(Adds details)
LISBON, Feb 26 (Reuters) - Portugal last year recorded its steepest economic contraction since 1936 as both domestic and external demand weakened due to the COVID-19 pandemic, especially in tourism.
Gross Domestic Product fell 7.6% in 2020, the National Statistics Institute (INE) data showed on Friday, almost double the 4.1% fall in 2012 during an austerity programme linked to an international bailout.
“Domestic demand presented a significant negative contribution to the annual rate of change of GDP, mainly due to the decrease of private consumption,” INE said.
“The contribution of net external demand was more negative in 2020, mainly reflecting the unprecedented reduction of tourism exports.” Tourism accounts for 15% of GDP.
By Reuters Staff
2 Min Read
LISBON, March 3 (Reuters) - Portuguese retailer Jeronimo Martins posted a 25% drop in fourth-quarter net profit from a year ago despite a gentle rise in overall sales driven by its key market Poland as costs increased due to the impact of the COVID-19 pandemic.
As net profit fell to 93 million euros ($112 million), Portugal’s second-largest retailer warned “there is still uncertainty about the possible implementation of further confinement measures, at least in the first half of the year”.
It said it planned to increase investment this year to 700 million euros from 470 million in 2020, mostly in Poland where its Biedronka unit is the largest food retailer, “if restrictions implemented in our markets do not impact execution.
Portugal's Jeronimo Martins quarterly profit down 25% on pandemic costs reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
LISBON Portugal last year recorded its steepest economic contraction since 1936 as both domestic and external demand weakened due to the COVID-19 pandemic,…
By Reuters Staff
2 Min Read
LISBON (Reuters) - The world’s largest cork products company, Corticeira Amorim, posted a 14% fall in net 2020 profit on Wednesday as the pandemic hit sales of its main wine stopper business and it booked one-off charges.
The Portuguese company, which netted 64 million euros last year, also warned its first quarter would be impacted by coronavirus restrictions while uncertainty about further economic fallout from the pandemic remained high.
“Over the remaining months of 2021 the evolution and scope of the ongoing vaccination process . offset by the potential need to implement additional containment measures will determine the evolving impact of the pandemic on the global economy and consumption patterns,” it said in a statement.