OECD forecasts economic recovery in Portugal

15 January 2013

The Organisation for Economic Cooperation and Development (OECD) said Monday in Paris that economic activity in Portugal would see some recovery in the next few months, as it would in Ireland, but lowered its estimates for the Greek economy.

The OECD’s leading composite indicators for November, which highlight improvements or downturns in economies in the next six to nine months, show a rise in prospects for improvement of economic activities in Portugal for the eighth consecutive month.

The composite indicators for Portugal reached 99.44 points, which is close to the long term average of 100 points.

The OECD’s figures until October had shown improvements in the prospects for the Greek economy, which rose for 10 consecutive months, but the organisation revised those figures and now points to a deterioration of the outlook in August and September and growth in November.

In Ireland’s case the figures remain consistent and show continued improvements to the economic outlook for over a year and exceeding the base level for the long term average by reaching 101.4 points in November. (macauhub)