The executive orders to contain the spread of COVID-19 caused restrictions in the public and private sector that translated into a reduction of $7,627.2 million in final demand through June 30, 2021, according to an estimate by the Planning Board. This reduction represents 12.9% of the Gross National Product at constant prices.
The restrictions to address COVID-19 caused a reduction of $21,420.6 million in production and the loss of 165,104 jobs.
46% of the drop in production occurred in the services sector, with a decline of $9,906.3 million, followed by manufacturing, with a reduction of $5,815.3 million. These two sectors together with commerce are responsible for 81% of the total losses.
The Planning Board explains that the economic impact takes into account the measures taken in the different executive orders, but does not measure the response of consumers or the actions taken by businesses to these measures. Nor were the economic stimuli, both state and federal, implemented to counteract the damage caused by the restriction measures imposed by the government to control the pandemic, taken into consideration.
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