Bank of Portugal sees deeper recession

Comment on this story

The Bank of Portugal lowered its economic outlook for the country on Tuesday, forecasting a slump in 2013 output of 1.9 percent as lower global growth dampens export demand and domestic consumption slides.

The forecast in the bank's winter economic bulletin was lowered from the bank's previous outlook of a 1.6 percent drop in gross domestic product this year and compares with the government's forecast of a 1 percent slump in 2013.

The bank said GDP should rebound to post growth of 1.3 percent next year but that depends on whether further austerity measures are launched under Portugal's bailout form the European Union and IMF.

This year will be the third year of recession as the country wallows in its worst downturn since the 1970s. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines