  second, the Programme’s projections relied on fiscal multipliers that were ultimately below those estimated ex post. Increased uncertainty among economic agents that resulted from the continued weakness of the external environment of the Portuguese economy and, in particular, the simultaneous fiscal consolidation process under way in those external economies, led economic agents to predict a higher fall in permanent income.
A few early lessons of e-commerce The terms "electronic commerce" and "e-commerce" generally refer to commercial activity involving the Internet, although they can also describe any commerce that relies primarily on electronic exchange of information. For many entrepreneurs, e--commerce is an entirely new market opportunity, while others see it as a versatile new channel offering opportunities to enhance existing markets.