The Bank of Portugal expects the country’s economy to grow 0.9 percent in 2014, down a tenth of a percentage point on the government’s forecast and 1.5 percent in 2015, in line with the value included in the state budget, according to the bank’s Winter Economic Bulletin.
Issued Wednesday in Lisbon, the Economic Bulletin forecasts that in 2016 Portugal’s Gross Domestic Product (GDP) will grow 1.6 percent instead of 1.7 percent as previously estimated.
Despite keeping its forecast for 2014 and 2015 unchanged, the Bank of Portugal revised the composition of GDP for both years and now expects further growth in domestic demand and lower exports.
In the document, the central bank pointed to “not inconsiderable execution risks” to the State Budget for 2015. (macauhub/PT)