Source: F. Busetti, C. Giorgiantonio, G. Ivaldi, S. Mocetti, A. Notarpietro and P. Tommasino, ‘Capitale e investimenti pubblici in Italia: misurazione, effetti macroeconomici, criticità procedurali’, Banca d’Italia, Questioni di Economia e Finanza (Occasional Papers), 2018 (forthcoming).
These results must be seen in the context of the euro area’s positive business cycle and more contingent factors such as a very dynamic tourism sector. The good performance of Portuguese exports was chiefly due to external demand for Portuguese goods and services, in particular from euro area partners. However, Portuguese exports also increased their share in external markets.