Edition 1480
23 June 2018
Edition: 1480

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Fastest growth this century

by Brendan de Beer, in News · 15-02-2018 14:30:00 · 1 Comments

The Portuguese economy in 2017 grew quicker than the European union average, and also recorded the fastest growth since the beginning of the millennium. This growth comes only three years after Portugal emerged from a painful and austerity-laden bailout.

Fastest growth this century

A flash estimate by Statistics Portugal (INE) said this week that Portugal’s gross domestic product (GDP) had increased from 1.5 percent in 2016 to 2.7 percent last year.
The Portuguese statistical agency attributed this exceptional growth to an increase in domestic demand, especially investment, while the contribution of net external demand remained unchanged.
The latest figures follow an extended period in which the economy failed to produce any wealth, with the country’s riches shrinking in all years except one between 2008 and 2013.
The expansion of the economy is also underlined by the fact that it has now grown for the past 15 consecutive quarters.
João Borges de Assunção, a professor at Lisbon’s Catholic University, in comments to Lusa News Agency this week, said the latest numbers represent one of the “healthiest [rates of growth] since Portugal entered the single currency” in 1999.
António da Ascensão Costa, a professor at Lisbon’s Higher Institute of Economy and Management (ISEG), meanwhile told Lusa that it was “probable that with 2017 growth GDP in real terms [excluding inflation effects] has reached the levels of 2010, before the troika, that is before the budget crisis”, to more than €179 billion. He noted that initial forecasts for 2017 were for growth of 1.7 percent, making the final outturn a “good result”.
Ascensão Costa also highlighted faster growth in private consumption, which is seen up 2.5 percent, as well as in investment, “which went from growth of one percent in 2016 to nine or ten percent in 2017”.
The chief economist at mutual Montepio Geral, Rui Serra, meanwhile told the news agency that growth had accelerated thanks above all to investment, “which grew at a good rate last year”, although this entailed more imports of equipment, resulting in a “slight negative contribution to net exports”.

Comments

A temporary ilusion based in a rong perception of better economic perspectives based in a light internal grow in consumers perspectives and in tourism, but not in the real economic sustentability investments neither in other vital sectors of finances, industrial and commercial sectors.
The portuguese economy still navigate in bad waters, without any good ideas how to create better and sustainabled jobs!
by Antonio Alves from Lisbon on 17-02-2018 01:58:00

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Edition 1480
23 June 2018
Edition: 1480

Read this week's issue online exactly as it appears in print.

Twitter