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Portugal leaving financial crisis behind

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Staff Writer | November 21, 2016
Portugal has left the recent financial crisis behind, European Commissioner for Economic and Financial Affairs Pierre Moscovici said.
Pierre Moscovici
Europe   European Commissioner for Economic and Financial Affairs:
However Moscovici pointed out that the country was still feeling the impact of the economic crisis, during a press conference at the ministry of finance, and said there was still a lot of work to be done.

He left a message of "encouragement and confidence," and pointed out that the country was "recovering" and the European Commission would remain by the country's side.

"We should be happy, namely because this will enable, according to our forecasts, a drop in employment, down to 10 percent in 2017, the average for the euro area. That is a substantial improvement," he said.

Portugal had to ask for a 78-billion-euro (about 83 billion U.S. dollars) bailout program in 2011 when it was on the verge of bankruptcy, leading to steep spending cuts and tax hikes.

The country's unemployment rate in September was around 10 percent, down from over 12 percent last year.

The Portuguese economy grew at an annual rate of 0.8 percent in the third quarter, according to the national statistics agency, enjoying the best economic performance in the eurozone between July and September.