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Portugal's unemployment rate in December drops to 13.4 pct

Xinhua, January 30, 2015 Adjust font size:

Portugal's unemployment rate dropped to an estimated 13.4 percent in December last year, according to statistics released by the Natonal Institute of Statistics (INE) on Thursday.

There were around 689,600 people unemployed in December, a 0.7 percent decrease compared to November 2014.

The INE had forecast the unemployment rate for that month to be 13.9 percent.

"This development interrupts the decrease initiated in September, after a period of seven consecutive months of continued growth in employment," the INE said.

Portugal's Minister for Solidarity, Employment and Social Security Pedro Mota Soares said the figures were a hopeful sign of confidence for the Portuguese.

"These employment figures give hope and confidence to the Portuguese of returning to the job market," Mota Soares told a press conference after a cabinet meeting, according to local media.

However, the unemployment rate for young people, between the ages of 15 and 24, was almost three times higher to the rate registered for adults, standing at 34.5 percent in December.

Portugal had to seek financial help from the European Union, the International Monetary Fund and the European Central Bank in May 2011 and is trying to cut its budget deficit to 2.5 percent this year. Endit