The data arrives as the government is strategically removing restrictions imposed in March to restrain COVID-19 infections, which have caused a big blow to an already-slowing economy.
Gross Domestic Product (GDP) has shrunk by 23.9% in the April-June period even worse than the estimation, experts had expected this number to be closer to -12%. As per the official data disclosed on Monday, the novel coronavirus pandemic has brought key industries to a break and has caused millions of people jobless.
With economic activities almost brought to a halt due to the nationwide lockdown to tackle COVID-19, most sectors like manufacturing, financial service, trade and commerce, and construction received a heavy dint.
Listed below are some news that you should know:
- Manufacturing decreased 39.3%, while the construction sector took a 50.3% hit
- Mining sector struggles at 23.3%, and electricity and gas dipped by 7%
- Trade, hotels, transport, and communication observes 47% dip
- The only bright spot was agriculture that showed no negative growth but decreased to at 3.4%
- Financial services – the biggest component of the country’s services sector, contracted 5.3% compared to the corresponding period a year ago.
- The Gross Value Added (GVA) stands at -22.8% as against the estimates of -19.2%.