LISBON, July 31 — Portugal’s gross domestic product shrank 14.1 per cent in the second quarter of 2020, the biggest contraction ever, as lockdowns imposed to contain the spread of the coronavirus hit key sectors of the economy. In a flash estimate, the National Institute of Statistics (INE)...
Friday, 31 Jul 2020 05:57 PM MYT
In a flash estimate, the National Institute of Statistics said that between April and June this year, the country’s GDP plunged 16.5 per cent compared with the same period in 2019, affected by collapsed private consumption, investment and exports. In yet another sign of weak domestic demand, INE said consumer inflation fell 1.3 per cent in July after growing 0.9 per cent in June.
The coronavirus is set to leave long-lasting scars on the country’s economy, with the Bank of Portugal predicting Portuguese GDP will contract 9.5 per cent in 2020, the biggest recession in a century. The government estimates it will fall 6.9 per cent.
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