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Portugal experienced 1.8% quarter-on-quarter GDP decline in Q4 according to Statistics Portugal, resulting in an overall decrease of 3.2% in GDP for 2012, following a 1.6% contraction in 2011. Unemployment levels reached 16.9% in the fourth quarter, a 2.9% y/y increase and 1.1% increase from Q3. These challenging market conditions are reflected in faltering retail sales with y/y retail sales dropping 5.1% in February, following a 4.2% and 9.4% y/y decline in January and December respectively.
Source : Cushman & Wakefield
