National bank revises its growth forecast - The Euro Weekly News, Costa del Sol, Costa de Almería, Costa Blanca, Mallorca, Heart of Andalucía and Algarve

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Algarve

National bank revises its growth forecast

GOVERNOR of the Bank of Portugal Vitor Constancio has announced that the banking sector’s performance is slowing down and the pace of mortgage lending is likely to continue to decelerate due to global financial turbulence. Constancio told a Budget Committee hearing that last year banks started reducing loans to individuals and increased lending to companies, a trend set to continue this year. He also said it was likely the central bank would revise its growth forecast for Portugal from the two per cent level announced in January, stating that he expected the figure to be more in line with the recently announced EC forecast of 1.7 per cent GDP growth. The EC also foresees a sharp rise in the country’s inflation figure which is expected to increase to 2.8 per cent, mainly due to rising energy prices.

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