The Bank of Portugal has lowered this year's economic growth forecast in Portugal to 1.6 percent, according to the bank's December Economic Bullitin.
According to the bulletin, the Bank of Portugal lowered its forecast for Portugal's economic growth to 1.6 percent, from the previous 1.7 percent. Portugal will see a 1.7-percent economic growth for next year and 1.8 percent for 2017, a reduction of 0.2 percentage point from its previous forecasts.
The latest forecast for Portugal's economic growth resulted from a "less favorable" situation than expected as its exports had been reduced. Portugal's economy has been on track of a slow recovery after it exited a 78-billion-euro bailout from international lenders -- the European Commission, International Monetary Fund and European Central Bank -- in May 2014 after a three-year harsh austerity under the previous center-right coalition.
The anti-austerity leftist government led by Prime Minister Antonio Costa has promised to fulfil international commitments and promote economic growth in the debt-ridden country.
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