![]() ![]() A recovery led by private consumption raised growth to about 1 percent in 2014. The output recovery has so far been tepid. Indeed even the International Monetary Fund which has plenty of skin in the game via its involvement as part of the bailout troika – I believe they are still called a troika in Portugal if not in Greece – has its doubts as expressed in its statement after it latest visit. Only yesterday the German Chancellor Angela Merkel praised it as an economic success story rather ironically on the day that the economic data raised questions about this. ![]() After a grim period it has managed an improvement but in spite of the fact that the position should be set fair struggles appear to remain. The economy of Portugal has been a regular feature in my analysis.
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