June 2020 Economic and Financial Review

June 2020 Economic and Financial Review SAINT VINCENT AND THE GRENADINES

SAINT VINCENT AND THE GRENADINES

projected to weigh on national output for the

Overview

remainder of the year.

With the COVID-19 pandemic providing

a backdrop to developments in the first

A major contributor to the overall

half of 2020, the economy of

decrease in value added in the first half of

Saint Vincent and the Grenadines is

2020 was reduced output in the hotels and

estimated to have contracted, compared

Tourism activity

restaurants sector.

with

the

performance

in

the

registered declines in all major categories

corresponding period of 2019. Economic

compared with the first six months of 2019,

activity was constrained by disruptions in

due to a 40.1 per cent decline in the total

the global supply chain, along with

number of visitors to 145,080. Stay-over

restrictions imposed by the authorities on the

arrivals decreased by 56.6 per cent to

domestic front. While the government did

18,755, as did cruise and yacht passengers

not enforce a complete lockdown, the

and excursionists which fell by 35.8 per

imposition of some regulations and

cent, 38.8 per cent and 73.4 per cent,

legislative enactments curtailed economic

respectively.

activity. The effects of the pandemic are

49