Portuguese economy grows 1.4%

Only a few days after Paulo Portas predicted this will be a “record-breaking year’ for exports (see story above), news surfaced that Portugal’s economy has grown.

According to the National Statistics Institute (INE), the country’s GDP (gross domestic product) increased 1.4% between January and March compared to the same period last year.

In fact, INE explains the good news stems from “fewer imports and more exports”.

Internal demand played an important role as well, the institute added.

Only BPI had guessed correctly, reports Jornal de Negócios.

Montepio had predicted a 1.7% growth, while Lisbon’s Universidade Católica Portuguesa expected a 2.1% increase.

Further data shows that the 1.4% increase in Portugal is higher than the eurozone average, which is 1%.