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EU expects Portuguese economy to sink almost 10% this year

Christian Fernsby ▼ | July 7, 2020
The European Commission estimates a 9.8% drop in Portugal’s GDP this year in the Summer 2020 Economic Forecast, released this Tuesday.
Portugal street
GDP   Portugal street
This was the biggest downward revision among member states, compared to the spring projections released in May, when Brussels pointed to a 6.8% contraction in 2020.

Topics: Portuguese

he European Commission estimates a 9.8% drop in Portugal’s GDP this year in the Summer 2020 Economic Forecast, released this Tuesday.

This was the biggest downward revision among member states, compared to the spring projections released in May, when Brussels pointed to a 6.8% contraction in 2020.

“With the confinement starting to ease in May, economic activity is slowly picking up but for many businesses, such as airlines and hotels, it is expected to remain well below its pre-pandemic level over a longer period,” the European Commission stresses in the report.


 

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