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Portuguese economy grows 1.4 pct in Q1 2015

Xinhua, May 13, 2015 Adjust font size:

The Portuguese economy expanded in the first quarter of 2015 as exports accelerated, according to a flash estimate by the Portuguese National Institute of Statistics (INE).

Between January and March, the economy grew 1.4 percent of GDP, compared with the same period of 2014.

The economy grew 0.4 percent of GDP compared to the previous quarter, the INE said on it website.

The Portuguese economy grew at the highest pace since the end of 2013 due to a slow-down in imports and the acceleration of exports, the INE revealed.

Portugal last year ended the 78-billion-euro (about 87 billion U.S. dollars) bailout program it signed in 2011 when it was on the verge of bankruptcy, however the government still has to cut spending to meet its budget deficit target as the general elections approach.

The debt-laden country expects the economy to grow 1.6 percent this year after 0.9 percent growth last year. Endit