41 - Zagope

Commercial
activities in 2011
In 2011 the global economy registered an expansion, especially in the 1 st
semester, followed by a deceleration of the growth during the second half
of the year. The emerging economies were the ones with greatest impact
over the acceleration observed in the first semester; but by the second
semester forecasts had turned more pessimistic, with the deterioration of
some of the main economic indicators in many countries. The aggravation
of the sovereign debt in the Euro zone forced peripheral countries to
request external help, so as to add competitiveness to their economies and
avoid contagiousness to central European countries.
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23
ZAGOPE Annual Report 2011
In Portugal, in April 2011, the government resorted to the financial assistance
programme prepared by the European Union (EU), the European
Central Bank (ECB) and the International Monetary Fund (IMF), receiving
an international rescue package of approximately 78 million euros. The
demanding budget containment measures constrained the economic development
of the country: the Internal Brute Product (IBP) decreased 1.6%
in 2011, as a result of the decrease of internal demand, namely in family
consumption expenses and investments; the average annual inflation rate
for 2011 was of 3.7%. Another significant effect was the decrease in importation
and an increase in exportation in the order of 7.4%.