Portugal: reduced activity and uncertainty in 1S16 bias 2016/17 growth forecasts downwards

The Portuguese economy grew by 0.2% QoQ in 1Q16 (BBVA Research: 0.3%) supported by the strong increase in consumer consumption, while investment and net external demand reduced the activity’s dynamism. Data for the second quarter suggest that growth should have stabilized at around 0.2% QoQ, although composed differently from 1Q16.

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