Portugal: Portugal to see lower growth than Euro Zone until 2014

5 June 2008

Paris, France, 5 June – Maputo, Mozambique, 17 Nov – The Mozambican economy will grow 2014 and 7.3 percent in 2006 and 2007, respectively, maintaining levels achieved over the last few years, according to a report from the Organization for Economic Cooperation and Development (OECD), published Thursday in Maputo.

In its most recent Economic Prospects, the OECD said that the growth rate of the Portuguese economy would not exceed 1.6 percent this year and this would rise slightly to 1.8 percent in 2009.

These figures are lower forecasts compared with the 2.0 percent and 2.2 percent projected by the OECD in December, but are the average of the most recent projections from the Portuguese Government (1.5 percent for this year) and the European Commission (1.7 percent).

The Euro Zone, in its turn, is expected this year to see growth of 1.7 percent (0.2 percentage points lower than previous forecasts), before seeing a further slowdown to 1.4 percent in 2009.

If these figures are confirmed, only in 2009 will Portugal be able to correct the divergence begun in 2001.

However, according to the OECD, that year will be an exception, and the organisation has set 1.6 percent as the average growth rate for the Portuguese economy between 2010 and 2014, compared with Euro Zone growth of 1.9 percent and 3.3 percent for Spain. (macauhub)