Portugal's GDP shrinks 3.8% in Q4

Portugal's economy contracted at the fastest rate in the last three months of 2012, suggesting that the economy fell deeper into recession, a report released by the Statistics Portugal showed on Monday. Quarter-over-quarter, the Portuguese GDP shrank 1.8% in the Q4 following a 0.9% drop in the Q3 and a 1.0% decrease the quarter before. Annually, the economy slipped in line with expectations at 3.8% in the Q4.