Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Connected Government
- Consolidating Mission-critical Systems
- Constituent Servicing
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Eliminating the Pitfalls: Steps to Virtualization in Government
- Federal Executive Forum
- Federal Tech Talk
- Government Cloud Brokerage: Who, What, When, Where, Why?
- Government Mobility
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mobile Device Management
- The Modern Federal Threat Landscape
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- Satellite Communications: Acquiring SATCOM in Tight Times
- Transformative Technology: Desktop Virtualization in Government
- Understanding the Intersection of Customer Service and Security in the Cloud
Shows & Panels
Portugal endures worst recession in 37 years
Monday - 3/11/2013, 8:13am EDT
LISBON, Portugal (AP) -- Portugal's statistics agency says the economy contracted 3.2 percent last year -- its sharpest annual downturn since 1975.
Portugal is enacting broad debt-reduction measures, including tax hikes and pay and pension cuts, in return for a EUR78 billion ($102 billion) international financial lifeline it received in May 2011. Those austerity policies are widely blamed for the deepening recession and growing hardship.
The National Statistics Institute said Monday that a drop in private consumption and slower export growth were the main factors behind the slump, with the economy shrinking 3.8 percent in the fourth quarter.
Unemployment stands at 17.6 percent, the third-highest rate in the 27-nation bloc after Greece and Spain.
The economy contracted 1.6 percent in 2011. The government predicts a 2 percent contraction this year.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.