15 / 173
2018 Annual Economic and Financial Review
DOMESTIC ECONOMIC DEVELOPMENTS
______________________________________________________________________________
5
Eastern Caribbean Central Bank
The Caribbean, the second biggest source
market, continued its path of expansion and
recorded an accelerated growth rate of
3.1 per cent, relative to last year’s increase of
1.5 per cent. Additionally, expansions of
15.8 per cent and 0.8 per cent were observed
in arrivals from Canada and UK, respectively.
Six of the ECCU territories experienced
growth, averaging 4.7 per cent, in stay-over
arrivals. These increases ranged from a slight
pick-up in Montserrat (0.1 per cent) to
10.0 per cent in Grenada.
Of the other categories of visitors, the number
of yacht passengers grew by 9.6 per cent to
174,515, in contrast to a decline of
0.9 per cent recorded last year. Yachting
activity was on the rise in four territories,
predominantly in Saint Lucia, where the
annual yacht regatta continues to do well. On
the contrary, the number of excursionists fell
by 49.0 per cent, following an 18.0 per cent
contraction, one year prior. This outturn
reflected a 60.0 per cent decline in the number
of excursionists to Anguilla, as ongoing
efforts to improve interconnectivity with
St Martin, post- hurricane Irma, are
progressing relatively slow.
Spill-over effects from increased construction
and tourism activity are estimated to have
contributed favourably to value added in
sectors such as mining and quarrying
(8.9 per cent), wholesale and retail trade
(7.2 per cent) and transport, storage and
communications (4.9 per cent). Performance
was relatively favourable in a few of the other
economic sectors, including health and social
work (3.3 per cent), real estate, renting and
business activities (1.7 per cent) and financial
intermediation (1.3 per cent).
Value added in the manufacturing sector of the
Currency Union advanced by an estimated
4.5 per cent, after contracting by 1.4 per cent
in 2017. Seven member countries are
estimated to have recorded elevated
manufacturing activity, which more than
offset a 25.0 per cent contraction in Dominica,
following closure of its main brewery
destroyed
by
hurricane
Maria.
Manufacturing activity turned around in
Anguilla and St Kitts and Nevis to register
growth of 40.0 per cent and 3.0 per cent,
respectively, following declines in the