In 2020, national economic activity slowed down sharply; real GDP growth stands at +0.5%, after +3.5% in 2019. This slowdown is the result of the Covid-19 pandemic, which has affected all the world’s economies, through the reduction of trade and the slowdown of economic activities, due to the containment measures taken by governments to stem the spread of the disease.
On the supply side, growth in 2020 is tightening due to the slowdown in activity in the primary and tertiary sectors. In contrast, the secondary sector is resilient to the pandemic, and is the main driver of growth in 2020. This expansion is supported by the construction and agri-food industries. The activities that have been most impacted by the effects of the health crisis are: accommodation and restaurants, transport and warehousing, forestry and industrial and export agriculture. On the demand side, the real evolution of GDP is marked by the decline in final consumption expenditure, both public and private, as well as by the decline in investment expenditure, driven by its public component. The balance of foreign trade in goods and services is improving, due to a greater decline in imports than in exports.
