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Analysts predicted a 12% contraction in the economy qoq, Trading Economics reminds. In the first quarter, GDP fell by 2.1%.
Experts on average predicted an annual decline in the economy in the II quarter by 39.6%. In the first quarter, the economy contracted by 8.2% in annual terms.
Household spending plunged in the second quarter by a record 13.1% qoq amid job losses and limited spending opportunities due to store closures and travel restrictions.
Business investments in fixed assets decreased by 16.2%, the maximum since the beginning of the indicator. Government spending fell 2.7% after cutting 0.3% in the first quarter.
Exports collapsed by 18.4%, imports - by 22.6% amid the fall in the economies of the country's largest trading partners in connection with measures aimed at combating the pandemic.
source: tradingeconomics.com
Experts on average predicted an annual decline in the economy in the II quarter by 39.6%. In the first quarter, the economy contracted by 8.2% in annual terms.
Household spending plunged in the second quarter by a record 13.1% qoq amid job losses and limited spending opportunities due to store closures and travel restrictions.
Business investments in fixed assets decreased by 16.2%, the maximum since the beginning of the indicator. Government spending fell 2.7% after cutting 0.3% in the first quarter.
Exports collapsed by 18.4%, imports - by 22.6% amid the fall in the economies of the country's largest trading partners in connection with measures aimed at combating the pandemic.
source: tradingeconomics.com
