12 This suggests reasons for the buoyancy of our current account deficit despite what appears to be significant real exchange rate depreciation since 2011. The deficit, in turn, heightens our vulnerability to shocks, as we saw in May 2013 and again this month, when we published the information that the current account deficit for the second quarter was 6.2% of GDP.
On the supply side, there were disruptions in productive activities as employees fell victim to the virus, while disruptions to global supply chains led to shortage of raw materials and inputs for manufacturing activity, which led to increased cost of production including costs associated with adoption of new health and safety protocols.