Unemployment rate in Portugal breaks a new record of 15.8 percent

Unemployment rate in Portugal has hit a new high of 15.8 percent.

A new report says unemployment rate in the crisis-hit Portugal has hit a new
high of 15.8 percent as the country’s economic woes continue unabated.

(PressTV) Statistics Portugal (INE), an official statistics agency, on Wednesday released data for the 3rd quarter of this year. The report shows a general trend of increasing unemployment in Portugal since last year, the previous quarter had 15 percent and last year stood at 12.4 percent.

Forecasts from Lisbon and the troika of creditors – European Union, International Monetary Fund and European Central Bank – had estimated a lower jobless rate for the same quarter at 15.5 percent.

Portugal has had a 26.3 percent year on year rise of people without a job with an estimated working-able population of 5.5 million.
Almost two out of every 15 to 24 year-old has either lost their job or will not get one as the rate from last year rose 9 percent from 30 percent a year ago and 3.5 percent from the last quarter.
Portugal, like some other debt-ridden countries in the eurozone, has been seeking a bailout and has been carrying out austerity measures to make sure it gets the package.
The Portuguese Prime Minister Pedro Passos Coelho on Wednesday said the country needs to continue its spending cuts, which are scheduled for another 3 years to meet the demands of the bailout package. “We have to lower our level of spending in line with our possibilities,” he said.
He noted the austerity is necessary because “this way we make our country (Portugal) recover.”
Household spending and investments have fallen sharply in the crisis-hit country, which on top of Passos Coelho’s plans has caused the Portuguese to carry out a general strike in protest.

ALSO SEE: Anti-austerity protests across Europe turn violentHundreds of thousands angered over the economy turn out in 23 European cities



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