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Portuguese economy grows at record high rate of 1.5 pct in Q1 2015

Xinhua, May 30, 2015 Adjust font size:

Portugal's economy grew 1.5 percent in the first quarter this year, the Portuguese National Institute for Statistics (INE) said Friday.

The country's GDP rose 0.4 percent from the fourth quarter last year, the highest quarter-on-quarter growth since the third quarter of 2010, the INE said.

The figures reflect growth in investment and private consumption, on which the government is relying on its efforts to boost growth this year.

The figures released on Friday are in line with the government's objective of 1.6 percent growth in 2015.

Portugal had to be bailed out of a sovereign debt crisis by the troika of the international lenders - the European Commission, the International Monetary Fund and the European Central Bank in 2011, when the country signed a 78 billion euros (85.62 billion U.S. dollars) rescue package.

The government has been cutting spending to meet the targets under that program, which it ended in May last year, and is facing elections in October this year. Endit