Portugal in their worst recession since 1975

GlobalPost.com – 11/03/13
A report released on Monday showed that the Portuguese economy contracted by 3.2%, its most severe annual decline in 37 years. Last month the national statistics institute Ine estimated a drop in GDP of 1.6% in 2012, as a result of reduced exports of goods and services, as well as a considerable fall in private consumption. While Portuguese exports grew last year by 3.3%, lower than the 7.2% growth in 2011, imports declined by 6.9% and domestic consumption fell by 6.8% in 2012. Read More