Portuguese GDP growth better than expected
Portuguese gross domestic product (GDP) grew by more than expected in 2006, thanks to a strong fourth quarter, National Statistics Institute figures show.
The year-on-year growth of 1.3% was slightly above the forecasts of both the Bank of Portugal and the International Monetary Fund, which both predicted 1.2%.
Quarter 4 showed particularly strong year-on-year growth of 1.7%, prompting talk of an economic recovery in the Iberian country. The GDP growth is the highest Portugal has seen since 2004.
According to the National Statistics Institute, the positive economic performance was down to an 8.8% rise in exports - the highest foreign sale increase since the middle of last decade.
The Portuguese central bank in January upwardly revised its economic forecast for 2007 from 1.5% GDP growth to 1.8%, with economic growth predicted at 2.1%.
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