LISBON, Feb 2 (Reuters) – Portugal’s economy shrank 7.6% last year, its biggest annual slump since 1936, and the government warned that the outlook for recovery was deteriorating because the COVID-19 pandemic had worsened.
The fall, which included an unprecedented decline in revenues from tourism, was less extreme than the government’s earlier 8.5% estimate.
But it was still almost double the fall of 4.1% registered in 2012, when the country was under an austerity programme linked to an international bailout.