August 29, 2012
Portugal: An Economic Profile
Portugal's economic problems began much earlier than the major European countries, and we have yet to see positive results from their austerity measures. The economy has had four consecutive quarters of negative growth, and a debt to GDP ratio similar to that of Spain.
There are some positives to point out. At 2.8% inflation, Portugal is not having issues with deflation or price stability. The government has cut spending by 15% from the highs of two years ago, and exports are up 15% from the pre-recession highs. Unemployment continues to grow in Portugal, much like it is in Spain, but is at a more manageable 15% versus 25% for its Iberian neighbor.
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