IMF report: Portuguese ongoing recovery continues to gain momentum
Portuguese economy rose 2.9% year-on-year in the second quarter of 2017. The International Monetary Fund (IMF) published on 15 September the annual report on the Portuguese economy in which concluded that increasing productivity and growth potential remains the central point to reduce the vulnerabilities that still weigh on the mid-term horizon.
According to data released by Eurostat, Portugal’s GDP rose by 2.9% year-on-year in the second quarter of 2017. In comparison with the other European Union countries, Portugal recorded the seventh lowest GDP growth, although above the European Union (2.3%) and Euro Zone average (2.4%).
After this release, the National Statistics Institute (INE) revised its second-quarter GDP growth for the second time to 3% year-on-year.
The Consumer Price Index annual rate rose to 1.1% in August 2017. The annual core inflation rate (CPI excluding energy and unprocessed food products components) was 1.3% in comparison with the same month of last year. The Harmonised Index of Consumer Prices (HICP), which serves to compare the different countries in the European Union, increased by 1.3% in comparison with August 2016. This value is 0.2 pp and 0.4 pp above the Euro Area and the European Union rates, respectively.
Regarding the economic climate indicator from INE – Statistics Portugal, it has decreased in August, contrasting the growing trend since December 2016. The Portuguese Central Bank (Banco de Portugal) published its coincident indicator, which increased again, maintaining the upward trend observed since the fourth quarter of 2016. The OECD released its composite leading indicators – with data from July. For Portugal, the index registered in July a value of 101.4, corresponding to a monthly growth compared with the previous month, maintaining a growing trend since December 2016.
The International Monetary Fund (IMF) published on 15 September the annual report on the Portuguese economy in which concluded that increasing productivity and growth potential remains the central point to reduce the vulnerabilities that still weigh on the mid-term horizon. However, the report notes that short-term growth prospects have improved considerably as the ongoing recovery continues to gain momentum, with export and investment recovery, alongside the continued growth of private consumption.
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