Portuguese GDP fell 3.8%yoy and 1.8%qoq in Q4 2012. The sharp decline in Q4 has led us to revise down our GDP growth forecasts for the coming years. In the Eurozone, GDP also fell more than expected. Unemployment continues to climb in Portugal and reached 16.9% in Q4 2012. This week Barack Obama announced negotiations between EU and US for a free trade area that may foster growth in both regions.
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