The American TV station believes that the increase in exports could cause problems in the future.
In recent months, Portugal has been described as a success story in Europe, thanks to its economic growth above the European average, after a troubled period of austerity that shook the Portuguese economy. However, CNBC says there are risks that could affect the country in the near future.
According to US TV station, Portugal could have problems due to its high dependence on exports, which currently account for 40% of the country’s economic growth.
According to the figures, provided by the PORDATA database, in 2010 Portugal exported around 37.3 billion euros (representing 30% of the economic growth), and since then exports have been in an upward trend, reaching its peak in 2018, with around 58 billion euros.
CNBC states that the fact that the country has considerably increased its exports will be “more exposed to the global trade than before the financial crisis” that hit the country in 2011 and resulted in the arrival of the International Monetary Fund (IMF) in the Portuguese capital.
With the help of Michiel van der Veen, an economist at RaboResearch, the American station writes that a greater than expected global and European slowdown could expose the country’s macroeconomic imbalances and cause problems for the government that will be elected on 6 October.