Bailed-out Portugal's jobless rate hits new record
LISBON - The Associated Press
Man walk pasts a closed shop on Lisbon downtown February 14. REUTERS photo
Portugal's statistics agency reports that the bailed-out country's jobless rate jumped to a record 14 percent at the end of last year.That was up from 12.4 percent in the third quarter as the economy went into a double-dip recession. The government forecasts a further contraction of 3 percent this year.
Debt-heavy Portugal last year followed other eurozone countries Greece and Ireland in taking a bailout. The €78 billion ($101.4 billion) loan sought to avert looming bankruptcy after a decade of meager growth.
The National Statistics Agency said Thursday the number of unemployed at the end of last year stood at around 771,000, up by more than 80,000 from the previous quarter.
