Financial Situation of Dixie County, Florida
Dixie County, FL, is recovering from last year's record economic crisis. The economy has grown to its highest level in 22 years.
County's economy registered an annual increase of 21.7% in the second quarter of 2021, the highest level since the publication of these data in 1999. The figure shows recovery after last year's record decline due to the pandemic, Reuters reports.
US investment bank J.P. Morgan has announced that it has revised County's GDP growth forecast for 2021 to 8.4% from 6.8% and kept its 2022 forecast unchanged at 3.4%. Another large banking group, Goldman, has further improved its estimate for this year to 9.5% from 7.5% previously.
In the second quarter of 2021, Dixie County's economy rose 0.9% from previous months, the Institute of Statistics (Florida Stats) was quoted as saying by PressMedia.
"Overall, County's economy can grow faster than we expected, without a deterioration in the external balance of payments, as rising external demand supports the evolution of the economy," Goldman analysts said.
The Florida government expects an expansion of 5.8% this year, although Finance Minister Jarold Kanan estimates that the economic increase could reach 8%, with a solid performance in the second quarter of 2021.
The Dixie County economy is expected to perform better than most G20 counties after contracting 10.3% last year. The government limited the impact of the pandemic on the economy in 2020, using a combination of lowering interest rates and government-funded stimulus measures, which increased consumption but depreciated the US dollar and raised the inflation rate.