In the April-June quarter of 2020 -- the period most affected by the spread of COVID-19 as the state of emergency was in place -- the real GDP growth rate registered the largest-ever decline since 1980, from when comparable data are available, marking minus 8.2 percent on a quarter-onquarter basis; however, the growth rate for the July-September quarter turned positive as economic activity resumed at home and abroad (Chart 2).
1  Exports have increased with the pick-up in overseas economies. Especially with respect to exports of automobile-related goods, a recovery in automobile sales in the United States, Europe, and China has had a positive spillover effect on production of parts, materials, and other goods.