Banco de Portugal forecasts an economic recession of 8,1% in 2020 due to the covid-19 pandemic, better than the 9,5% projected in June, according to the Economic Bulletin released today.
"The Portuguese economy will fall by 8,1% in 2020, reflecting a year-on-year drop of 9,4% in the first half of the year and a recovery in the second half of the year, which translates into a year-on-year change of -6,8%", he says. read up in the document.
The projection now presented revises the forecast for June by 1,4 percentage points, reflecting a smaller impact of the confinement on the Portuguese economy and a better-than-expected reaction from companies and households, the central bank said.
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