The report also confirmed that the economy closed the year expanding at a slower rate of growth than that experienced earlier, with the fourth quarter seeing a rise of 0.7 percent in year-on-year terms.
Last year saw internal demand pick up by 0.2 percent in real terms following a 2.3 percent contraction in 2013 and hence swung from dragging down the economy by 2.4 percent in 2013 to making a 2 percent contribution with “a recovery in private consumption and, to a lesser extent, in investment.”
However, this also impacted on net external demand that had made a one percent contribution to economic growth in 2013 but led to a 1.1 percent decline in 2014 due to the “more intense growth in imports of goods and service compared with exports.”
In other figures released, Portugal’s unemployment rate continues to steadily recover from the depths of recession.
The National Institute of Statistics reported that the unemployment rate stood at 13.3 percent in January, down 0.3 percent on December and a whole 1.7 percent better in annualised terms.
The figures also report that whilst around 683,200 people were looking for a job in January, this was down 10,500 on December and therefore 1.5 percent lower in month-on-month terms.
As a result, out of Portugal’s approximate ten million strong population, there were around 4.4 million people in work, up 21,000 or 0.5 percent on December and reversing the four-month decline in the total numbers employed that ran from September to December of 2014 and that had itself countered a seven-month-long expansion in employment.
Furthermore, January was a good month for all the categories monitored by the institute with male employment increasing by 0.7 percent, all adults up 0.4 percent, young persons aged up to 24 rising by 2.5 percent and with female employment putting on 0.3 percent.
The overall employment rate came in at 56.7 percent, up 0.3 percent month-on-month with 60.6 percent of males in active employment against 53.1 percent of women whilst the youth employment rate stood at 22.9 percent.
The report concluded that the unemployment rate without adjustment for seasonal influences stood at 13.6 percent, down 0.2 percent on December and 1.7 percent in annualised terms.