The National Institute of Statistics (INE) confirmed that the drop in Gross Domestic Product (GDP) in the second quarter was 16,3% year-on-year and 13,9% quarter on year, according to the Quarterly National Accounts released today.
“In the 2nd quarter of 2020, the Gross Domestic Product (GDP) registered a year-on-year rate of change of -16,3% in volume, after a reduction of 2,3% in the previous quarter. The strong contraction in economic activity reflected the impact of the covid-19 pandemic, which was felt more intensely in the first two months of the second quarter”, can be read in the Quarterly National Accounts released today.
Compared to the first quarter of the year, the 13,9% decrease is explained “mainly by the negative contribution (-10,7 percentage points) of domestic demand, with a greater negative contribution from net external demand (-3,1, XNUMX percentage points)".
The numbers known today follow the two previous estimates released by INE. The first, on July 31, pointed to a drop of 16,5% year-on-year and 14,1% in a chain, and the second, on August 14, two tenths below, is the same as the one released today.
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