Drastic Drop in GDP in the​ first half of Last Year in Bosnia

The escalation of the coronavirus pandemic in the first half of last year had a very negative impact on economic trends, which led to a drastic drop in gross domestic product (GDP) in BiH, Nezavisne writes.

Preliminary data from the BiH Agency for Statistics indicate that in the first half of last year, BiH recorded a decline in GDP of 3.7% compared to the same period last year, according to this Information on the movement of macroeconomic indicators for January-October 2020, prepared by the Directorate for Economic Planning (DEP).

This decline in GDP was a consequence of the simultaneous decline in both domestic and export demand caused by the escalation of the global coronavirus pandemic.

Preliminary Eurostat data indicate that the decline in GDP in the second quarter of last year at the EU level was about 14% compared to the same quarter last year.

Observed by countries, the registered rates of GDP decline in the mentioned period were 17.7% in Italy, 15.1% in Croatia, 12.9% in Austria, 12.9% in Slovenia and 11.3% in Germany.