The shaded area indicates the period since COVID-19 was declared a pandemic by the World Health Organization. The estimates are restricted to privately owned firms operating with 5 or more employees operating in the manufacturing sector, and most services sectors (defined by the 2-digit ISIC Rev 3.1 codes: 45, 50, 51, 52, 55, 60-64, 72). The region of Transnistria was omitted.