Tertiary Sector Reels from Lack of Productivity – Tourism Takes a Hit!

Jacqueline Sabal

So, the hardest hit sector is the tertiary sector which accounts for the production activities of hotels, and restaurants, as well as wholesale and retail, and crude materials, personal goods, among others.  According to the S.I.B., the sector remains the most severely impacted by COVID-19.  The eighteen point six contraction of this sector resulted largely from the shutdown of the tourism industry which saw a decline of almost eighty million dollars for the third quarter.  The S.I.B. says that the hotel and restaurant industry was virtually dormant, recording a whopping ninety-eight point three percent decline.  Here’s more from the S.I.B.

Jacqueline Sabal, Statistician II, SIB

“The services sector remains the most severely impacted by COVID-19, recording a significant eighteen point six percent drop or seventy-nine point eight million dollar decrease across all tertiary industries bringing this industry total down to three hundred and fifty point one million dollars. Within this sector, the hotels and restaurants industry declined considerably by ninety-eight point three percent as borders remain closed due to COVID-19, bringing the total for that industry to zero point four million dollars.”

There were also decreases in the wholesale and retail trade down by thirty-one million dollars; transport and communication down by eight million dollars and government services down by half a million dollars.