Economy contracts by just 3% despite Covid battering
The States said that the publication of first estimates of gross domestic product for 2020 showed that the island’s economy contracted in real terms by 3% in 2020, significantly less than forecast when measures to address the spread of Covid-19 were first implemented.
GDP is an aggregate measure of the total amount of income generated by individuals and businesses, with the island’s total GDP for 2020 estimated at £3.178bn.
Sectors most impacted by travel restrictions were hardest hit, with a 33% contraction in the hostelry sector and 22% in the transport and