Portuguese exports increased 15.4 percent and imports rose 22.4 percent in May, compared to the same period last year, which translated into a widening of the trade deficit to €1.438 billion.

The Algarve has a reputation for being a summer destination, however tourism seasonality is an issue which has been a long term problem in the region but now new initiatives appear to be tackling the problem head on.

The International Monetary Fund (IMF) is more optimistic about Portugal, expecting its economy to grow 2.5 percent this year and the 1.5 percent target for the deficit to be met. It says that the government should take advantage of the situation to reduce public debt.

The latest Portuguese Housing Market Survey has found that the high demand for property in Portugal continues to drive up prices within the market.

The Housing Price Index (IPHab) in Portugal rose by 7.9 percent in the first quarter of this year, compared to the same period of last year, according to figures released by the National Statistics Institute (INE).

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