Final consumption expenditure also posted a drop of 4.1%, versus an increase of 1.9% in 2019, with a negative contribution to growth of 2.3 points instead of a positive contribution of 1.1 point, the HCP said in a note on the national economic situation in 2020.

Gross investment (GFCF and stock movements) underwent a sharp decline in its growth rate, moving from -0.4% in 2019 to -14.2% in 2020, with a contribution to growth of -4.6 points instead of -0.1.

For its part, the final consumption of public administrations posted a growth rate of 1.7% in 2020, compared to 4.7% one year before, with a contribution to growth of 0.3 compared to 0.9.

Concerning foreign exchange of goods and services in volume, both exports and imports experienced sharp drops in 2020, according to HCP.