The Central Bureau of Statistics published today (Sunday) the third estimate for the third quarter of 2020, which shows that gross domestic product increased by 39.7% on an annual basis.
The sharp rise in gross domestic product in the third quarter of 2020 followed the significant contraction in the economy in the second quarter of the year. The changes in gross domestic product in the first three quarters of 2020 were affected by the corona crisis and the government taking steps to curb the spread of the virus.
The third quarter of 2020 was characterized by a significant increase in data compared to the second quarter. Recall, in the second quarter the first closure occurred following the corona, while the third quarter was a period of economy opening, before returning to further closures.
Among other things, private consumption expenditure, which was most significantly affected by the corona crisis in the first half of the year, increased by 42.3% in the third quarter of 2020 on an annual basis (9.2% on a quarterly basis), after a decrease of 44.0% on an annual basis (13.5% on a quarterly basis) In the second quarter.
In the first three quarters of 2020, private consumption decreased by 10.0% compared to the first three quarters last year. Private consumption per capita increased by 40.0% on an annualized basis (8.8% on a quarterly basis).
The increase in private consumption expenditure per capita in the third quarter of 2020 reflects a 35.4% increase in annual calculation (7.9% in quarterly calculation) in current private consumption per capita (expenditure on food, beverages and tobacco, personal services, housing, fuel and electricity for household maintenance, and current industrial products).