Baluarte
03-31-2013, 12:56 PM
The Bank of Portugal says the country’s gross domestic product (GDP) will contract more rapidly this year than previously estimated.
The bank recently stated that Portugal’s GDP would contract 2.3 percent in 2013. The figure was initially estimated to be 1.9 percent.
The disappointing contraction is being blamed on a sharp drop in the domestic demand and an unsatisfactory growth in exports.
The new forecast of 2.3 percent is in line with that of the European Union (EU) and the International Monetary Fund (IMF).
Battered by the global financial downturn, the Portuguese economy fell into a recession, which compelled the country to negotiate with the ‘troika’ of the IMF, EU, and the European Central Bank for a bailout loan in 2011.
Earlier this month, the creditors granted an extra year to Portugal to fix its public deficit within the EU limits.
Portugal has faced its worst recession in decades and is expected to bring its deficit below 3.0 percent of its GDP until 2015. The public deficit of Eurozone countries should not exceed 3.0 percent of their output.
Portugal is also grappling with record unemployment and rising social discontent. The Portuguese government is bracing for a record 18.2 percent jobless rate this year, up from 16.9 percent in 2012.
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UE enslaving Portugal.
All sympathy to the Lusitans!
http://www.buddy-icons.info/img/smile/1493.gif
The bank recently stated that Portugal’s GDP would contract 2.3 percent in 2013. The figure was initially estimated to be 1.9 percent.
The disappointing contraction is being blamed on a sharp drop in the domestic demand and an unsatisfactory growth in exports.
The new forecast of 2.3 percent is in line with that of the European Union (EU) and the International Monetary Fund (IMF).
Battered by the global financial downturn, the Portuguese economy fell into a recession, which compelled the country to negotiate with the ‘troika’ of the IMF, EU, and the European Central Bank for a bailout loan in 2011.
Earlier this month, the creditors granted an extra year to Portugal to fix its public deficit within the EU limits.
Portugal has faced its worst recession in decades and is expected to bring its deficit below 3.0 percent of its GDP until 2015. The public deficit of Eurozone countries should not exceed 3.0 percent of their output.
Portugal is also grappling with record unemployment and rising social discontent. The Portuguese government is bracing for a record 18.2 percent jobless rate this year, up from 16.9 percent in 2012.
--------------------------
UE enslaving Portugal.
All sympathy to the Lusitans!
http://www.buddy-icons.info/img/smile/1493.gif