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Portugal Emerges From Recession

Wall Street Journal Original article ›

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Portugal's statistics agency showed GDP growth was 1.1% higher in the second quarter of 2013 compared with the first quarter. GDP level was still 2% below the level in 2012. Exports were up 6.3% in the second quarter. Half of exports were from sale of refined petroleum products. Unemployment declined in the second quarter of 2013 to 16.4% from 17% in the first quarter. Portugal is continuing negotiations with the EU to soften austerity cuts planned for 2013-2014. The current budget deficit target is 4% in 2014 down from 6.4% in 2012.

Portugal- economy in 2010-2015

10/23/2010

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Portugal is taking vigorous steps without social unrest, including spending cuts that will stabilize the deficit, labor reform, and increasing exports through trading links to Africa and Latin America. Portugal needs to borrow about 10 billion euros in 2012 and the ratings downgrade has hurt Portugal by raising rates on new borrowing to about 20%. The economy is expected to shrink by 3% in 2012.

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