GDP and General Government net borrowing

In 2020 GDP at current prices fell by 7.8% (to 1,651,595 million euro) compared with the previous year. The chained volume measure of GDP decreased by 8.9%.

Gross fixed capital formation dropped in volume by 9.1%, final consumption expenditure by 7.8% and exports by 13.8%. Imports of goods and services decreased by 12.6%.

National demand (excluding changes in inventories) has contributed to GDP fall by 7.8 percentage points and net exports by 0.8 points. The contribution of changes in inventories was negative for 0.3 percentage points.

Value added in volume decreased in all the activities: by -6.0% in agriculture, forestry and fishing, by -11.1% in mining and quarrying, manufacturing and other industrial activities, by -6.3% in construction and by -8.1% in services.

General Government net borrowing was -156,338 million euro: -9.5 % of GDP, compared with -1.6 % in 2019.
Primary balance (General Government net borrowing net of interests) was -6.0% of GDP (+1.8% in 2019).