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(Adds details) LISBON, Feb 26 (Reuters) - Portugal last year recorded its steepest economic contraction since 1936 as both domestic and external demand weakened due to the COVID-19 pandemic, especially in tourism. Gross Domestic Product fell 7.6% in 2020, the National Statistics Institute (INE) data showed on Friday, almost double the 4.1% fall in 2012 during an austerity programme linked to an international bailout. “Domestic demand presented a significant negative contribution to the annual rate of change of GDP, mainly due to the decrease of private consumption,” INE said. “The contribution of net external demand was more negative in 2020, mainly reflecting the unprecedented reduction of tourism exports.” Tourism accounts for 15% of GDP.

Vicente ruaJoao manuel mauricioPatricia vicente ruaIngrid melanderAndrew cawthorneThomson reuters trust principlesNational statistics institutePatricia vicenteDomestic productThomson reuters trustEconomy gdp update 1Economic indicatorsEuropean unionEuro zoneEconomic outputContent produced in gdynia