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Laura

Right You Lot, No More References To Piigs If You Please!

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From now on it's IGIS.... or SIGI

http://www.the-news.net/

IMF - Worst is over

15/8/2009

In an unexpected announcement on Thursday, the International Monetary Fund (IMF) released a report in which it states that Portugal has overcome the worst of the economic crisis. The IMF based its findings on impressive results released the same day by the Office of National Statistics showing that the Portuguese economy had grown by 0.3 percent during the second quarter of 2009 in the midst of one of the worst financial crises since the Great Depression. Effectively, these figures mean that the term ‘recession’ no longer applies when referring to the Portuguese economy.

The national economy has reported growth for the first time in a year, bamboozling analysts who had predicted negative growth of around 0.6 percent for the second quarter of 2009.

“The figures released this week are positive and reveal that ‘the worst is over’ as far as the economic crisis in Portugal is concernedâ€, the IMF said in a statement released on Thursday afternoon.

In technical terms, Portugal is no longer in recession. An economy falls into recession whenever negative growth is reported for two consecutive quarters, but with the national economy growing 0.3 percent between April and June, that definition no longer applies to the Portuguese economy.

Strictly speaking, Portugal will not be in recession for the remainder of 2009. In a worst case scenario, negative economic growth over the two remaining quarters will only be confirmed next January.

“Given that we are dealing with a flash estimate, we are unsure as to which components led to this positive growth over the second quarter, but we suspect that exports and public spending are behind the figures releasedâ€, the IMF said.

The growth of the Portuguese economy was also shared by European financial superpowers Germany and France, who also reported a rise of 0.3 percent last quarter.

The IMF adds that Portugal will be dependent on improvements of the economies of major Western economies “to reverse the negative economic cycle.â€

As ever I believe everything I read in newspapers :)

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+0.3 as well.

Impressive.

Is anyone starting to see a pattern emerge here :rolleyes:

Any bookies like to give me odds on the "growth %" of the next country to declare "recession over" ?

Thought not...................

+0.3% is the new black. :lol:

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Has noone told the piigs, Gordon or the IMF that this is a VW shaped recession. :ph34r:

no, they just want to porscheon the good news

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Now that Portugal has overcome its EU teething problems the road ahead is clear.

Events like this one in Lisbon can no longer occur :rolleyes:

_39538770_bus_afp.jpg

Edited by Laura

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So I suppose if GDP in these countries is -0.3% next quarter then that it is still not a recession.

They wont know if they are in a recession until 2010. But then things will start to improve. Honest.

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So I suppose if GDP in these countries is -0.3% next quarter then that it is still not a recession.

They wont know if they are in a recession until 2010. But then things will start to improve. Honest.

It couold be -99% next quarter and no new recession.

Two quarters and all that.

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