As a result of the COVID-19 pandemic, Peru's gross domestic product fell 30.2 percent in the second quarter of 2020, the largest decline of all major economies, with many small service businesses that represent the majority of businesses of Peru's economy going bankrupt during the crisis.[125] Medical experts commented that the severity of the COVID-19 outbreak in Peru can be explained at least in part due to existing socioeconomic circumstances; nearly one-third of Peruvians lived in overcrowded homes, 72% had informal jobs requiring daily work and many needed to travel daily to markets to purchase food since only 49% of households own refrigerators or freezers; even in urban areas it is only 61%.[126]