The Bank of Portugal has kept its growth forecasts for the Portuguese economy until 2017 unchanged, anticipating an increase of 1.7 percent this year of 1.9 percent in 2016 and 2 percent in 2017, according to an economic report issued Monday in Lisbon.
In the document, the central bank confirmed the forecast for the Portuguese gross domestic product (GDP) disclosed in March, despite changing its forecast for GDP composition, and said that in 2017 GDP was expected to be close to the level achieved in 2008.
The expected growth is based, according to the central bank, “on robust export growth and domestic demand.”
Exports should grow 4.8 percent this year, with growth accelerating the pace of growth to 6 percent in 2016 and 6.4 percent in 2017, which are more optimistic estimates than the central bank offered in March.
According to estimates from the Bank of Portugal, the weight of exports in GDP in real terms “should increase 14 percentage points between 2008 and 2017, standing at around 46 percent at the end of the projection horizon.” (macauhub/AO/PT)