(MENAFN) European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have all said that Portugal's economic recovery is strengthening, Xinhua reported
The country's gross domestic product (GDP) is forecasted to expand by 1.2 percent this year, up from an initial estimate of 0.8 percent
The European Commission said that the economic growth in Portugal is ahead of projections led by investment and exports. Unemployment in the country is expected to drop 1.1 percentage points to 15.7 percent
It said: "The programme's fiscal targets remain unchanged. The 2013 budget deficit is estimated at 4.5 percent of GDP which is well below earlier projections. The 2014 deficit target of 4.0 percent of GDP has been confirmed, with the improved economic outlook implying more evenly balanced risks around this target.
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