Portugal launches plan to boost exports hit by pandemic

(Reuters, Lisbon, 24 July 2020) Portugal's government has launched a plan aimed at boosting its export sector to alleviate the impact of the coronavirus pandemic, with a goal of increasing exports to 53% of gross domestic product by 2030 from 44% last year. Last year, exports of goods and services rose 4.3% to a record of 93.5 billion euros ($108.5 billion), representing 44% of GDP. However, the coronavirus pandemic has already led to an abrupt drop in exports, with the country's central bank predicting they will fall around 25% in 2020, mainly because tourism collapsed due to lockdowns and the absence of holidaymakers.