TBC Capital published a report. According to preliminary estimates, GDP decline was 11.5% YoY in January 2021.
The decline was mainly observed in construction, transportation, entertainment, manufacturing, real estate activities and wholesale & retail trade. On the contrary, information & communication and financial & insurance activities displayed positive growth rates in January when compared to the same period of the previous year.

While the drop was large, still it was in line with expectations as the decline reflects high base effect a year ago, the
reintroduction of second lockdown and still depressed tourism and related industries. Although a sizable tourism recovery is not expected in the coming months, the drop in GDP should still moderate substantially as the impact of
the pandemic was somewhat visible already in February 2020. More importantly, amid softening lockdown measures in February 2021, the recovery in number of sectors was evident basedon the TBC Capital Tracking the Recovery
data.

"We expect March growth to be even better due to even lower base effect and further easing of lockdown measures as
announced by the Government. Overall, also taking into account that due to seasonally weak activity January makes up only around 6.8% of the full year GDP, we leave our latest projection of GDP recovering by around 4% in 2021
and rebounding by 7.5% in 2022 unchanged", - the report reads.