Eurosystem lowers Portugal’s economic growth forecast for 2016

20 June 2016

The European Central Bank has lowered its growth forecast for the Portuguese economy to 1,3 percent in 2016, after announcing a forecast of 1.5 percent in March, according to a statement issued last week.

The ECB, on publishing its Eurosystem projections, also expects the Portuguese economy to grow by a tenth of a decimal point less in the following years compared to figures released in March. It projections now point to growth of 1.6 percent in 2017 (1.7 percent in March) and 1.5 percent in 2018 (1.6 percent in March).

The Portuguese government continues to say that the country’s economy will post growth of 1.8 percent this year, the same in 2017, and that growth will increase slightly in the following years to 1.9 percent in 2018 and 2.0 percent in 2020.

Throughout the period under consideration, according to the Eurosystem, the Portuguese economy is expected to grow at a lower rate than the Euro Zone.

The Euro Zone is expected to post average overall growth of 1.6 percent in 2016, 1.6 percent in 2015 and 1.7 percent in 2017 and 2018.

The Eurosystem brings together the European Central Bank and the national central banks of Euro countries – Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. (macauhub/PT)