Portugal's unemployment rate drops below 10 pct in Feb., 1st time in 8 years

Portugal's unemployment rate fell below 10 percent in February for the first time in 8 years, the country's statistics institute revealed on Friday.

The unemployment statistics were revised down for February from a provisional 10 percent reported the previous month to 9.9 percent, the lowest figure seen since 2009.

Prime Minister Antonio Costa said the improved unemployment rate was a sign that the country's economic policy had been successful.

"What should fill us with satisfaction, because it is what helps to reinforce confidence, gives strength to the economy and proves the success of this economic policy, is what is happening in the job market," Costa said during a speech at the inauguration of an industrial complex in Portalegre, around 230 km south of Lisbon.

"As the National Institute of Statistics revealed today, in February for the first time in many years, we have a single digit rate for unemployment," he added. "The cycle has been reversed."

Costa was sworn in as prime minister in November 2015, and since then has insisted that an anti-austerity approach is possible. Tens of thousands of jobs have been created since his Socialist party took office backed by the Left Bloc and Communist Party in parliament.

However, there is still skepticism regarding his policies, with growth standing at a moderate 1.2 percent in 2016 and public debt still surpassing 130 percent. Enditem