3D"default" style=3D"margin: 0;"><span styl=
e=3D"font-size: 14px;"><strong>Perspectivas econ=C3=B3micas: Acelera=C3=A7=
=C3=A3o de crescimento suportado pelo aumento da procura interna e do consu=
mo privado.</strong></span></p><p class=3D"default" style=3D"margin: 0;"><b=
r></p><p class=3D"default" style=3D"margin: 0;"><span style=3D"font-size: 1=
4px;">A economia portuguesa dever=C3=A1 acelerar no pr=C3=B3ximo ano. Depoi=
s de um crescimento esperado do PIB de 2% este ano, Portugal ir=C3=A1 cresc=
er 2,3% em 2026. A concretizarem-se estas previs=C3=B5es, a economia portug=
uesa continuar=C3=A1 a crescer acima da m=C3=A9dia da zona euro, onde se pr=
ev=C3=AA um crescimento de apenas 1,2%, de acordo com as =C3=BAltimas previ=
s=C3=B5es do Banco Central Europeu (BCE).</span></p><p class=3D"default" st=
yle=3D"margin: 0;"><br></p></div> </td> </tr></table></td> </tr></table></t=
h> </tr></table></td> </tr></table><table cellspacing=3D"0" cellpadding=3D"=
0" border=3D"0" role=3D"presentation" width=3D"100%" align=3D"center" class=
=3D"r3-o" style=3D"table-layout: fixed; width: 100%;"><tr><td class=3D"r16-=
i" style=3D"background-color: #fdf8e8; padding-bottom: 20px;"> <table width=
=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presenta=
tion"><tr><th width=3D"100%" valign=3D"top" class=3D"r5-c" style=3D"backgro=
und-color: #fdf8e8; font-weight: normal;"> <table cellspacing=3D"0" cellpad=
ding=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o"=
style=3D"table-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=
=3D"r15-i" style=3D"background-color: #fdf8e8; padding-left: 15px; padding-=
right: 15px;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bo=
rder=3D"0" role=3D"presentation"><tr><td class=3D"r10-c" align=3D"center" s=
tyle=3D"font-size: 0px; line-height: 0px; padding-bottom: 15px; padding-top=
: 15px; valign: top;"> <img src=3D"https://img.marketing.raize.pt/im/sh/_Ej=
ckmXCIxZc.png?u=3D92pJLo34vnrQtbCpgx4wDjJjACsvJK4L7eE" width=3D"560" border=
=3D"0" style=3D"display: block; width: 100%;" sib_img_id=3D"1"></td> </tr><=
tr><td class=3D"r12-c nl2go-default-textstyle" align=3D"left" style=3D"colo=
r: #000; font-family: arial,helvetica,sans-serif; font-size: 16px; word-bre=
ak: break-word; line-height: 1.5; text-align: left; valign: top;"> <div><p =
style=3D"margin: 0;"><br></p><p style=3D"margin: 0;"><span style=3D"font-si=
ze: 14px;">No que diz respeito =C3=A0 infla=C3=A7=C3=A3o, o Governo prev=C3=
=AA que no final de 2025 a subida m=C3=A9dia dos pre=C3=A7os atinja 2,4% e =
que em 2026 desacelere para 2,1%. O Governo conta ainda com uma manuten=C3=
=A7=C3=A3o da taxa de desemprego em n=C3=ADveis historicamente baixos, nos =
6,1%, e espera ter um excedente or=C3=A7amental de 0,3%.</span></p><p style=
=3D"margin: 0;"><br></p><p style=3D"margin: 0;"><span style=3D"font-size: 1=
4px;">Conclu=C3=ADsse assim, que apesar de haver poucas iniciativas dirigid=
as especificamente aos problemas das PME, a verdade =C3=A9 que tamb=C3=A9m =
n=C3=A3o se identificam iniciativas de maior risco que possam gerar problem=
as =C3=A0 atividade empresarial em 2026.=C2=A0</span></p><p style=3D"margin=
: 0;"><br></p><p style=3D"margin: 0;"><span style=3D"font-size: 14px;">Equi=
pa Raize</span></p><p style=3D"margin: 0;"><br></p></div> </td> </tr></tabl=
e></td> </tr></table></th> </tr></table></td> </tr></table><table cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation" width=3D"100%=
