The Bank of Portugal rises to 1.7% growth forecast … – Investing.com Spain

Lisbon, March 25 (EFE) .- The Bank of Portugal (BoP) today upgraded its growth forecasts for the Portuguese economy for 2015 and now estimates a rise in GDP of 1 7%, two tenths higher than projected last December.

In a statement, the Portuguese banking supervisor also notes that expects an economic improvement of 1.9% in 2016-three tenths of the above foreseen- and 2% in 2017.

These estimates exceed the forecasts made by the Portuguese Government in recent state budget for this year, pointing to a growth of 1.5%, and also the International Monetary Fund (IMF), which calculated a rise of 1.6%.

The central bank said Tuesday that the country’s economy has a growth rate close to that estimated for the zone the euro.

He stressed also that the acceleration of economic activity reflects the projected growth for exports, “in line with the assumptions for external consumption led to the Portuguese economy.”

This evolution explained BOP helped maintain a surplus in the current account and capital.

On the other hand, domestic consumption has a “moderate growth” evolution proceeding conditioned by the need to continue fiscal consolidation and the “high” levels of indebtedness of the private sector.

As for the labor market, the BOP considered that in the period 2015-2017 there will be a “moderate” acceleration employment and a progressive decline in the unemployment rate, which currently stands at around 13%.

On the other hand, expects prices to stabilize in 2015 and recorded increases close to 1% in the following two years, in line with the recovery of the Portuguese and international economy.

The Portuguese economy ended 2014 with GDP growth of 0.9%, after three consecutive years of recession, coinciding with the period in the country who lived under the program of financial assistance from the EU and IMF.

Portugal closed in May last year this program, through which he received a loan of 78,000 million euros in exchange . to apply a severe plan adjustments and cuts

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