The gross domestic product (GDP) of Portugal grew 1.4 percent last year, easing from a 1.6-percent increase in 2015, the country’s National Statistics Institute announced on Tuesday.

“The contribution of domestic demand to GDP growth decreased, reflecting the reduction in investment, and, to a lesser extent, the deceleration of private consumption,” says the bureau.

The fourth quarter saw growth of 1.9 percent, an acceleration from the 1.6-percent growth recorded in the third quarter.

The 2017 Budget is based on a forecast growth rate of 1.5 percent.