Bank of Portugal sees unprecedented GDP slide

in News · 17-06-2020 10:22:00 · 0 Comments

Portugal’s economy could tank an unprecedented 15% in the second quarter due to the impact of the coronavirus, bringing the contraction this year to 9.5% - the steepest drop in nearly a century.

The Bank of Portugal said the impact of the pandemic and subsequent lockdowns in Portugal and abroad would be the heaviest in the second quarter, and although there was still a lot of uncertainty about the setting, the quarter-on-quarter slide will be the biggest fall in economic activity of the last century, and only comparable to those registered during the Great Depression in 1929.


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