Portuguese Government Still Predicting more than 3 percent Contraction in 2009

Portugal was one of several countries to see a growth in GDP in the second quarter. The 0.3% growth sparked hopes that its recession may be over, along with much of Europe.

However, yesterday the Portuguese government announced that it was not changing its forecast for 2009 of a 3.4% contraction overall for the year.

France and Germany made the headlines when they both saw GDP growth of 0.3% on the previous quarter. The headlines surrounded the fact that this may suggest that the European economic recovery is well under-way. So it is surprising that the Portuguese government expects Portugal's economy to fall back into negative growth -- one must wonder if they know something we do not.

Portugal's economy has become service orientated since it joined the European Economic Community in 1986, and has been growing in popularity as a destination for overseas property buyers and investors ever since the first signs of over-development began to emerge in Spain's most popular areas.

According to Liam Bailey a sector specialist SEO copywriter, lifestyle buyers are very much prevalent in the market.

"Portugal is not exactly a hot emerging market so it is often over-looked by pure investors, but it is very much one of the favourites in Europe with lifestyle buyers and holiday home investors," he said.

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