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Portugal

Author

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  • Lucia Iordache

Abstract

Following a real GDP growth of 1.4% in 2010, Portugal was faced with the recession in 2011 (-1.6%) amid deteriorating fundamental factors, due to problems caused by the financial and economic crisis - the high level of indebtedness of the country (which led to the increase to an unsustainable level of borrowing costs in financial markets), difficulties in the banking system, structural weaknesses in the economy, decline in industrial production, record level of unemployment, strong contraction in domestic demand. To achieve the budget deficit target set for 2012 (4.5% of GDP) in the bailout agreement, the government of Portugal has announced tough austerity measures. The application of these measures, amid a strong recession had a strong impact on the economy of Portugal and led to deepening the crisis, which generated social reactions. The European Commission’s forecasts for 2012 indicate a significant contraction of real GDP (-3.3%) in Portugal, driven by the deterioration of economic situation in the Euro area, with prospects of a very slight increase in real GDP in 2013, in the context of consolidation efforts.

Suggested Citation

  • Lucia Iordache, 2012. "Portugal," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2012:id:2822000009569003
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