Bank of Portugal - Annual Report 2005

According to the Bank of Portugal's Annual Report 2005, in 2005 developments in the Portuguese economy were marked by subdued growth, employment stagnation and an increase in the unemployment rate.

Even though GDP growth increased throughout the year, on average and compared with 2004, the economy decelerated significantly, highlighting the absence of a sustained recovery after the 2003 recession. At the same time, the structural situation of public accounts continued to deteriorate in spite

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