Bank of Portugal forecasts economic contraction of 1.6% in 2013


Portugal's economy will contract by 3% this year and a further 1.6% in 2013, according to Bank of Portugal projections in an economic bulletin released on November 13.

While the central bank expects exports to maintain "remarkable growth" during the two years – a result of the country's current and capital account balance adjustment – domestic demand will fall at a greater rate.

The inflation rate is expected to increase to 2.8% for the remainder of 2012, under the harmonised index of consumer

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