After experiencing a three-year recession, Portugal, once the "severe patient" of the European debt crisis, has finally caught its breath. With an increase in exports and a decrease in unemployment, the economic outlook for Portugal is gradually improving. Recently, the international rating agency Moody's maintained Portugal's Ba3 rating while upgrading its rating outlook.
Moody's expects that in 2014, Portugal's Gross Domestic Product (GDP) will grow moderately, with an increase of 0.7%. In recent months, Portugal's unemployment rate has begun to decline, with the unemployment rate in September of last year at 16.3%, down from the higher level of 17.7% in January of last year.
Moody's stated that while Portugal's success is mainly attributed to its ability to export to countries outside the European Union, the recovery of Spain and the entire Eurozone has also provided a boost to Portugal.
