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2018 Annual Economic and Financial Review
DOMESTIC ECONOMIC DEVELOPMENTS
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Eastern Caribbean Central Bank
This outturn was largely driven by growth in
import payments, which more than offset an
improvement in export receipts. The value of
imports expanded by 17.1 per cent
($1233.9m) to $8,452.4m, compared with
growth of 3.0 per cent in the prior year.
Higher import payments were recorded in all
the eight member countries ranging from
4.1 per cent in Saint Lucia to 65.4 per cent in
Anguilla. Export revenue grew by 3.7 per cent
to $844.3m, largely reflecting an increase of
5.1 per cent ($28.2m) in domestic exports,
supported by growth of 1.2 per cent in re-
exports. Five territories registered augmented
exports earnings, mostly in Anguilla and
St Kitts and Nevis, where receipts from
exports grew by 15.5 per cent and
9.5 per cent, respectively.
Gross travel receipts were estimated to have
expanded by 5.8 per cent to $5,878.5m,
associated with growth in total visitor arrival,
particularly stay-over visitors from all the
major source markets. Increases in such
receipts were realized in six of the ECCU
countries and were noteworthy in Montserrat
(32.9 per cent), St Kitts and Nevis
(15.2 per cent), Saint Lucia (12.7 per cent)
and Grenada (10.1 per cent). Gross external
disbursements to the central governments
totalled $640.2m, an increase of 14.6 per cent,
while external debt repayment amounted to
$679.3m, approximately 27.8 per cent above
the amount recorded at the end of last year.
These developments contributed to a net
outflow of $39.1m by the central
governments, compared with a net inflow
position of $27.5m in the prior year. Total
official grants to the governments were down
by 4.4 per cent, in contrast to an expansion of
11.4 per cent in 2017. This outturn reflected
lower grant receipts by four territories,
including Saint Lucia ($27.9m) and Dominica
($13.3m). Commercial banks’ external
transactions led to a net outflow of $553.9m
in short term capital, relative to one of
$704.9m during the previous year.
Outlook
Notwithstanding a projected moderation in
global expansion as cited by the IMF’s April
2019 World Economic Outlook report,