Portuguese economy grows by 0.9 pct in 2014

16 February 2015

Portugal’s economy in 2014 recorded growth of 0.9 percent, compared to a drop of 1.3 percent recorded in 2013, the country’s National Institute of Statistics (INE) said Friday.

The reversal of economic performance was mainly due to recovery in domestic demand, according to the statistics published by INE, which on 27 February is due to publish more detailed results of the national accounts.

The latest Portuguese government forecast pointed to GDP growth of 1 percent in 2014.

In the fourth quarter of 2014 INE recorded GDP growth of 0.7 percent over the same period of 2013, which was a slowdown from the 1.1 percent rise seen in the third quarter.

This development, INE said, “was determined by a less positive contribution from domestic demand compared to the previous quarter, reflecting the slowdown in private consumption.”

INE also said, “net external demand had a slightly less negative contribution to annual GDP growth due to increased exports of goods and services.” (macauhub/PT)