Banco de Portugal improves projections

in News · 10-10-2020 20:00:00 · 1 Comments

Banco de Portugal forecasts an economic recession of 8.1 percent in 2020 due to the Covid-19 pandemic, better than the 9.5 percent projected in June, according to the Economic Bulletin released.

"The Portuguese economy will fall by 8.1 percent in 2020, reflecting a year-on-year fall of 9.4 percent in the first half and a recovery in the second half of the year, which translates into a year-on-year change of -6.8 percent", the paper reads.

The projection now presented revises the June forecast by 1.4 percentage points upwards, reflecting a smaller impact of the confinement in the Portuguese economy and a better-than-expected reaction by companies and households, the central bank said.


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By Mukund reddy from Other on 12-10-2020 05:47
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