The GDP is down 5.4% in the first quarter of the year year on year and is down by 3.3% in the chain

“The GDP recorded, in real terms, A. An annual variation of -5.4% in the first quarter of 2021 (-6.1% in the previous quarter), reflecting the effects of general incarceration Released earlier this year due to the exacerbation of the Covid-19 pandemic, ”says the rapid assessment released today by the National Institute of Statistics (INE).

Compared to the last quarter of 2020, GDP decreased by 3.3%, in terms of volume, after a “slight increase” of 0.2% in the previous quarter, reflecting the impact of restrictions on movement. As a result of the exacerbation of the pandemic crisis at the beginning of the quarter. ”

“Notice that the development from year to year is affected by a fundamental impact, as it is for the first time, The comparison focuses on the quarter already affected by the epidemic in the last month (March 2020)“INE.

The contributions of domestic demand and net external demand to GDP variance were negative, and were particularly intense in the first case.

Net external demand made a smaller negative contribution than in the fourth quarter. However, there remains a more severe contraction in exports of goods and services than observed in imports of goods and services, with a special focus on “A very significant drop in non-resident tourism.”

The detailed results of the quarterly national accounts for the first quarter of 2021 will be released on May 31, 2021.