Bosnia’s real GDP contracts 6.3% y/y in 3Q20

Bosnia’s real GDP contracts 6.3% y/y in 3Q20
By bne IntelliNews January 6, 2021

Bosnia & Herzegovina’s economy contracted by a real 6.3% year on year in the third quarter of 2020, easing from a 9.3% y/y fall in the second quarter of 2020, as the country was hit by the coronavirus (COVID-19) pandemic, the country’s statistics office reported on January 6.

Bosnia’s economy was seriously hit by the coronavirus pandemic and is expected to contract by between 3% and 5% in 2020. It should partially recover in 2021 and return to its pre-crisis levels in 2022.

According to statistics office data, decline was recorded in almost all categories, including household final consumption expenditure (down 3.1% y/y), gross capital formation (down 13.0% y/y), exports of goods and services (down 22% y/y) and imports of goods and services (down 14.3% y/y).

Only the general government consumption expenditure posted a growth, of 0.3% y/y, in the third quarter.

In seasonally adjusted terms, third-quarter GDP moved up 3.9% quarter on quarter, after falling by a revised 10.4% q/q in the previous three months.