The unemployment rate in Portugal fell again in June to 17.4%. This is the second month in a row that the figures have been going down since peaking at 17.8% in April.
Troubled BCP bank racked up losses of €488m in the first half of this year and the bank’s President said that the financial institution would begin repaying its state bailout loan on schedule in 2014.
The European Commission approved the plans regarding CGD and BPI and had reached an agreement with the Portuguese authorities about the plan to restructure BCP.
Portuguese public debt was the third highest in the European Union (EU) in the first quarter of 2013, Eurostat said on Monday.
A group of leading business figures have drafted a manifesto appealing to the three largest parties in Portugal’s parliament to reach an understanding, acknowledging the “suffering” caused by austerity measures adopted by the right-of-centre coalition government.
The summer economic bulletin estimated that gross domestic product (GDP) would shrink by 2% this year, compared to an original growth forecast of -2.3%, and 0.3% next year, while the earlier forecast for next year had been 1.1%.
Banco Comercial Português and Caixa Geral de Depósitos saw its outlooks being cut while Banco Espírito Santo and Banco Português de Investimento’s outlooks remain unchanged.
The forest fire has been burning for two days in the extreme north of Portugal and was described as “the biggest ever in the region with millions of euros.”
Oil and gas company Galp Energia is on Wednesday to inaugurate the country’s first factory to produce biodiesel from raw materials classified as waste, including used oils and animal fats.
The rise in May was seen both in new houses and older properties, according to an index based on information from more than 1,400 real estate agents released on Thursday.