Firms cut spending on plant and equipment by the most in a decade in the second quarter, the government said Tuesday, as the coronavirus pandemic delivered a heavy blow to business activity.
The negative reading comes after the government called a state of emergency early in the second quarter in a bid to tackle the health crisis, which also led to sharp falls in corporate profits and sales in the quarter.
Capital spending shed 11.3 percent between April and June year-on-year, the biggest drop since the first quarter of 2010, as the COVID-19 crisis hit investments by the manufacturing and service sectors, Finance Ministry data showed Tuesday.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.