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Portugal sees economy shrinking 2.3%
by hlk Sat 16 Jul 2011, 10:34
LISBON: Bailed-out Portugal will see its economy shrink 2.3% this year and 1.7% in 2012 as it bites the bullet on tough austerity measures, according to Finance Minister Vitor Gaspar.
Gaspar said “the economic recovery will only occur in 2013” as the government slashed spending and hiked taxes to stabilise the public finances after the IMF and the European Union stumped up 78 billion euros (US$110bil) for Lisbon earlier this year. AFP
Gaspar said “the economic recovery will only occur in 2013” as the government slashed spending and hiked taxes to stabilise the public finances after the IMF and the European Union stumped up 78 billion euros (US$110bil) for Lisbon earlier this year. AFP
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