Portuguese economy set for 2.0% recession: minister

5th May 2011, Comments 0 comments

Portugal's economy is set to contract by around two percent in 2011 and 2012 before recovering in 2013 under the debt rescue agreed with the EU and IMF, the country's finance minister said on Thursday.

Recovery will be driven by exports, Fernando Teixeira dos Santos told a press conference on the agreement with the EU and IMF for a debt rescue worth 78 billion euros ($116 billion).

Later, officials from the European Union, European Central Bank and International Monetary Fund were to present the conclusions of their audit of Portuguese finances and talks with political parties.

© 2011 AFP

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