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Kosovo economy contracts at record pace in Q2

Kosovoʼs gross domestic product (GDP) shrank by 9.3% year-on-year in the second quarter of 2020, after a 1.3% growth in the previous period, data from the Kosovo Agency of Statistics (KAS).

It was the first GDP contraction since the second quarter of 2014 and the steepest on record due to the coronavirus pandemic.

Gross capital formation slumped 41.1% and net trade contributed negatively to the countryʼs economy, as exports tumbled 43.8% while imports fell at a softer 19.8%.

Also, household consumption slowed, while government expenditure rebounded.