LISBON, July 31 (Reuters) – Portugal’s gross domestic product fell by 14.1% in the last quarter of 2020, marking the biggest contraction in history, as blockades imposed to involve the coronavirus epidemic affected key sectors of the economy.
In a quick estimate, the National Statistical Institute (INE) said that between April and June this year, the country’s GDP plummeted 16.5% at the same time in 2019, affected by the collapse of personal consumption, investment and exports.
The Bank of Portugal expects Portugal’s GDP to contract by 9.5% in 2020, the biggest recession in a century, while the government estimates it will fall by 6.9%.
Last year, the country expanded by 2.2% and the first budget surplus in its 45-year democratic history. (Report through Sergio Goncalves and Catarina Demony, edited through Alison Williams)
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