OECD forecasts recovery for Portuguese economy

14 February 2013

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

The OECD’s leading composite indicators for December, which note 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 ninth consecutive month.

According to the figures published by the organisation, the composite indicator for Portugal reached 99.50 points, which is close to the long term average of 100 points.

Meanwhile, Portuguese exports rose 5.8 percent in 2012 to 45.347 billion euros and imports fell 5.4 percent to 56.015 billion euros, which reduced the traditional trade deficit.

In the fourth quarter of 2012, exports rose by 1 percent and imports dropped by 3 percent against the same period of the previous year, which reduced the trade deficit by 533.7 million euros.

As a result of these figures, the rate of coverage of imports by exports improved by 3.2 percentage points against the rate seen in the same period of 2011. (macauhub)