Portugal 2016

ACTIVIDADE ECONÓMICA CONTAS NACIONAIS ECONOMIC ACTIVITY NATIONAL ACCOUNTS 85 In terms of degree of economic buoyancy, the 1995- 2013 period can be divided into two cycles: a shorter one, between 1995 and 2001, of strong GDP growth at an annual average rate of 3.7%, although clearly decelerating in the latter year, with 1.9% growth; the other, from 2002 onwards, of economic stagnation and covering three recessions (2003, 2009, and 2011-13). In 2014 the last recessive cycle was reversed, with moderate growth (0.9%), which became more marked in 2015-16 (growing by 1.8% and 1.5% respectively).