Portuguese unemployment rate falls

Portugal's unemployment rate fell in the 12 months to September, the latest figures show, as the country avoids the worst effects of the credit crisis.

However, the number of people without a job actually increased over the course of the third quarter, suggesting the global economic turmoil is starting to have an impact.

Even so, property speculators might look to Portugal as a location for investment in the hope it will provide better returns than other countries.

Economists expect the Portuguese economy to slow in 2009, which will put pressure on the incumbent government as elections are due next year.

Having said this, they will be able to point to the measures already in place which have isolated the country's banks from the turbulence felt by those in the US, UK, France and Germany.

One thing out of the Portuguese government's control, though, is the impact of the economic downturn on the country's exports.

The Portuguese government is currently headed by Jose Socrates, with Anibal Antonio Cavaco Silva acting as president.

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