Economy records biggest drop since 1936

By TPN/Lusa, in Business, News · 03-02-2021 21:00:00 · 0 Comments

The fall, which included an unprecedented decline in revenues from tourism, was less extreme than the government’s earlier 8.5% estimate

Portugal’s economy shrank 7.6% last year, its biggest annual slump since 1936, and the government warned that the outlook for recovery was deteriorating because the COVID-19 pandemic had worsened. The fall, which included an unprecedented decline in revenues from tourism, was less extreme than the government’s earlier 8.5% estimate. But it was still almost double the fall of 4.1% registered in 2012, when the country was struggling under an austerity programme imposed by the bailout Troika.



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