Portugal: Per aspera ad astra (to the stars through difficulties) - a long dry spell to be followed by strong economic growth?

In 2002 Portuguese GDP only matched the volume of 2001. The labour market situation became more unfavourable and unemployment increased significantly at the end of the year (5% average for the year). Consumer prices at 3.7% were above the level of 2001. This year as well, Portugal will remain on its macroeconomic consolidation course. Real GDP will decline by around ½%, the unemployment rate will average 6½% for the year, and consumer prices will increase by around 3½%. In 2004 the economy will grow by approximately 1½%. Unemployment will stand at 6¾% for the year and the cost of living will increase by around 2¾%.