Edition 1221
15 June 2013
Edition: 1221

Read this week's issue online exactly as it appears in print.

Place a Classified ONLINE

Twitter

Home » Business » Economy shrinks 3.2%, dashing earlier forecasts

Economy shrinks 3.2%, dashing earlier forecasts

by TPN/ Lusa, in Business · 18-02-2013 17:09:00 · 0 Comments

The Portuguese economy shrank 3.2% in 2012, a worse result than forecast by the government and the troika of international lenders during the sixth review of the bailout programme, which pointed towards a figure of 3% for the whole of last year.

Economy shrinks 3.2%, dashing earlier forecasts

 

According to the national statistics institute (INE), in its first estimate of GDP for the last quarter of 2012, the product fell 1.8% in comparison with the 3rd quarter, the biggest drop in the year.

 

This result means the economy performed worse than the 3% drop the government and the troika expected, or even the 3.1% fall the Organisation for Economic Cooperation and Development had forecast.

 

These annual figures will not only influence the 2012 deficit, as it changes the GDP base rate used to calculate the ratio of the deficit to the product, but it will all create more headaches for the government as its 2013 budget was based on the earlier forecasts.

 

Comments

Be the first to comment on this article

Interactive Topics, send us your comments/opinion on this article.


Please enter the letters as they are
shown in the image.
Letters are not case-sensitive.
Loading

Pub

Conrad Gusto
Portugal Info

Most popular

  1. Dead Loss
  2. Investing in Portugal is “a real nightmare”
  3. Pregnant Portuguese woman dies in botched UK operation
  4. Lisbon parties
  5. Authorities block illegal swimming pool being built on Salema cliffs
  6. Summer is here!
  7. Euro MPs raise grave concerns over Russia’s demand for EU air passengers’ data
  8. Chase Brides in pursuit of stolen wedding dress
  9. Solar plant given green light
  10. Air France plane lands in Azores after problem over Atlantic
  11. Cristiano Ronaldo to the rescue
  12. Celebrities raise €80,000 for Faro children’s home
  13. ‘Extinct’ grey partridge spotted alive and breeding
  14. Brussels clears take over of Portuguese airports
  15. Fines last year topped €84m, but down on 2011
  16. Norway hands Portugal an oceanographic survey ship
  17. More sectors join 27 June general strike
  18. Non-EU emigration triples
  19. EU pet travel made easier
  20. IMF report spells out bleak prospects for civil servants

Portugal in the world press

Powered by Google

Weather

Faro Lisbon Porto
Today
 Sunny
28ºC
17ºC
 Sunny
22ºC
15ºC
 Sunny
21ºC
12ºC
Fri
 Sunny
30ºC
17ºC
 Sunny
23ºC
14ºC
 Sunny
22ºC
14ºC
Sat
 Sunny
31ºC
19ºC
 Sunny
24ºC
14ºC
 Sunny
22ºC
13ºC
Sun
 Sunny
33ºC
20ºC
 Sunny
24ºC
14ºC
 Partly Cloudy
22ºC
12ºC
Mon
 Sunny
30ºC
19ºC
 Sunny
24ºC
16ºC
 Sunny
22ºC
15ºC