Year-on-year figures show Portugal registered the fifth biggest drop among member states, Eurostat said.

Minister for Foreign Affairs Paulo Portas says it is not “historically” valid to claim that “there is one Europe to the north, packed with virtues, and another to the south overflowing with defects.”

A study by Eurobarometer found that only 35% of Portuguese citizens knew about the rights that come along with European Union membership, despite most people claiming they were pro-European.

The European Automobile Construction Association said the registration of new commercial vehicles plummeted an annualised 52% over the first ten months of this year, putting Portugal on the top of the list of vehicle sale contractions in Europe.

The European Central Bank praised labour market reforms enacted in Portugal, describing them as “important to increase flexibility in labour negotiations and reduce excessive job protection.”

The budget for cultural programming under the European Capital of Culture is €25m, with €18m of that to come from EU funds.

Positive marks from the EC-ECB-IMF team would clear the way for a new disbursement of some €4.3bn in troika funds, but the mission will also have to assess the impact the shortfall in tax revenues will have on the fulfilment of the 4.5% deficit target agreed to last year.

The Portuguese president is calling for immediate action from the ECB.

Vítor Constâncio is confident that Portugal will meet its deadlines since the international assistance programme for Portugal seems to be on the right track.