COVID-19 Impact on Businesses’ Revenue

Jefte Ochaeta

But how much of a decrease in revenue did businesses experience due to the COVID-19 pandemic? The S.I.B. survey also sought to determine just that. Now, it is no secret that the Accommodation and Food Services Industry suffered a near lethal blow, as travel came to a near standstill. S.I.B.’s data reveals that businesses in that industry reported a ninety-seven point six percent decline in revenues. The Transportation and Education Sectors also saw significant revenue decreases, totaling ninety-six point six percent and ninety-six point four percent, respectively.

Jefte Ochaeta, Statistician I, Economic Statistics Department, S.I.B.

“Business establishments have been suffering all throughout 2020 so this survey gives us the information to understand some of things that have caused the suffering businesses to experience and also some of the adaptations that were done by the business establishments to cope with the situation.”