Portugal's economy down 7.6% in 2020

Portugal’s economy shrank by 7.6% last year, the biggest annual decline since 1936, and the government warned that the prospects for recovery are worsening because the COVID-19 pandemic has worsened. 

 

The decline includes the unprecedented decline in tourism revenue, but it is far less serious than the 8.5% previously predicted by the government. 

 

This is still twice the decline in 2012 when the country was struggling with the austerity plan implemented to rescue the troika.