The Bank of Portugal announced on Wednesday it raised its economic forecast for the European Union country due to an improved economic outlook.

The central bank now expects Portugal’s economic growth in 2015 to be 1.7 percent and 1.9 percent in 2016, instead of 1.5 percent and 1.6 percent respectively in the previous forecast, dated December.

“The acceleration of economic activity throughout this period reflects largely sustained export growth, which contributes to the maintenance of the current account surplus and capital,” the bank said in a statement.

The bank’s forecast is now more optimistic than the one envisaged by the Government, which expects gross domestic product (GDP) to grow 1.5 percent this year.

Portuguese exports are predicted to grow 4.3 percent this year and 5.8 percent in 2016, said Portugal’s central bank, while investment could grow by 4 percent in 2015.