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2018 Annual Economic and Financial Review
ANGUILLA
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Eastern Caribbean Central Bank
Value added in the construction sector,
which contributed approximately 12.6 per
cent of GDP, is estimated to have increased
by 60.0 per cent in 2018, in contrast to a
decline of 5.5 per cent in 2017.
The growth
in construction activity was led by the private
sector as all the major hotels and villas on the
island, including Four Seasons Resort and
Residencies, Belmond Cap Juluca, Cuisinart
and Zemi Beach House, completed
renovations and expansions in time for the
peak tourism season, which runs from
December to March. Additional support was
provided by the public sector, as work on
critical infrastructure such as the Princess
Alexandra Hospital and the Clayton J Lloyd
International Airport continued apace. The
wholesale and retail trade sector also exhibited
robust growth in 2018, expanding by
45.0 per cent in contrast to a 16.0 per cent
contraction recorded in 2017.
The sector, which contributed approximately
11.8 per cent of GDP, grew in tandem with
activity in the construction sector as private
businesses and homes underwent significant
refurbishment in the wake of Hurricane Irma
in September 2017.
By contrast,
value added in the hotels and
restaurants sector, a proxy for activity in
the tourism industry, is estimated to have
contracted by 25.0 per cent in 2018,
following a decline of 16.1 per cent in 2017.
The depressed level of activity in the sector
was primarily driven by a decline of
22.3 per cent in the number of stay-over
visitors to 53,056, following a contraction of
13.9 per cent in the previous year. Activity
was further depressed by a decrease of
60.2 per cent in the number of excursionists
to 32,029. Stay-over arrivals fell across most
source markets, with the largest, the USA,
contracting by 33.0 per cent (14,284).
In addition, arrivals from the Canadian and
UK markets declined by 25.8 per cent and
20.1 per cent, respectively. A contraction of
23.0 per cent in arrivals from other countries
was also recorded. The decline in the number
of arrivals was mainly attributable to the lack
of access to the island, coupled with reduced