The Takeaway: Portuguese GDP for the first quarter arrives in-0,1 %, better that expected-> Shrinking corrects economy due to austerity-> EUR/USD rally the previous session
Gross domestic product of the Portugal fell for the sixth quarter in a row for Q1 2012, but the decline of 0.1% was better than the - 1.0 retractable % expected by analysts. The GDP fell by 2.2% in the first quarter of 2011, which was also better than the expectations of analysts.
The economic slowdown is due to the lower government expenditure and tax increases implemented to reduce the debt of the Portugal. Austerity measures were planned by the 78 billion euros rescue plan provided by the EU and the IMF.
Portuguese GDP was released along with the GDP of the euro area came in slightly better than expected with 0.0% growth for the first quarter. EUR/USD fell slightly after the two versions, possibly a small gathering of previous day correction.
Gross domestic product of the Portugal fell for the sixth quarter in a row for Q1 2012, but the decline of 0.1% was better than the - 1.0 retractable % expected by analysts. The GDP fell by 2.2% in the first quarter of 2011, which was also better than the expectations of analysts.
The economic slowdown is due to the lower government expenditure and tax increases implemented to reduce the debt of the Portugal. Austerity measures were planned by the 78 billion euros rescue plan provided by the EU and the IMF.
 |
| Add caption |
Portuguese GDP was released along with the GDP of the euro area came in slightly better than expected with 0.0% growth for the first quarter. EUR/USD fell slightly after the two versions, possibly a small gathering of previous day correction.
No comments:
Post a Comment