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Bank of Portugal sees unprecedented Q2 GDP slide

Christian Fernsby ▼ | June 17, 2020
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 on Tuesday.
Portugal street
GDP   Portugal street
The central bank’s full-year forecast is worse than the government’s estimate of a 6.9% slide and represents a major revision downwards from the bank’s own March projection of a fall of up to 5.7%.

Topics: Portugal GDP

It 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 “could reach a value of around 15% ... without a historic precedent”.