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    Portugal records double-dip recession in 2011

    Associated Press – Tue, Feb 14, 2012

    LISBON, Portugal (AP) — Portugal's economy contracted by 1.5 percent last year, pitching it into a double-dip recession amid an acute financial crisis, the country's statistics agency reports.

    Portugal needed a euro78 billion ($103 billion) bailout last year to avoid bankruptcy after a decade of feeble growth.

    The government has enacted steep pay and welfare cuts and tax hikes in an effort to reduce Portugal's debt burden, but the measures have crunched spending.

    The National Statistics Institute said Tuesday that preliminary data indicated the downturn gathered pace in the final quarter.

    The government forecasts a contraction of 3 percent this year as Portugal endures its worst economic period in recent memory.

     

    4 comments

    • Grace
      Grace  •  Sunnyvale, California  •  3 mths ago
      Portugal is an amazing country filled with extremely good spirited people. I wish them all well through their economic woes and I hope better times lay ahead. As for me, I cannot wait to go back again.
    • don s
      don s  •  Las Vegas, Nevada  •  3 mths ago
      Don't say this is true. How could any Gov't that's socialistic and top heavy with over paid
      public employees.....and that have their citizens dependent upon on Gov't......... be in a recession?
      Just tax the very wealthy.......and let the good times keep rolling......like we do in the United States.
    • Raul
      Raul  •  Manila, Philippines  •  3 mths ago
      14 february 2012

      this is what they say:

      yahoo.news
      "portugal records double-dip recession in 2011"
      ap associated press - 1 hr 36mins ago
      lisbon, portugal (ap) - portugal's ecoonmy contracted by 1.5 percent last
      year, pitching it into a double-dip recession amid an acute financial
      crisis, the country's statistics agency reports.
      the government forecasts a contraction of 3 percent this year as portugal
      endures its worst economic period in recent memory.

      all i can say:

      "this are all signs of bad, ill economy"
      everyone and i say everybody are all and still optimistic. this is good.
      and i like it. but i had written this many times before that i am not
      cynical or negative. i am a positive, optimistic person. with this kind
      of environment no one ever ask how and why do we have this kind of
      crisis, this kind of "mess". everyone and i say everybody is still
      wandering that we are looking for a brighter future. the question is,
      can we still conclude that there will be a turnaround of the economy.
      are we really waiting for growth. this is my simple answer, what lies
      ahead is pure and simple, the answer is a big "no". why? come to think
      of it, no one ever knew that this were all the toil, the products , the fruits
      of the month of september, year 2008 u.s. economic turmoil or catastrophe.
      u.s. for a while had escaped from this unprecedented nightmare. they truly
      trust that with all the dollars, trillions of them they printed is the
      answer to this crisis. they thought they already find the true, the correct
      answer to this crisis. sorry to say what happened in the u.s is now
      turning global. all countries were contaminated. i had written this many times
      before, that if they truly find the most possible (logical) solutions to the crisis.
      i could firmly say they are right and truly correct in expecting growth. all
      countries will surely and definitely can expect a robust economy. but if not,
      sorry to say, we are waiting for a somber, gloomy, depressing economy.
      better pray and expect for the worst to come.

      please take care and God bless . . . . . . . raul
    • TallConnect.Com- Tall Peo ...
      TallConnect.Com- Tall Peo ...  •  Redwood City, California  •  3 mths ago
      Happy V-Day~~~

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      bngjiu78ythgnb09klop
     Post a comment
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