Collapse of Economy in Bosnia and Herzegovina, Three Sectors hit the hardest

October 4, 2020 2:15 PM

 

The economy in Bosnia and Herzegovina fell 9.3 percent in the second quarter of this year, according to new data from the BiH Statistics Agency. That is the amount of the decline in the gross domestic product (GDP) in the period from April to the end of June. In the second quarter of 2020, compared to the same quarter of the previous year, the largest real decline in gross value added was recorded in the following activities: Hotels and restaurants 57.7 percent, transport and storage 23.9 percent and arts, entertainment and recreation 23.2 percent. The seasonally adjusted data series shows a 10.5 percent drop in GDP in the second quarter of 2020 compared to the previous quarter. Let us remind you that the International Monetary Fund has predicted a 5 percent decline in the BiH economy for the whole of this year, Avaz news portal reports.

The value of sales of agricultural products on the markets in the Federation of Bosnia and Herzegovina in August this year amounted to 1,409,719 BAM, which is a decrease in sales by 493,960 BAM or 25.9 percent compared to August 2019.

According to the Federal Bureau of Statistics, the share in total sales of agricultural products in markets, observed by product groups, was as follows: vegetables 47.6 percent, fruits 22.1 percent, poultry and eggs 10.5 percent, milk and dairy products 9.3 percent, honey 2.8 percent and other products 7.7 percent.

In the period January-August 2020 export amounted to 6 billion 600 million BAM, which is 14,1% lower than in the same period of 2019, and import amounted to 10 billion 840 million BAM, which is 17% lower than in the same period of last year. The coverage of import by export was 60,9% and international trade.

Export to CEFTA countries amounted to 1 billion 53 million BAM, which is 15,3% lower than in the same period of 2019, while import amounted to 1 billion 371 million BAM, which is 12,7% lower than in the same period of last year. The coverage of import by export was 76,8%, according to data from BiH’s Agency for Statistics.

Export to EU countries amounted to 4 billion 836 million BAM, which is 14,1% lower than in the same period of 2019, while import amounted to 6 billion 558 million BAM, which is 17,9% lower than in the same period of last year.

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