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Portugal grows on strong domestic demand

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Staff Writer | August 14, 2017
Portugal's economy grew 2.8 percent in the second quarter from the same period a year ago, maintaining its highest growth rate in a decade thanks to strong domestic demand and investment, official data showed.
Lisbon street
Europe   2.8 percent in the second quarter
Growth has bounced back strongly this year after Portugal's 2011-14 debt crisis, allowing the economy to expand at a faster rate than the euro zone as a whole after years of lagging behind.

"This data is a positive signal for the sustainability and balance of the Portuguese economy, which has grown for 15 consecutive quarters and at an average rate above the European average," Finance Minister Mario Centeno told reporters.

The recovery has led to unemployment falling strongly this year and has been fueled by a jump in consumer confidence to its highest level since 1997. Booming tourism has also helped.

"The positive contribution of domestic demand remained strong, more intense than in the previous quarter, due to the acceleration of investment," said the National Statistics Institute in its first reading of gross domestic product.