LISBON, May 8 — Portuguese Finance Minister Mario Centeno said yesterday the unemployment rate could hit around 10 per cent by the end of the year, compared to 6.7 per cent reported during the first quarter of 2020, because of the impact of the coronavirus pandemic. “We think the unemployment...
Friday, 08 May 2020 08:51 AM MYT
“We think the unemployment rate may increase by three to four percentage points by the end of 2020,” Centeno, also Eurogroup’s chief, said during an interview with RTP television. The IMF expects Portugal’s gross domestic product to contract by 8 per cent this year, above the European Commission’s predictions this week of a 6.8 per cent drop.Helped by solid economic growth of 2.2 per cent last year, the government reported a budget surplus of 0.2 per cent of GDP in 2019 — its first in 45 years of Portugal’s democratic history — after a deficit of 0.4 per cent in 2018.
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