Bank of Portugal revises down 2019 GDP growth forecast to 1.7 pct

LISBON, march 28 (Xinhua) -- The Bank of Portugal on Thursday downgraded its projections for the country's economic growth to 1.7 percent this year.

In its march Economic Bulletin, the central bank reduced its growth forecast by 0.1 percentage point from 1.8 percent it had projected in December, citing a global slowdown and international trade tensions.

It also sees the growth staying at 1.7 percent in 2020, before slowing to 1.6 percent in 2021, the latter figure in line with the previous projections.

According to the bank, the slight downward revision in 2019 GDP is related to the greater dynamism of imports than exports, which will result in a "negative trade balance in goods and services from 2020".

The bank also noted continuing risks and constraints specific to Portugal in the medium and long term as well as the high levels of indebtedness of economic agents.

The Portuguese economy has been growing steadily in recent years after the country exited in May 2014 the 78-billion-euro (88 billion U.S. dolars) bailout program with the European Union, the International Monetary Fund and the European Central Bank following three years of harsh austerity. Enditem