" align=3D"center" class=3D"r3-o" style=3D"table-layout: fixed; width: 100%=
;"><tr><td class=3D"r17-i" style=3D"background-color: #ffffff; padding-top:=
20px;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0" role=3D"presentation"><tr><th width=3D"100%" valign=3D"top" class=3D=
"r5-c" style=3D"font-weight: normal;"> <table cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o" sty=
le=3D"table-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=3D"r7=
-i" style=3D"padding-left: 15px; padding-right: 15px;"> <table width=3D"100=
%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><=
tr><td class=3D"r18-c nl2go-default-textstyle" align=3D"left" style=3D"colo=
r: #000; font-family: arial,helvetica,sans-serif; font-size: 16px; word-bre=
ak: break-word; background-color: #ffffff; line-height: 1.5; text-align: le=
ft; valign: top;"> <div><p style=3D"margin: 0; text-align: center;"><span s=
tyle=3D"font-size: 36px;"><strong><span style=3D"color: rgb(255, 204, 0); f=
ont-family: Arial black, helvetica, sans-serif; background-color: rgb(255, =
255, 255);"><u>FINANCIAMENTO PME</u></span></strong></span></p><p style=3D"=
margin: 0; text-align: left;"><br></p><p style=3D"margin: 0; text-align: le=
ft;"><span style=3D"font-size: 14px;"><strong><span style=3D"color: rgb(0, =
0, 0);"><span id=3D"isPasted" style=3D"font-style: normal; font-weight: 400=
; text-decoration-thickness: initial; text-decoration-style: initial;">Se p=
rocura meios financeiros para investir na sua empresa, n=C3=A3o hesite em c=
ontactar-nos.</span></span></strong></span></p><p style=3D"margin: 0; text-=
align: left;"><span style=3D"font-size: 14px;"><strong><span style=3D"color=
: rgb(0, 0, 0);"><span style=3D"font-style: normal; font-weight: 400; text-=
decoration-thickness: initial; text-decoration-style: initial;">Comece hoje=
mesmo um processo de consulta e estudo</span></span></strong><span style=
=3D"color: rgb(0, 0, 0);"><strong><span style=3D"font-style: normal; font-w=
eight: 400; text-decoration-thickness: initial; text-decoration-style: init=
ial;">=C2=A0<strong>gratuito e sem compromisso</strong>.=C2=A0</span></stro=
ng></span></span><br><span style=3D"font-size: 14px;"><span style=3D"color:=
rgb(0, 0, 0);"><strong><span style=3D"font-style: normal; font-weight: 400=
; text-decoration-thickness: initial; text-decoration-style: initial;">Aced=
a a </span></strong><strong><a href=3D"http://r.marketing.raize.pt/mk/cl/f/=
sh/WCPzyXJTZ72ikArxgyPP6lDjBjK2hRuk/4i_ayNz71F07" title=3D"Raize Financiame=
nto PME" target=3D"_blank" style=3D"color: #fc0; font-style: normal; font-w=
eight: bold; text-decoration: underline; font-size: 14px;" sib_link_id=3D"1=
" templating=3D"n"><strong>www.raize.pt</strong></a></strong><strong><span =
style=3D"font-style: normal; font-weight: 400; text-decoration-thickness: i=
nitial; text-decoration-style: initial;"> ou entre em contacto connosco atr=
av=C3=A9s do email </span></strong><strong><a href=3D"mailto:risco@raize.pt=
" target=3D"_blank" style=3D"color: #fc0; font-style: normal; font-weight: =
bold; text-decoration: underline; font-size: 14px;">risco@raize.pt</a></str=
ong><strong><span style=3D"font-style: normal; font-weight: 400; text-decor=
ation-thickness: initial; text-decoration-style: initial;"> </span></strong=
><strong><span style=3D"font-style: normal; font-weight: 400; text-decorati=
on-thickness: initial; text-decoration-style: initial;">para mais informa=
