For three consecutive years, the GDP has recorded a decline.
Gross Domestic Product for the year ending June 2022 recorded a total value added of $2,168.8 (or $2.17 billion) registering a 0.02% decline in GDP compared to the year ending June 2021 which recorded a total value of $2,169.3 million.
This ongoing decline in the economy’s performance is reflective of the effect of the Covid-19 pandemic on all sectors of the economy.
For the year under review, all four quarters experienced negative growths which resulted in the total decline recorded for FY2021/22.
With the emergence and transmission of the Covid-19 virus within the community in late March 2022, the Government has immediately set protocols and enforced preventative measures through lockdown and declaration of a State of Emergency during this period.
Border closures were in effect with the exception of expatriation flights as approved by Cabinet. Consecutive lockdown periods were declared for the last two quarters of the year under review.
Many sectors performed negatively due to this effect with retailing and wholesaling activities, communication and information services, construction and civil engineering activities among the most affected.
