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Portugal experienced 0.3% quarter-onquarter GDP decline in Q1 according to Statistics Portugal, -3.9% down on a yearon-year basis. Unemployment levels reached 17.7% in Q1, a 0.8% increase from Q4 2012 and 2.8% year-on-year increase. The persistently challenging economic conditions have inevitably had a negative affect on retail sales with y/y retail sales dropping 3.5% in May, following a 2.1% and 5.7% y/y decline in April and March respectively.
Source : Cushman & Wakefield
