Economic activity in Portugal accelerated further in September, at a rate not seen since 2000, even as consumer spending slowed, according to data released by the Bank of Portugal.

According to the central bank, economic activity ‘increased once more, continuing the upward trend observed since the fourth quarter of 2016’. The relevant index in September was up 3.9% from the same month of last year, whereas in August it had been up 3.8%. According to the bank’s historical data series, September’s year-on-year increase is the largest since January 2000.

Also, the Portuguese state has paid back €1bn in loans to the International Monetary Fund (IMF) early, and plans to pay back another €2bn by the end of this year, the Ministry of Finance said in a statement. ‘With (this) payment, 66% of the €26.2bn IMF loan is paid off,’ it said.

The amount paid off early and the further €2bn to be paid off by the end of the year relate to portions of the IMF loan extended as part of the Eurozone bailout in 2011, and which were due to be paid in 2020.