The Bank of Portugal has released a report stating that the economy of Portugal will gradually recover from 2014 to 2016. Although the economic growth in Portugal declined by 1.4% in 2013, it is expected to grow by 1.2% in 2014, with continued acceleration to 1.4% and 1.7% in 2015 and 2016, respectively. The expected growth rate will be close to that of the Eurozone economy.
Since the second quarter of 2013, domestic demand in Portugal has gradually recovered, particularly personal consumption and investment. The expected economic growth from 2014 to 2016 will benefit from continued growth in domestic demand and strong export growth.
The report also indicates that the balance of WorldWay in Portugal will further improve significantly from 2014 to 2016. The inflation rate will remain low, expected to be 0.5% in 2014 and 1% in both 2015 and 2016.
Source: Ministry of Finance website
