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Portugal's unemployment rate rises to record 16.9 percent
Xinhua | February 14, 2013 09:09
By Agencies
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Portugal's unemployment rate rose to a record 16.9 percent in the fourth quarter last year, up from 15.8 percent in the previous quarter, according to data released Wednesday by the country's National Statistics Institute (INE).

A total of 923,200 Portuguese were out of work in the end of last year. The average unemployment rate throughout 2012 was 15.7 percent, an increase of 2.9 percentage points from the previous year.

To meet the requirements of the Troika comprising the European Union, the International Monetary Fund and the European Central Bank, the Portuguese government is implementing harsh austerity measures for the 78-billion-euro (about $105-billion) bailout which is widely blamed for the high rate of unemployment in the country.

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Posted in: Europe

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