The Minister for the Cabinet Office, the Hon. Wayne Furbert, JP, MP, released the Quarter 2, 2020 Quarterly Gross Domestic Product (GDP) by Expenditure publication from the Department of Statistics.
The Minister explained, “After adjusting for inflation, the GDP in constant prices for the second quarter decreased by 15.7 per cent to $1,368.0 million. The decline in growth was influenced primarily by double-digit declines in final consumption and gross capital formation due to restricted economic activity caused by mitigation efforts to reduce the spread of COVID-19.