Portugal Economic Outlook - DEC.17
The economy is experiencing a momentous turnaround.
Quarter-on-quarter growth in Q3 was confirmed at 0.5%, up from 0.3% in Q2.
A rebound in private consumption, bolstered by positive consumer confidence and the ongoing recovery in the labor market, was behind Q3’s higher print.
Although confidence among households fell in November from October’s record high, overall economic sentiment in the month remained strong and points to a solid economic performance in the final quarter.
A critical turning point in Portugal’s recovery from the debt crisis that brought it to the brink of default five years ago came on 15 December, when Fitch Ratings upgraded the nation’s credit rating by two notches.
Citing “favorable debt dynamics”, supported by prudent fiscal measures and improving economic conditions, the agency raised the rating from junk status (BB+) to investment grade (BBB).
The move, which follows S&P’s upgrade to investment-grade status in September, means that Portuguese bonds will now be eligible to enter major bond indices for the first time in six years.
Consultoria, aconselhamento e esclarecimento no Endividamento das Famílias e das Empresas não Financeiras. Consultadoria Estratégica Económica, Financeira e Bancária. Indebteness Consultancy for Family's and Enterprises. General Banking, Economics and Financial Strategic Consultancy.
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