Economy contracts more than initially estimated

The economy shrank by 5.5 percent in the second quarter compared to the first quarter, according to the second GDP estimate released by the country's statistics office.

The contraction is sharper than the initial estimate of 3.7 percent and 5.1 percent, respectively, published in late July.

The second-quarter GDP was mostly driven down by declines of 2.26 percent in wholesale and retail trade, transport and storage, accommodation and food, 0.99 percent in manufacturing, 0.97 percent in professional, scientific and technical, administrative and service activities, and 0.67 percent in construction.

As measured by expenditure approach, household final consumption expenditure dropped by 5.4 quarter-on-quarter, and government final consumption expenditure was down by 1.6 percent. Gross fixed capital formation (investment) declined by 11.3 percent.

Exports of goods and services fell by 10.9 percent, and imports were down by 11.3 percent.

The country's GDP for the first six months of 2020 totaled 22.733 million euros at current prices, down by a seasonally and calendar-adjusted 0.8 percent year-on-year.