=C3=A7=C3=B5es=C2=A0sobre as linhas de financiamento da Raize.</span></stro=
ng></span></span></p><p style=3D"margin: 0; text-align: left;"><br></p></di=
v> </td> </tr></table></td> </tr></table></th> </tr></table></td> </tr></ta=
ble><table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"present=
ation" width=3D"100%" align=3D"center" class=3D"r3-o" style=3D"table-layout=
: fixed; width: 100%;"><tr><td class=3D"r19-i" style=3D"background-color: #=
ffffff;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0" role=3D"presentation"><tr><th width=3D"100%" valign=3D"top" class=3D=
"r5-c" style=3D"font-weight: normal;"> <table cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o" sty=
le=3D"table-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=3D"r7=
-i" style=3D"padding-left: 15px; padding-right: 15px;"> <table width=3D"100=
%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><=
tr><td class=3D"r10-c" align=3D"center" style=3D"padding-bottom: 15px; padd=
ing-top: 15px; valign: top;"> <a href=3D"http://r.marketing.raize.pt/mk/cl/=
f/sh/WCPzyXJTZ7AVoD5E33t4sVNWKWD9x9Ws/NZt5NL7l9a6b" target=3D"_blank" style=
=3D"color: #fc0; font-style: normal; font-weight: bold; text-decoration: un=
derline;" sib_link_id=3D"2" templating=3D"n"> <img src=3D"https://img.marke=
ting.raize.pt/im/sh/RnzIhJW8fRlu.png?u=3D92pJLo34vnrQuEA9s1Oif7gZszqdFlebdi=
s" width=3D"560" alt=3D"Raize Cinco Estrelas" border=3D"0" style=3D"display=
: block; width: 100%;" sib_img_id=3D"6"></a> </td> </tr></table></td> </tr>=
</table></th> </tr></table></td> </tr></table><table cellspacing=3D"0" cell=
padding=3D"0" border=3D"0" role=3D"presentation" width=3D"100%" align=3D"ce=
nter" class=3D"r3-o" style=3D"table-layout: fixed; width: 100%;"><tr><td cl=
ass=3D"r19-i" style=3D"background-color: #ffffff;"> <table width=3D"100%" c=
ellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><tr><=
th width=3D"100%" valign=3D"top" class=3D"r5-c" style=3D"font-weight: norma=
l;"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presen=
tation" width=3D"100%" class=3D"r6-o" style=3D"table-layout: fixed; width: =
100%;"><tr><td valign=3D"top" class=3D"r7-i" style=3D"padding-left: 15px; p=
adding-right: 15px;"> <table width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0" role=3D"presentation"><tr><td class=3D"r20-c" align=3D"=
center" style=3D"align: center; padding-bottom: 15px; padding-top: 15px; va=
lign: top;"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=
=3D"presentation" width=3D"392" class=3D"r21-o" style=3D"background-color: =
#ffcc00; border-collapse: separate; border-color: #ffcc00; border-radius: 4=
px; border-style: solid; border-width: 0px; table-layout: fixed; width: 392=
px;"><tr><td height=3D"39" align=3D"center" valign=3D"top" class=3D"r22-i n=
l2go-default-textstyle" style=3D"word-break: break-word; background-color: =
#ffcc00; border-radius: 4px; color: #ffffff; font-family: arial,helvetica,s=
ans-serif; font-size: 16px; font-style: normal; line-height: 1.15; padding-=
bottom: 12px; padding-top: 12px; text-align: center;"> <a href=3D"http://r.=
marketing.raize.pt/mk/cl/f/sh/WCPzyXJTZ7IIsFIUP9MkeFXJTJ6HCr90/hwkOEPKJCUvH=
" class=3D"r23-r default-button" target=3D"_blank" title=3D"PME" data-btn=
=3D"1" style=3D"font-style: normal; font-weight: normal; line-height: 1.15;=
text-decoration: none; word-break: break-word; word-wrap: break-word; disp=
