GDP fell by 7% in the fourth quarter of 2020 year on year. The decline was slightly lower than forecast by analysts.
Six analysts polled by Hina projected the Q4 GDP decline at 7.3%, their estimates ranging from 6.5% to 8.3%.
It was the third quarter in a row that GDP had fallen on the year, resulting from restrictive measures aimed at curbing the coronavirus pandemic.
However, the fall in Q4 was less than in the preceding quarters. GDP contracted by 15.4% in Q2, the biggest drop since 1995 when DZS started tracking such data, while dropped by 10% in Q3.
GDP contracted by a record 8.4% for the entire year. Before that, the record fall of 7.3% was recorded at the start of the 2009 global financial crisis.