The Gross Domestic Product for the third quarter stood at €3.2 billion, a decrease of 8.8 percent from the same period last year. Provisional estimates by the National Statistics Office estimate a difference of €312.6 million between 2019 and 2020.
A sluggish services sector led to a drop of 7.0 percent in General Value Added, compared with Q3 2019. Services themselves slid by 9.1 percent year-on-year. Accommodation and food services activities fell the sharpest (-58.0%) followed by transportation and storage activities (-38.0%) and administrative and support services (-16.8%).
Industry rose by 1.5 percent, but construction and agriculture and fishing activities declined by 1.6 percent and 5.6 percent, respectively. Net taxes on products resulted in a decrease of 27.3 percent in volume terms.
Final consumption expenditure of households, general government, and non-profits registered an increase of 0.5 percent in nominal terms, but that translates to an 0.8 percent decrease in volume terms. Household expenditure dropped by 7.2 percent from 2019 whereas expenditure by general government and non-profit institutions rose by 17.6 percent and 2.1 percent, respectively.
Employee compensation fell by €14.2 million from 2019 to 2020 while declines were also observed in gross operating surplus (-€73.9M) and net taxes on production and imports (-€224.5).
Gross National Income went from €3.3 billion in Q3 2019 to €2.9 billion this year, a decrease of 10.4 percent.
In the second quarter this year, GDP was down by 14.8 percent from the same period in 2019, the first decline in four years.
