Economic and Financial Review - June 2019

June 2019 Economic and Financial Review DOMESTIC ECONOMIC DEVELOPMENTS

All of the ECCU member countries recorded growth in stay-over arrivals, ranging from 3.8 per cent in Grenada to more than doubling in Anguilla, as that country recovered from the devastating effect of hurricane Irma two years ago. Also noteworthy is growth of 68.5 per cent in stay-over arrivals to The Commonwealth of Dominica, as that country is recovering from the impact of hurricane Maria. In the rest of the tourism industry, the number of excursionists more than doubled to 48,665 in contrast to a 64.2 per cent decline recorded for the corresponding period of the prior year. The improvement in the number of excursionists was a consequence of a more than two fold rebound in this category in Anguilla (24,911), as cruise ships resumed their calls to neighbouring St Maarten. An increase of 3.1 per cent to 117,194 in yacht passenger arrivals also contributed to the overall improvement in visitor arrivals in the first half of 2019.

Montserrat Visitor Arrivals

Thousands

5.0

4.0

3.0

2.0

1.0

0.0

17 Q1 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 18 Q3 18 Q4 19 Q1 19 Q2

Stay-overs Cruise Ship Passengers

Yacht Passengers Excursionists

Activity in the construction sector, one of the main drivers of economic growth in the Currency Union, is estimated to have increased in the first six months of 2019, in comparison with the corresponding period of the previous year. This uptick in construction activity related primarily to public sector developments in six of the member territories, reflective of an increase of 17.3 per cent in capital expenditure. Construction activity intensified in Antigua and Barbuda, The Commonwealth of Dominica, Montserrat, Saint Christopher (St. Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines, while Anguilla and Grenada recorded moderate performances.

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Eastern Caribbean Central Bank