I know first hand that it can. You start to feel lazy and feel less motivation in general that then leads to self pity and feeling depressed.
Huh, I hadn't consider that. It has been a while since I have really taken even thirty minutes to exercise. So often finding myself enclosed, even keeping myself inside my room instead of going out and even more active. Maybe this is something I can discuss with my therapist, even my depressive issues, though since I already have the goal to lose weight this year exercising more would understandably be a part of this… I can see if doing such helps with my depressive feelings and mood.