Edition 1280
02 August 2014
Edition: 1280

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

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Economy shrinks 3.2%, dashing earlier forecasts

by TPN/ Lusa, in Money · 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.

 

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Edition 1280
02 August 2014
Edition: 1280

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

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