Pandemic pushes national GDP to historic drop of 7,6% last year

Decline in private consumption and the “unprecedented fall in tourism exports” led to this decline in national GDP

The pandemic pushed the national Gross Domestic Product (GDP) to a historic drop of 7,6% last year, according to a quick estimate by the National Institute of Statistics (INE) published this Tuesday.

“In the year 2020 as a whole, GDP registered a contraction of 7,6% in volume (growth of 2,2% in 2019), the most intense in the current series of National Accounts, reflecting the markedly adverse effects of the COVID-19 pandemic in economic activity”, adds INE.

 

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