Portuguese Economy Contracts for an Eighth Straight Quarter
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Portugal’s economy shrank for an eighth quarter and unemployment rose to a euro-era record as the government implemented austerity measures in an attempt to rein in its budget deficit and curb debt.
Gross domestic product declined 0.8 percent in the third quarter from the second quarter, when it fell 1.1 percent, the National Statistics Institute said in a preliminary report today. Economists projected a decrease of 0.6 percent, the median of nine estimates in a Bloomberg survey showed. The jobless rate rose to 15.8 percent in the three months through September from 15 percent in the second quarter, the Lisbon-based statistics institute said in a separate statement.