Friday, December 07, 2012 12:51 pm
Portugal GDP shrinks 3.5 percent year-on-year
The Associated Press
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 (EURO)78 billion ($101 billion) bailout 18 months ago.