Central bank lowers Portugal's growth forecast

The Bank of Portugal lowered it growth forecast for the Portuguese economy for 2014 to 0.9 percent, down from 1.1 percent estimated in June.

"The revision of growth of GDP down 0.2 percentage points is due to a slight downward revision of public consumption and net exports, not compensated by an upward revision in private consumption and investment," the Bank of Portugal said in its latest bulletin.

The bank's prevision is slightly lower than the government's prevision of 1 percent for this year and than the International Monetary Fund's, which also lowered Portugal's growth forecast on Tuesday, estimating the country will grow 1 percent during 2014 instead of 1.2 percent as estimated in April.