LISBON, March 28 (Xinhua) -- Portugal's GDP is expected to grow at a rate of 2.3 percent in 2018, the Bank of Portugal announced in its quarterly statement on Wednesday.
The figure remains unchanged from the central bank's last growth forecast, published in December.
In 2017, the Portuguese economy grew at a rate of 2.7 percent, versus 1.5 percent in 2016.
The central bank also issued a 1.9 percent GDP growth forecast for 2019 and 1.7 percent for 2020, with both figures likewise unchanged from the last statement.
Such forecasts point to improved job prospects and the bank predicts Portuguese unemployment to fall to 5.6 percent in 2020. The jobless rate currently stands at around 8 percent.
The bank added that these projections were based on signs of strong goods and services exports, robust Gross Fixed Capital Formation (a measure of investment) and an increase in private sector consumption.
On the downside, the bank said Portugal still faces demographic, technological and institutional hurdles.
The statement also pointed out that the overall sunny outlook was based on continued favorable international conditions.