Economic activity in Portugal suffered a significant impact in 2020 resulting from the period of mandatory confinement due to the outbreak of COVID-19, especially in the second quarter, with a contraction in GDP estimated at 16.3%.
Exports, especially services, due to the importance of tourism, and private consumption, given the drop in non-food retail, are the most affected, with decreases of 21.6% and 8.0%, respectively.
By contrast, the continued activity in the construction sector reduced the impact on investment, with an estimated drop of only 5.0%.
