SARAJEVO, December 31 (FENA) – Gross domestic product (GDP) in the third quarter of 2020 in the Federation of BiH is in real terms lower by 3.9 percent compared to the same quarter last year, according to the first estimates of the FBiH Statistical Institute.
The Institute states that a potentially larger revision of quarterly GDP data may be due to the impact that the COVID-19 pandemic had on the availability and reliability of data and information used to estimate quarterly GDP.
The significant real growth of gross value added in the third quarter of 2020 in FBiH, according to current data, was recorded in the following activities: agriculture, forestry, and fishing (12.3 percent) and construction (8.3 percent).
A significant real decline in gross value added was recorded in the following activities: wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, accommodation and food service activities (16.2 percent), Information and communication mining and quarrying, manufacturing, manufacture of electricity, gas, steam and air conditioning supply, water supply, sewerage, waste management and remediation activities (2.9 percent).
Quarterly GDP indicates short-term economic trends, and is, therefore, a useful tool for economic analysis and policy. The main purpose of calculating quarterly GDP is to calculate the real growth rate.