Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Portugal GDP shrinks 3.5 pct year-on-year

Send a link to a friend

[December 08, 2012]  LISBON, Portugal (AP) -- Portugal's economy shrank by 3.5 percent year-on-year in the third quarter and decreased by 0.9 percent compared to the previous three months.

The results are worse than forecast and were due to a less marked reduction in the rate of goods and services imported and a slowdown in exports and investments.

According to data released Friday, Portugal's gross domestic product fell 3.5 instead of the predicted 3.4 percent, year-on-year.

On Nov. 27, parliament approved unprecedented tax increases despite a broad public outcry and concerns that the latest austerity package will prolong the bailed-out country's recession.

Portugal, like Greece, Ireland and Cyprus, needed a hefty financial rescue to spare it from bankruptcy, taking a euro78 billion ($101 billion) bailout 18 months ago.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

 

 

 

Civic

< Top Stories index

Back to top


 

News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor