Portugal’s GDP suffers fifth largest fall from OECD countries

 In Economy, Exports, News

Portugal’s economy was among that of five countries whose economic performance in the OECD which faired the worst in the second quarter of the year.

The performance was based on statistics released on 31 July from Portugal’s National Statistics Institute (INE) which by that date suggested a chain contraction of 14.1%, a percentage that was reviewed two weeks later to 13.9%.
But however the figures were compiled and by which entity, Portugal was also hammered by the preliminary economic statistics from the European Union’s statistical body Eurostat, which revealed that Portugal came out as the third European economy that suffered the most from the crisis in the second quarter of 2020 after Spain and Hungary with Portugal diverging from the European Union.
The countries with the worst economic performance out of the OECD countries were the United Kingdom, Spain, Mexico and Hungary. But in an equally bad state as Portugal is France with a contraction of 13.8%.
From the countries whose economies were included and for which data was available, China was the only one to show a positive GDP growth, with 11.5%.
The statistical data published on Wednesday show a fall without precedent for the OECD countries.