Portugal tipped for recovery soon

The Portuguese economy has been tipped to start growing again later this year, something that could help bolster its property market.

In an interview with Reuters, the country's finance minister Fernando Teixeira dos Santos said that the end of the recession will come in the current quarter of the year, with the second part of 2009 seeing a return to growth.

He commented: "With the high level of uncertainty in mind, I think the Portuguese economy is now passing through the worst moment and I think that as of the second half we will start seeing positive signs."

Mr Texeira dos Santos also noted that Portuguese banks do not have the toxic assets some in other countries have to contend with, although the government has had to nationalise one bank.

One part of Portugal that may see particular property growth is Guimaraes.

The city is set to be the centre of extra attention that could draw in new investment following its recent designation as joint European capital of culture for 2012.

Like this? Then share with your friends and colleagues!