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Portugal: Living beyond its means

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  • Oscar-Erich Kuntze

Abstract

In Portugal, economic growth in 1999 was considerably dampened by external factors far into the first semester. Domestic demand also experienced a temporary weakening. Portugal lived beyond its means, as seen in the continued, considerable worsening of the current account and the rapidly increasing indebtedness of private households. However, improvements were seen in the labour market. Average unemployment for the year fell 0.7 percentage points to 4.5%. In 2000 real GDP will expand by 3%, but the unemployment rate will only decline slightly to 4½% and inflation will be 2¾%. In the course of 2001, the international economy will provide noticeably weaker stimulus than this year. Real GDP will grow by 2¾% and the unemployment rate will remain at 4½%.

Suggested Citation

  • Oscar-Erich Kuntze, 2000. "Portugal: Living beyond its means," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(36), pages 35-40, January.
    • Handle: RePEc:ces:ifosdt:v:53:y:2000:i:36:p:35-40
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    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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