Portugal headed for coronavirus-driven recession, says central bank

Portugal's central bank said on Thursday the country's once-bailed out economy will enter a coronavirus-driven recession this year, hurt by a drop in private consumption and investment, as well as the collapse of the export sector.

In its economic bulletin, the first data set showing the impact the fast-spreading coronavirus will have on Portugal's economy, the country's central bank said the gross domestic product will drop between 3.7% and 5.7% in 2020.

Private consumption is set to fall 2.8% and 4.8% and exports will decrease 12.1% and 19.1% this year, the Bank of Portugal said, adding that private investment will drop between 10.8% and 14.9%.