Portugal Tenders

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The economy of Portugal is ranked 34th in the World Economic Forum's Global Competitiveness Report for 2019.The great majority of the international trade is done within the European Union, whose countries received 72.8% of the Portuguese exports and were the origin of 76.5% of the Portuguese imports in 2015. The Portuguese economy has been steady, expanding continuously since the third quarter of 2014, with a yearly GDP growth of 1.5% registered in the second quarter of 2015. The year of 2014 marked the start of the recovery of the Portuguese economy. Since the third quarter of 2014, the Portuguese economy has been steadily expanding, with a GDP growth of 0.4% quarterly and 1.5% yearly registered in the second quarter of 2015. The economic recovery has been accompanied by a continuous fall in the unemployment rate. The Government budget deficit has also been reduced from the 11.2% of GDP in 2010 to 4.8% in 2014. The International Monetary Fund issued an update report in late June 2017 with some positive news including a stronger near-term outlook and an increase in investments and exports. Because of a surplus in 2016, the country was no longer bound by the Excessive Deficit Procedure. The banking system was more stable, although there were still non-performing loans and corporate debt. The IMF recommended working on solving these problems for Portugal to be able to attract more private investment. "Sustained strong growth, together with continued public debt reduction, would reduce vulnerabilities arising from high indebtedness, particularly when monetary accommodation is reduced.