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Portuguese government 'underestimated economic growth'
Forecasts for the Portuguese economy during 2007 may have been underestimated, according to the country's prime minister.
Jose Socrates stated that the government and Bank of Portugal had predicted economic growth of between 1.8 and 1.9 per cent for last year, Thomson Financial reports.
However, he said the actual figure may prove to be higher than the original estimates.
Mr Socrates commented: "'It is quite possible that GDP posts the largest growth in seven years and beats the government and Bank of Portugal's targets."
Meanwhile, the government has cut its estimates for economic expansion in 2008 by 0.2 per cent.
The prime minister said the forecast of 2.2 per cent was more likely considering the poor outlook for the world economy.
Global stock markets are currently being affected by a number of issues such as the credit crunch and growing fears of a worldwide recession.
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