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Portuguese economy estimated to grow 0.9 pct in 2014

Xinhua, February 14, 2015 Adjust font size:

The Portuguese economy grew 0.9 percent in 2014, according to an estimate released on Friday by the Portuguese National Institute of Statistics (INE).

Portugal's Gross Domestic Product rose by 0.7 percent year on year in the fourth quarter of 2014, after growing 1.1 percent in the previous quarter.

The INE estimates that national GDP, over the year as a whole, rose to 0.9 percent in 2014 from 1.4 percent in 2013.

The estimates revealed by the INE are below the government's forecasts. The state budget for 2015 estimated the national economy to grow 1 percent in 2014.

A previous forecast by the European Commission last week was 0.9 percent for 2014.

The results are due to "a less positive contribution of internal demand compared to what was verified in the previous quarter, reflecting a deceleration of private consumption," according to the INE.

External demand registered a "less negative contribution to the year-on-year variation of GDP due to the acceleration of exports of goods and services.

Last week Portugal's Minister of Economy Antonio Pires de Lima revealed that in 2014 exports grew around 3 percent and accounted for 41 percent of the national output.

Portugal has been insisting on tax increases and spending cuts to put the country back on a sustainable path and is trying to cut its budget deficit to below the European Union's 3 percent of GDP threshold by 2015. Enditem