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GDP Contracts by Record 23.9% in Q1
GDP Contracts by Record 23.9% in Q1
9% in Q1
What is GDP?
GDP (Gross Domestic Product) is a measure of economic activity in a country. It is the total
value of a country’s annual output of goods and services.
The National Statistical Office on Monday, 31 August 2020 released Gross Domestic Product
estimates for the first quarter of financial year 2020-21.
Economists are expecting that the GDP will not return to positive territory for six quarters.
Consumption which is the biggest engine of economic growth has fallen by 27%.
Investment by private sector businesses have fallen by 47%. It is the second biggest engine.
Government expenditure and net exports have increased but overall there is decrease of
approximately 24%.