The Services industries experienced a decline due to reduced activities in Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.3%), Hotels & Restaurants (14.1 %), Transport, Storage & Communication (2.5 %), Finance & Insurance Services (1.2 %) and Other Services. Nevertheless, Electricity & Water; Real Estate, Renting & Business Activities and the Producers of Government Services advanced by 2.1%, 0.2% and 0.2%, respectively.
Moreover, the performance of the Hotels & Restaurants industry was as a result of a decline in the groups: hotels & other short-stay accommodation and restaurants, bars and canteens. The group hotels & other short-stay accommodations was affected by a 19.1% decline in foreign national arrivals primarily due to travel restrictions levied by the Government in March 2020 to limit the transmission of COVID-19.
In comparison to the fourth quarter of 2019, the economy contracted by 1.7%. This was due to a 2.5% decline in the Services industries versus a 0.7% increase in the Goods Producing Industries.
Notably, “the economy declined by 0.1% in the fiscal year 2019/2020 compared to the fiscal year 2018/2019,” according to STATIN.
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