LISBON (Reuters) – Around 80% of Portuguese companies still operating or temporarily shut due to the coronavirus outbreak reported a sharp drop in their revenues, at times exceeding 75%, as authorities tightened lockdowns, a survey showed on Tuesday.
Around 78% of businesses blamed the revenue free-fall on restrictions implemented by Portugal’s Socialist government as part of a state of emergency to contain the spread of the coronavirus. The emergency was initially declared on March 18 but is set to be extended until May 1.
The accommodation and restaurant sector suffered the hardest blows, a survey released by the National Institute of Statistics (INE) and the Bank of Portugal revealed, with businesses in the industry frequently reporting revenue declines of more than 75% during the second week of April.
The data showed 55.1% of the companies in the accommodation and food sector – mostly driven by the tourism industry – shut…