"The growth of the economy has accelerated in the last three quarters. It was important to give consumers more confidence, through restitution of income, but it is equally important to give investors more confidence. All of that led to balanced growth,” said Manuel Caldeira Cabral on Tuesday morning, in Matosinhos, at the 14th COTEC National Innovation Meeting.

The National Statistics Institute (INE) said on Monday that in the first quarter of 2017 the Portuguese economy grew by 1.8% year on year, and by 1% against the previous quarter.

According to the minister, this economic growth is the “result of an increase in exports, an increase in investment and also has a component of increased consumer spending.”

The on year performance in the first quarter is the highest in the last 10 years, as it equals growth seen in the last quarter of 2007.

The minister said it was necessary to “continue working” and that “growth in the next few years has to be achieved through innovation.”

“Only with more innovation can we ensure growth and a growth that can create better employment, with better salaries,” he noted.