Marketbeat Portugal

Andreia Almeida • 13/04/2021

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%.

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The profound impact of the COVID-19 pandemic - namely on exports (-15.5%), particularly on the services component (-36.3%) due to the decrease in tourism; and in private consumption (-7.4%), given the drop in non-food retail - lead to a contraction of the economy in 2020, estimated by Oxford Economics at 8.6%.

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