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Portugal GDP grows 1.4 pct in 2016

Xinhua, March 2, 2017 Adjust font size:

Portuguese gross domestic product (GDP) grew by 1.4 percent in 2016 after registering a 1.6 percent growth the previous year, Statistics Portugal confirmed Wednesday.

The agency also said in the fourth quarter of 2016, Portuguese GDP recorded a year-on-year growth of 2 percent, revised up 0.1 percentage point from the previous estimation.

Portuguese authorities said the upward revision of economic growth for the fourth quarter of 2016 was "rooted in positive signs for the future," and expected the country's GDP to grow 1.5 percent this year.

"These figures confirm the rigour of the estimates underlined in the state budget for 2017, reinforcing the government's convictions in its budgetary objectives and growth for 2017," the ministry of finance said in a statement released on Wednesday.

Portugal signed a 78-billion-euro bailout program in 2011 with international lenders when it was on the verge of bankruptcy, which it successfully exited in 2014. However, the country's debt burden still lies at around 130 percent of GDP, the third highest rate in the eurozone. Endit