As the latest figures suggest, by mid-2020, GDP had returned to the level observed in early 1993 (slide 1 in the accompanying presentation). In per capita terms, GDP dropped down to values recorded in the late 1980s. 4. The reason for this huge jump of about 30 years back in the past is twofold.
The first is, of course, the striking extent of the collapse of the economy due to the pandemic: in the second quarter of this year, in particular, GDP fell by almost 13 per cent with respect to the previous quarter.