BUSINESS

GDP in Bosnia and Herzegovina fell by 10,5 Percent in the Second Quarter

 

The real GDP fall in the second quarter of 2020, compared to the same quarter of the previous year, amounted 9,3 %.

According to seasonally adjusted data, GDP fell by 10,5% in the second quarter of 2020, as compared to the previous quarter. Observed by activities, in the second quarter of 2020 compared to the same quarter of the previous year, real fall of the gross value added was recorded in: accommodation and food service activities 57,7%, transportation and storage 23,9% and arts, entertainment and recreation 23,2%.

The global health crisis caused by the COVID-19 pandemic has affected the economy of most countries, including the Bosnia and Herzegovina. Data show that the pandemic has largerly affected on decrease of the real GDP growth by expenditure approach in the second quarter of 2020, compare to the same quarter of the previous year amounted 9,3%.

According to seasonally adjusted data, GDP decreased by 10,8 % in the second quarter of 2020, as compared to the previous quarter.

Observed by category of GDP by expenditure approach, in the second quarter of 2020 compared to the same quarter of the previous year, the real decrease was recorded in almost all categories: household final consumption expenditure 9,4%, gross capital formation -25,2%, the export of goods and services -31,7% and import of goods and services 29,0%%, while real increase have been recorded only on categories, general government consumption expenditure 0,5%, according to data from BH Agency for Statistics.

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