Portugal second-quarter budget deficit spikes to 10.5% due to pandemic

Portugal’s budget deficit soared to 10.5% of gross domestic product (GDP) in the second quarter of 2020 from 2.2% a year earlier due to the impact of the coronavirus pandemic, official data showed on Wednesday.

The National Statistics Institute also said the country expected a budget deficit of 7% of GDP in 2020 as a whole compared to a surplus of 0.1% last year, which was the first in more than four decades of Portuguese democracy.

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