Portugal GDP grows 2.7 pct, best since 2000

LISBON, Feb. 14 (Xinhua) -- The Portuguese economy grew faster in 2017 than in any year since 2000, the National Statistics Institute (INE) announced on Wednesday.

The INE issued a flash estimate of 2.7 percent GDP for 2017. This is more than double the 2016 score of 1.2 percent.

The annual rate was announced off the back of the release of a Q4 2017 GDP reading of 2.4 percent.

Readings from earlier in the year were as follows: Q3 at 2.5 percent; Q2 at 3 percent; Q1 at 2.8 percent.

Thus the year's average is 2.7 percent, a best annual score since the 3.8 percent registered in 2000 and a dramatic turnaround from the minus 4 percent recorded in 2012.

That was the year after Portugal requested a 78 billion euro bailout package from the EU and International Monetary Fund.

The INE said that increased growth in 2017 was largely a result of increased internal demand and added investment, with external demand holding steady from 2016.

Eurostat also issued its 2017 GDP estimate on Wednesday. The European Union's economy grew at 2.5 percent, meaning Portugal appears to have bettered the EU average for the first time since 2009.

The INE will issue a revised score after further analysis towards the end of the month. Enditem