Economy fell by 10.23% in April-June – Taxes removed 1.85% of GDP, consumption fell by 7.57%

The effect of the pandemic, at its peak, during the second quarter of the year, on the country’s economy, is estimated at 10.23% of Gross Domestic Product. The Institute of Statistics has thus released the first general balance sheet of the economy in the three months of April-June. During this period, the Gross Domestic Product of the country is estimated to have shrunk by 10.23%, compared to the same period a year earlier.

According to INSTAT, the largest negative impact is estimated to have given activities: trade, transport, accommodation and food service, at 4.11 percentage points, followed by industry, energy and water by 1.45 percentage points, professional activities and administrative services by 1.23 percentage points, construction by 0.9 percentage points, financial activities by 0.43 percentage points, entertainment by 0.41 percentage points, and traffic by 0.24 percentage points. The only activities that have contributed positively to the gross domestic product are: agriculture, forestry, weighing by 0.7 points, as well as real estate, by plus 0.29 percentage points.

This activity, ie that of real estate, has recorded an increase of over 5% compared to the same period a year ago. Meanwhile, a significant negative contribution was given by the net taxes on products, which removed 1.85 percentage points of GDP during the second quarter of the year. The data also show that the final consumption of the population during this period fell by 7.57% in annual terms, while compared to the first quarter of the year, the decline is fixed at 7.06%.

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