lay: block; -webkit-text-size-adjust: none; color: #ffffff; font-family: ar=
ial,helvetica,sans-serif; font-size: 16px;" sib_link_id=3D"3" templating=3D=
"n"> <span><span style=3D"color: #000000; font-size: 18px;"><strong>COME=C3=
=87AR PROCESSO DE ESTUDO</strong></span><br><span style=3D"color: #000000;"=
><strong>(gratuito e sem compromisso)</strong></span></span></a> </td> </tr=
></table></td> </tr></table></td> </tr></table></th> </tr></table></td> </t=
r></table><table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"p=
resentation" width=3D"100%" align=3D"center" class=3D"r3-o" style=3D"table-=
layout: fixed; width: 100%;"><tr><td class=3D"r24-i" style=3D"background-co=
lor: #ffffff; padding-bottom: 20px; padding-top: 20px;"> <table width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation">=
<tr><th width=3D"100%" valign=3D"top" class=3D"r5-c" style=3D"font-weight: =
normal;"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"p=
resentation" width=3D"100%" class=3D"r6-o" style=3D"table-layout: fixed; wi=
dth: 100%;"><tr><td valign=3D"top" class=3D"r7-i" style=3D"padding-left: 15=
px; padding-right: 15px;"> <table width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0" role=3D"presentation"><tr><td class=3D"r18-c nl2go-d=
efault-textstyle" align=3D"left" style=3D"color: #000; font-family: arial,h=
elvetica,sans-serif; font-size: 16px; word-break: break-word; background-co=
lor: #ffffff; line-height: 1.5; text-align: left; valign: top;"> <div><p st=
yle=3D"margin: 0;"><span style=3D"font-size: 14px;"><span style=3D"color: r=
gb(0, 0, 0);"><strong></strong><span style=3D"font-size: 11px;">Financiamen=
to sujeito a an=C3=A1lise. A Raize =C3=A9 um dos financiadores de refer=C3=
=AAncia das PME em Portugal. A Raizecrowd, Lda =C3=A9 uma entidade autoriza=
da e supervisionada pela CMVM. A Raize - Institui=C3=A7=C3=A3o de Pagamento=
s, S.A., Sociedade Aberta, =C3=A9 uma institui=C3=A7=C3=A3o de pagamentos a=
utorizada e supervisionada pelo Banco de Portugal.</span></span></span></p>=
</div> </td> </tr></table></td> </tr></table></th> </tr></table></td> </tr>=
</table><table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"pre=
sentation" width=3D"100%" align=3D"center" class=3D"r3-o" style=3D"table-la=
yout: fixed; width: 100%;"><tr><td class=3D"r24-i" style=3D"background-colo=
r: #ffffff; padding-bottom: 20px; padding-top: 20px;"> <table width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><t=
r><th width=3D"50%" valign=3D"top" class=3D"r5-c" style=3D"font-weight: nor=
mal;"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"pres=
entation" width=3D"100%" class=3D"r6-o" style=3D"table-layout: fixed; width=
: 100%;"><tr><td valign=3D"top" class=3D"r25-i" style=3D"padding-left: 15px=
; padding-right: 15px;"> <table width=3D"100%" cellspacing=3D"0" cellpaddin=
g=3D"0" border=3D"0" role=3D"presentation"><tr><td class=3D"r26-c" align=3D=
"center" style=3D"border-radius: 8px; font-size: 0px; line-height: 0px; pad=
ding-top: 50px; valign: top;"> <a href=3D"http://r.marketing.raize.pt/mk/cl=
/f/sh/WCPzyXJTZ7Q5wHVklEqQPzh6c5zOSYl8/vjoAjGtFjPSw" target=3D"_blank" styl=
e=3D"color: #fc0; font-style: normal; font-weight: bold; text-decoration: u=
nderline;" sib_link_id=3D"4" templating=3D"n"> <img src=3D"https://img.mark=
eting.raize.pt/im/sh/kJIe-g9L7q0w.jpg?u=3D92pJLo34vnrQtiztjALIJCzUuMg46DBap=
GM" width=3D"265" title=3D"Podcast" border=3D"0" style=3D"display: block; w=
