Portugal's economy faces a "marked deceleration" this year, and the growth of the gross domestic product (GDP) will not exceed 0.5 percent, the Bank of Portugal said Wednesday.
Portugal this year will register "one of the lowest growths among all countries of the euro zone and the European Union (EU),"the central bank said in its Autumn Economy Bulletin
In July, the bank forecast a 1.2 percent growth in the country's economy this year.
According to the report, Portugal's economy has moved away from the gradual and moderated recovering trajectory it registered in the past two years. The report predicted a 0.8 percent growth in the economy in 2009.
"Portugal's economy has passed a long period of deviation from the EU," Bank of Portugal said, pointing out that the economic deceleration is part of an "unprecedented crisis."
The revision of the economic growth expectation, caused by the global financial upheaval, is based mainly on the performances of investments and exports.
Investment in Portugal will drop by 0.8 percent this year while exports and imports will grow 1.4 percent and 2.6 percent respectively, the bank said.
The report also predicted that private and public consumption this year will grow 1.4 percent and 0.2 percent respectively, while the inflation rate will decline to 2.8 percent.
Source:Xinhua
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