Portuguese GDP down 16.3 pct in Q2
Source: Xinhua | 2020-09-01
The Portuguese National Institute of Statistics (INE) revealed on Monday that the country's gross domestic product (GDP) fell by 16.3 percent in the second quarter(Q2), compared to the same period last year.
"The strong contraction in economic activity reflected the impact of the COVID-19 pandemic that was felt most intensely in the first two months of the second quarter," read an INE report published on its official website.
According to the statistics body of the Portuguese government, the negative result reflected the significant contraction in private consumption and investment during the months of social isolation.
Compared to the first quarter of 2020, the GDP decreased by 13.9 percent.
In annual terms, the European Commission (EC) predicted that Portugal would close the year 2020 with a 9.8-percent drop in its economy, while the Portuguese government projected a 6.9-percent decline.
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