The Portuguese economy grew by 0.9% in 2014 and beginning its recovery from recession after its 1.4% contraction in 2013, according to figures released from the National Institute of Statistics on Friday.
The report also confirmed that the economy closed the year expanding at a slower rate of growth than that experienced earlier with the fourth quarter seeing a rise of 0.7% in year-on-year terms.
2014 saw internal demand pick up by 0.2% in real terms following a 2.3% contraction in 2013 and hence swung from dragging down the economy by 2.4% in 2013 to making a 2% contribution with “a recovery in private consumption and, to a lesser extent, in investment.”
However, this also reflected on net external demand that had made a 1% contribution to economic growth in 2013 whilst driving a 1.1% decline in 2014 due to the “more intense growth in imports of goods and service as regards the trend in exports.”
In other figures release Friday, Portugal’s unemployment rate continues to steadily recover from the depths of recession.
The National Institute of Statistics reported that the unemployment rate stood at 13.3% in January, down 0.3% on December and a whole 1.7% better in annualised terms.
The figures also report that whilst around 683,200 persons were looking for a job in January, this was down 10,500 on December and hence 1.5% lower in month-on-month terms.
Hence, out of Portugal’s approximate ten million strong population, there were around 4.4 million people in work, up 21,000 or 0.5% on December and reversing the four month decline in the total numbers employed that ran from September to December of 2014 and that had itself countered a seven month long expansion in employment.
Furthermore, January was a good month for all the categories monitored by the institute with male employment increasing by 0.7%, adults up 0.4%, young persons aged up to 24 rising by 2.5% and with female employment putting on 0.3%.
Thus the overall employment rate came in at 56.7%, up 0.3% month-on-month with 60.6% of males in active employment against 53.1% of women whilst the youth employment rate stood at 22.9%.
The report concluded that the unemployment rate not adjusted by seasonal interests stood at 13.6% and down 0.2% on December and 1.7% in annualised terms.
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