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Portugal's unemployment rate drops to lowest rate in four years

Xinhua, August 6, 2015 Adjust font size:

Portugal's unemployment rate dropped to a record 11.9 percent in the second quarter this year, Portugal's National Institute of Statistics (INE) revealed on Wednesday, giving the ruling coalition hope as the general elections approach.

The unemployment rate is at its lowest since 2011 when the country received a 78-billion-euro (about 86 billion U.S. dollars) bailout from the European Central Bank (ECB), International Monetary Fund (IMF) and the European Commission (EC), with the jobless rate reaching 17.7 percent a year later.

The rightist coalition partner CDS-PP said the figures made "history" and these were a "sign of hope," in a press conference at parliament after the figures were revealed.

However, the country's main opposition Socialist Party contested the figures, claiming they were "made-up" by the government, and pointing out that the country had witness the "greatest destruction" of employment in the last 50 years.

The Portuguese trade union UGT said it was satisfied with the drop in the figures but said there was still a lot left to do to improve the country's employment situation.

Portugal's economy returned to growth last year after three years of harsh austerity including spending cuts and tax hikes as part of the government's agreement when it signed its bailout loan.

The current center-right coalition faces elections on Oct. 4, with recent polls showing the ruling party and the Socialist party running almost neck-and-neck.

The Socialists lost the elections in 2011 and were forced to seek a bailout. They have been pushing an anti-austerity policy in the past few years. Endit