Portugal’s Finance Minister expects GDP to drop 6.5% for each month economy in shut down
The Financial Minister, Mário Centeno, expects a 6.5% drop in annual GDP for every 30 working days that the economy is paralyzed.
Finance Minister Mario Centeno reported that the government’s estimates point to a 6.5% drop in annual GDP for every 30 working days that the economy is paralyzed due to Covid-19.
“The estimates that exist and we will soon present figures in this regard are framed in facts ranging from 6.5% of annual GDP for every 30 working days that the economy is, as it is today in Portugal,” said the minister in an interview with TVI.
The minister warned that this impact of 30 working days on GDP “is not flat” and is deteriorating as time goes on.
“It’s not enough to multiply it by fractions of 30 days, because the process is deteriorating”, he said, pointing out the need for an “urgent and rapid response to the economy” such as is ” now being given to health”.
