Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Portugal extends COVID-19 emergency, end of lockdown in sight

Published 03/11/2021, 12:28 PM
Updated 03/11/2021, 12:30 PM

LISBON (Reuters) - The Portuguese parliament on Thursday approved a 15-day extension of a state of emergency until the end of March as the government geared up to unveil a long-awaited plan to gradually lift strict lockdown rules in place since mid-January.

Under the lockdown implemented on Jan. 15 to tackle what was then the world's worst surge of coronavirus cases and deaths, all non-essential services and schools were shut, with people urged to stay home across Portugal.

The situation brought the country's fragile health service to its knees but has significantly improved since then, with daily figures dropping sharply.

Portugal, a nation of just over 10 million, reported 627 new cases and 18 deaths on Thursday, bringing the total to 812,575 and 16,635 respectively.

The plan to ease the lockdown will be announced by the government later on Thursday and is expected to slowly open up different services and allow certain activities depending on the pandemic situation in each region.

Economy Minister Pedro Siza Vieira said on Wednesday some sectors could be given the green light to reopen before Easter, with local news agency Lusa reporting kindergartens and pre-schools could reopen as soon as next week.

Broadcaster SIC said the government was also evaluating if hairdressers and bookshops could open their doors next week. Controls on the land border with Spain are likely to remain in place until Easter.

In a presidential decree, President Marcelo Rebelo de Sousa said that although the "situation was evolving favourably... external signs remained complex, imposing caution about the steps to be taken in the near future".

No crisis in recent history has hit Portugal's tourism-dependent economy as hard, with the country's gross domestic product shrinking 7.6% last year, its biggest annual slump since 1936.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.