Gross Domestic Product for last year amounted to €12.8 billion, a decrease from €13.6 billion in 2019 but still higher than 2018 (12.6 billion). Figures by the National Statistics Office show a 5.7 percent GDP decline in nominal terms in 2020 from the production output side, with a 7.0 percent drop in volume terms.
The first quarter was the only to register an increase compared to the previous year (4.0%) before a sharp drop of 13.0 percent in the second quarter. The decrease was 7.5 percent in the third quarter and 5.0 percent in the final quarter.
Gross Value Added in 2020 fell by 4.3 percent in nominal terms, mainly driven by a decrease of 6.7 percent across Services. Accommodation and food service activities lost 64.7 percent, the biggest registered decline among Services. At the other end of the scale, GVA in Information and communication activities increased the highest with 13.6 growth from 2019.
Besides Services, Agriculture and fishing as well as Industry recorded decreases of 10.7 percent and 1.0 percent, respectively. Construction, on the other hand, reported an increase of 2.9 percent year-on-year.
In 2020, net taxes on products contributed to a 17.1 percent decline in volume terms.