idth: 100%; border-radius: 8px;" sib_img_id=3D"2"></a> </td> </tr></table><=
/td> </tr></table></th> <th width=3D"50%" valign=3D"top" class=3D"r5-c" sty=
le=3D"font-weight: normal;"> <table cellspacing=3D"0" cellpadding=3D"0" bor=
der=3D"0" role=3D"presentation" width=3D"100%" class=3D"r6-o" style=3D"tabl=
e-layout: fixed; width: 100%;"><tr><td valign=3D"top" class=3D"r7-i" style=
=3D"padding-left: 15px; padding-right: 15px;"> <table width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presentation"><tr><td cl=
ass=3D"r12-c" align=3D"left"> <table cellspacing=3D"0" cellpadding=3D"0" bo=
rder=3D"0" role=3D"presentation" width=3D"100%" class=3D"r13-o" style=3D"ta=
ble-layout: fixed; width: 100%;"><tr><td align=3D"left" valign=3D"top" clas=
s=3D"r14-i nl2go-default-textstyle" style=3D"color: #000; font-family: aria=
l,helvetica,sans-serif; font-size: 16px; word-break: break-word; line-heigh=
t: 1; text-align: left;"> <div><h2 class=3D"default-heading2" style=3D"marg=
in: 0; color: #000; font-family: arial,helvetica,sans-serif; font-size: 32p=
x; word-break: break-word;"><span style=3D"color: #ffcc00; font-size: 24px;=
"><strong>Podcast Capital de Sucesso com Camilo Louren=C3=A7o</strong></spa=
n></h2></div> </td> </tr><tr class=3D"nl2go-responsive-hide"><td height=3D"=
5" style=3D"font-size: 5px; line-height: 5px;">=C2=AD</td> </tr></table></t=
d> </tr><tr><td class=3D"r12-c" align=3D"left"> <table cellspacing=3D"0" ce=
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align=3D"top" class=3D"r28-i nl2go-default-textstyle" style=3D"color: #000;=
font-family: arial,helvetica,sans-serif; font-size: 16px; line-height: 1.2=
; word-break: break-word; text-align: left;"> <div><p style=3D"margin: 0;">=
<span style=3D"color: #3c4858; font-size: 12px;">J=C3=A1 se encontra dispon=
=C3=ADvel um novo epis=C3=B3dio do podcast</span><span style=3D"font-size: =
12px;">=C2=A0</span><a href=3D"http://r.marketing.raize.pt/mk/cl/f/sh/WCPzy=
XJTZ7Xt0Jj17KK6BjqtkssViGNG/0NgKcum16Kg_" title=3D"Podcast" target=3D"_blan=
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nt-weight: bold; text-decoration: underline;" sib_link_id=3D"5" templating=
=3D"n"><span style=3D"font-size: 12px;"><strong>Capital de Sucesso</strong>=
</span></a><span style=3D"color: #3c4858; font-size: 12px;">, resultante de=
uma parceria entre a Raize e a Flexdeal.=C2=A0</span><br><span style=3D"co=
lor: #3c4858; font-size: 12px;">Acompanhe o podcast semanalmente nas plataf=
ormas habituais.=C2=A0</span></p></div> </td> </tr><tr class=3D"nl2go-respo=
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le=3D"margin: 0; color: #888888; font-family: Arial,Helvetica,sans-serif; f=
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reak-word; text-align: center;"> <div><p style=3D"margin: 0; color: #888888=
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ass=3D"r7-i" style=3D"padding-left: 15px; padding-right: 15px;"> <table wid=
th=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" role=3D"presen=
tation"><tr><td class=3D"r12-c" align=3D"left"> <table cellspacing=3D"0" ce=
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eak-word; line-height: 20px; text-align: center;"> <div><p style=3D"margin:=
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8;"><span><span style=3D"color: rgb(0, 0, 0); font-size: 10px; background-c=
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