Portugal’s recession deepens / Portugal on track to meet bail-out conditions

Portugal’s economy contracted from July to September 2011 for the fourth consecutive quarter, highlighting a deepening recession that the European Union forecasts will be the worst in the 27-nation bloc in 2012.

Gross domestic product fell 0.4% in the third quarter of 2011 compared with the previous three months, and was down 1.7% on the same period in 2010, Lisbon’s National Statistics Institute (INE) said on the 14 November 2011.

However, the European Union and International Monetary Fund said on the 16 November 2011 after the Troika completed its second quarterly review of Portugal’s progress with the rescue package. Portugal was on track to meet the conditions of its €78bn financial rescue programme, clearing the way for the payment of the next €8bn instalment.

ESO: Background information: Portugal seeks flexibility on bail-out http://www.europeansources.info/record/portugal-seeks-flexibility-on-bail-out/

Portugal: Statistics Portugal http://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_main

INE: Press Release, 14.11.11: Gross Domestic Product down by 1.7% in real terms in the 3rd quarter 2011 - 3rd Quarter 2011 http://www.ine.pt/ngt_server/attachfileu.jsp?look_parentBoui=129369146&att_display=n&att_download=y

European Commission: RAPID: MEMO/11/793: Statement by the EC, ECB, and IMF on the Second Review Mission to Portugal http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/793&format=PDF&aged=0&language=EN&guiLanguage=en

IMF: Portugal and the IMF http://www.imf.org/external/country/prt/index.htm

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