June 2020 Economic and Financial Review

June 2020 Economic and Financial Review

GRENADA

GRENADA

Overview

construction,

manufacturing,

and

After seven (7) years of consistent

agricultural sectors, due to the closure of

economic expansion, GDP indicators

the airport to commercial flights and the

revealed that most of the major economic

inability of locals to conduct their trade

sectors in Grenada contracted in the first

because of lockdowns and curfews. The

six months of the 2020, due to the effects

total number of persons visiting Grenada in

of the Covid-19 pandemic. The near-term

the first six months of 2020 amounted to

outlook is unfavourable and is dependent on

211,965, a 34.0 per cent decline from the

the global containment of the SARS-CoV-2

comparable period in 2019. Declines were

virus and the success of the measures

registered in all categories of visitors:

implemented at the local level.

excursionists (79.0 per cent), stay over

visitors (50.5 per cent), yacht passengers

Real Sector Developments

(44.2 per cent) and cruise ship passengers

It is estimated that economic activity

(27.1 per cent). Regarding stay over visitors

contracted in the hotels and restaurants,

all source markets experienced declines in

excess of 40.0 per cent.

29