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€ 1.28 billion in “wealth” was lost because of Covid

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€ 1.28 billion in

The coronary heart disease in the economy for 2020 records a loss of € 1.28 billion, as tourism, trade and construction, three sectors that are considered a barometer for accelerating GDP, were trapped by COVID 19.

The Gross Domestic Product last year fell to € 20.99 billion from € 22.28 billion in 2019, according to data announced yesterday by the Statistical Service.

The economy suffered the biggest shock in the second quarter last year, with GDP shrinking to € 4.86 billion, from € 5.58 billion in the first quarter. In the third quarter of 2020, when the economy began to recover, GDP grew to € 5.24 billion and remained almost at the same level as in the fourth quarter, to € 5.29 billion.

READ ALSO: Covid-19 invoice for 2020 exceeded € 1 billion.

One of the sectors hit hardest was wholesale and retail, vehicle repair, transportation and catering and catering services. According to Statistics, the GDP of this sector in 2020 was € 4.12 billion, from € 4.95 billion, with losses amounting to close to € 800 million.

There was also a small disturbance in the construction sector. An industry that has had the least impact from the restrictive measures, while the signs from the suspension of the naturalization program are still not visible. Gross Domestic Product for the whole of 2020 was € 1.15 billion for construction, from € 1.25 billion in 2019.

The biggest decline was recorded in the second quarter of last year, when the economy had slowed down, with GDP falling to € 232 million from € 307 million in the corresponding quarter of 2019.


Source: www.philenews.com

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