Portugal’s central bank lowered its 2014 growth forecast to 0.3% for 2014 compared to 1.1% in its March forecast. On the upside, its 2013 forecast was raised to -2.0% from -2.3%.

“In a context of high uncertainty, the risks associated with the projection for economic activity are balanced for 2013 and on the downside for 2014,” the BOP said in a statement.

Meanwhile, the consensus of private forecasters is for a 2.7% decline this year and growth of 0.25% in 2014.