September 15 (SeeNews) - Moldova's economic output shrank by 11.5% year-on-year in real terms in the second quarter of 2020 according to seasonally adjusted data, the country's statistical office said on Tuesday.
The country's gross domestic product (GDP) totalled 44.62 billion lei ($2.6 billion/2.3 billion euro) at current prices in the second quarter, the statistical office said in a statement.
According to unadjusted data, Moldova's GDP fell 14% on the year in the second quarter of 2020.
Quarter-on-quarter, Moldova's economic output decreased by 7% in April-June, based on seasonally adjusted data.
The gross value added in the economy fell by 12.6% on the year in the second quarter, mainly affected by poor performance of retail and hospitality activities. Final household consumption decreased by 15% year-on-year in the second quarter, while gross fixed-capital formation fell 15.6%.
In the first half of the year, Moldova's economy contracted by an annual unadjusted 7.2%, data also showed.
Moldova's economy expanded by 3.6% in real terms in 2019, driven mainly by wholesale and retail trade.
The World Bank said in June that it expects Moldova's GDP to fall by 3.1% in 2020 due to the COVID-19 outbreak.
The European Bank for Reconstruction and Development (EBRD) said in May it expects Moldova's economic output to decrease by 4% this year and then recover to 5% growth in 2021.
(1 euro =19.7748 Moldovan lei)