After a good first quarter, the economy of the second quarter is in decline. The cause is of course the spread of the Covid-19 pandemic and the implementation of a containment from 9 March to the end of May. Household consumption, the main pillar of the Territory’s economy, is down by 25%. Businesses are in an unfavourable situation: imports of capital goods and investments are down sharply, as are outstanding loans. The construction sector is also in decline. Finally, international traffic fell by 75% in the second quarter and should remain weak in the coming quarters. The borders are once again closed with New Caledonia, which has been affected by the Covid-19 pandemic since early September.
Source: Institut d’émission d’Outre-mer