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Portugal jobless rate falls to 8-year low as finances mend

Associated Press logo Associated Press 28/04/2017

LISBON, Portugal — Portugal's economy continues to rebound from its recent crisis, with the unemployment rate in February falling to an eight-year low of 9.9 percent.

The national statistics agency says that youth unemployment remains high, as in much of the European Union, at 23.3 percent.

The National Statistics Institute said Friday that after a revision of figures the jobless rate was the lowest since February 2009.

The rate hit a record 16.2 percent in 2013, which was a third straight year of recession after a 78-billion euro ($85 billion) bailout amid the eurozone's financial crisis.

The budget deficit fell to 2 percent in 2016, down from more than 11 percent in 2010. However, government debt at the end of the third quarter last year was 133.4 percent, the EU's second-highest after Greece.

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