Portugal's jobless rate drops slightly

Portugal's unemployment rate dropped to 12.1 per cent in the second quarter of the year, down from 12.4 per cent in the first quarter, dpa cited the statistics body INE as saying Wednesday. Unemployment fell more among women than among men, and increased among people older than 45, the INE said. Portugal's economy is expected to contract by more than 2 per cent this year. The country is applying austerity policies agreed with the European Union and the International Monetary Fund, which granted it a bailout of 78 billion euros (112 billion dollars). Portuguese exports are seen as being relatively strong, while internal consumption and investments have stagnated.