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COVID-19 causes Portuguese GDP to fall 2.3 pct in Q1



News Today 2

LISBON, May 29 (Xinhua) –The COVID-19 pandemic caused a 2.3 percent drop in the Portuguese economy in the first quarter of 2020 compared to the same period last year, said the National Statistics Institute (INE) on Friday.

The drop was even greater, at 3.8 percent, when January, February and March are compared with the three preceding months.

However, even before the state of emergency decree in March, there was already less consumption in the restaurant and hotel sectors, due to the news on the spread of the novel coronavirus across Europe.

Meanwhile, exports fell 4.9 percent while imports declined 2 percent in the first quarter of this year from 2019.

Domestically, investment fell 2.5 percent and private consumption dropped 1 percent, characterizing a downward trend that had not occurred since the third quarter of 2013. Employment registered a decrease of 0.5 percent over the first three months of 2020 compared with last year.


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