News

Services sector declined, Mining expanded, amidst COVID-19

The agriculture and services sectors were largely affected due to the COVID-19 pandemic. This is according to the IDB Quarterly bulletin released today. The report said that there were “varied outcomes on different sectors of the non-oil economy” caused by the pandemic.

The Quarterly Bulletin which is produced by the economic team from the IDB’s Caribbean Department analyses economic challenges facing  The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago.

The largest productive sector, agriculture which represents 17.6% of GDP suffered a “contraction of 4.1%,” the report says. Even with this contraction, rice production is expected to “expand by around 3%” this year the report said.

The mining industry, the 2nd largest sector, expanded the report said, “by 343.7 % in the first semester after oil production began,” in fact, gold production grew by 2.1% in the first half of the year.
Public health measures which saw social distancing policies being imposed declined by 3.8% in the first half of the year, ” with wholesale and retail trade falling by 14.7 %, transportation and storage by 25% and accommodations and food services by 32.9%.

The construction sector was also dealt a blow, it fell by 5.6%.

Read the full report here:

Caribbean-Quarterly-Bulletin-20204