Portugal’s unemployment rate reaches record 15.7 percent in 2012

14 February 2013

Portugal’s rate of unemployment reached a record of 16.9 percent at the fourth quarter of 2012, taking the annual average to 15.7 percent, which is the highest rate since at least 1960, the National Statistics Institute (INE) said in Lisbon.

The rate seen in the fourth quarter of last year is 2.9 percentage points higher than in the same quarter of 2011 and 1.1 percentage points higher than in the third quarter of 2012.

In the period there were 923,200 unemployed people, which is a year-on-year rise of 19.7 percent and 6.0 percent quarterly rise (152,200 more people and 52,300 more people, respectively), and the employed population totals 4.532 million people.

The average annual rate of unemployment in 2012 was 15.7 percent, which accounts for a rise of 2.9 percentage point against the previous year.

The rate of unemployment recorded last year exceeds the 15.5 percent forecast by the Portuguese government in the State Budget for this year and exceeds the 13.4 percent rate outlined in the State Budget for 2012 by several percentage points. (macauhub)