Unemployment in Portugal drops to lowest for over 12 years

The unemployment rate in Portugal fell to 8.4 percent in October, the lowest rate since February 2005, Xinhua reports.

The Chinese state-run news agency, citing data published by the Portuguese National Statistics Institute, says the jobless rate has been falling since it peaked at 17.5 percent in January 2013.

The institute estimates that the unemployment rate will turn out to have fallen to 8.2 percent in November.

Fitch Ratings recently raised its credit rating for Portugal because employment and the property market there are improving, Xinhua says.