Bank of Portugal revises up Portuguese GDP growth forecasts for 2014

The Bank of Portugal has upgraded its forecasts for the Portuguese economy, following the release of the GDP demand details for Q3 2013. The BoP now expects GDP growth to rise to 0.8% (in the fall it expected 0.3%) thanks to a stronger recovery in private consumption, which is now seen as rising 0.3% in 2014, compared with -1.4% in the fall projections.

The Bank of Portugal also published its first forecasts for 2015. It expects GDP growth to hit 1.3%, slightly above trend growth before the crisis.