Portuguese economy to shrink nearly 7% in 2020 due to coronavirus

Portugal's tourism-dependent economy is expected to shrink by nearly 7% this year due to the effects of the coronavirus outbreak, the government said in its economic and financial stability programme published late on Saturday.

"A strong contraction of the Portuguese economy is expected as a result of the economic shock caused by the COVID-19 pandemic and the containment measures implemented," it said, describing the 6.9% predicted fall as the "biggest contraction registered in recent decades".