According to statistics for February 2020, the epidemic caused by the corona virus and its spread did not significantly affect our economic activity during that month, the analysis of the author of the economic bulletin “Monthly Analyzes and Trends” states.
As it is emphasized, at the beginning of 2020, the intensive growth of industrial production continued, as shown by both year-on-year comparisons and monitoring of current trends. Regarding industrial production, in January 2020 it increased by 6.3 percent yoy and manufacturing industry production by 7.3 percent.
In February, this growth was intensified – the total industrial production in that month increased by 7.6 percent and the manufacturing industry by 8.6 percent, so that in the period January-February it increased to, respectively, seven and eight percent.
Increased year-on-year growth in capital goods production and the dominant share of growth in capital goods imports in enhancing total imports growth indicate continued intense growth in investment activity, according to the latest MAT.
Both January and February saw double-digit annual growth rates of exports and imports. The total value of foreign trade in the first two months of 2020 was 6.7 billion euros, or 10.8 percent more than in the same period in 2019.
Exports amounted to 2.84 billion euros (11.5 percent more) and imports 3.86 billion euros (10.3 percent more). The current and year-on-year rise in consumer prices in February does not differ from that achieved in January this year and in December last year.
In January and February 2020 monthly inflation of 0.6 percent and year-on-year inflation of two percent and 1.9 percent respectively were recorded.
However, some indicators, such as a reduction in tourist arrivals, a reduction in imports of metal ores and coke and oil derivatives, a reduction in current export dynamics, point to the marginal effects of the pandemic, the authors of MAT warn.
It has had a more serious effect on the dynamics of economic activity since about mid-March, so partial effects will appear in March data, in April these effects will be fully manifested and serious economic activity will be reduced, concludes the latest MAT Economic Newspaper, 021 reports.
