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Portugal will go into recession this year as the coronavirus hits private consumption and investment and exports collapse, the central bank said on Thursday, reports Reuters.

Portugal has 3,544 confirmed cases of the coronavirus, with 60 reported deaths, far below other southern European countries such as Italy and Spain.

In its economic bulletin, the first data set showing the impact the virus is likely to have on the economy, the Bank of Portugal said gross domestic product would drop between 3.7% and 5.7% in 2020. Last year it grew 2.2%.

Private consumption is set to fall 2.8% to 4.8% and exports will decrease 12.1% to 19.1% this year, according to the bulletin. Private investment will drop between 10.8% and 14.9%.

The unemployment rate is set to increase to between 10.1% and 11.7% this year, compared with 6.6% in 2019.

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