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Bank of Portugal forecasts 1.7 pct growth rate in 2015

Xinhua, June 8, 2015 Adjust font size:

The Bank of Portugal on Monday maintained its growth forecasts until 2017, expecting GDP to rise 1.7 percent this year, 1.9 percent next year and 2 percent in 2017.

According to the central bank's economic bulletin released Monday, growth of the Portuguese economy is down to a "robust growth of exports and internal demand."

Exports are expected to grow 4.8 percent this year, before accelerating to 6 percent in 2016 and 6.4 percent in 2017.

The bank said internal demand would grow 2.1 percent this year, 1.8 percent next year and 2.1 percent in 2017.

The central bank's forecasts are in line with those released by the European Central Bank, according to the report.

Portugal received a 78 billion euro (87 billion U.S. dollars) bailout in 2011 when it was on the verge of bankruptcy and followed Ireland last year in exiting the program without an emergency credit line.

The Portuguese government has insisted on the importance of cutting the budget deficit and is facing general elections in September or October.

The Bank of Portugal's forecasts are slightly more optimistic than the Portuguese government's for this year, which expects the economy to grow 1.6 percent in 2015, but more pessimistic regarding 2016 and 2017 when the government expects GDP to rise 2 percent and 2.4 percent respectively. Endit