In 2020, the economy contracted by 13%. The country kept its borders closed to tourism from the end of March to October to contain the spread of COVID-19. Because of this decision, and of actions to restrict non-essential activity and maintain physical distancing, confirmed cases of COVID-19 were limited to 32 and there were no related deaths, but most sectors of the economy experienced double-digit decline.

The year 2020 represented a rupture for the fiscal sector as the overall balance swung to a deficit for the first time since 2010. All major revenue categories recorded double-digit decreases while current expenditure increased amid pandemic-related spending.