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2018 Annual Economic and Financial Review
ANGUILLA
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Eastern Caribbean Central Bank
for personal emoluments also increased by
4.9 per cent ($4.1m) to $87.9m, as
30.0 per cent of deferred salaries, dating back
to the 2010 salary suspensions, were paid. In
addition, transfers and subsidies grew by
4.4 per cent ($2.0m) to $48.4m, as did outlays
on goods and services, which rose by
3.0 per cent ($1.5m) to $50.2m.
Capital expenditure recorded a 13.4 per cent
increase to $24.4m (3.0 per cent of GDP)
relative to the $21.5m outlay (2.8 per cent of
GDP) in 2017. The larger capital outlays
were primarily associated with ongoing
reconstruction work on key infrastructure
following the passage of hurricane Irma.
Capital expenditure was mainly supported by
grant inflows, which grew by 12.0 per cent to
$34.2m.
The total disbursed outstanding public
sector debt stood at $525.2m at the end of
2018, representing an increase of
1.6 per cent ($8.1m) relative to the levels
recorded at the end of 2017.
As a percentage
of GDP, the debt ratio fell to 64.4 per cent
from 68.1 per cent one year prior, as
amortization continued apace, coupled with
growth in GDP. Central government debt
accounted for 98.4 per cent of total disbursed
outstanding debt, while that of statutory
bodies represented the remaining 1.6 per cent.
Further,
domestic
debt
represented
58.2 per cent of total debt, while external debt
accounted for 41.8 per cent.
Banking Sector Developments
Monetary liabilities (M2) expanded by
2.0 per cent to $1,056.5m during 2018,
down from a 2.5 per cent increase to
$1,036.0m during 2017.
Growth in M2 was influenced by expansions
in both quasi money and narrow money (M1).
As it relates to quasi money, expansions were
recorded in private sector foreign currency
deposits ($14.2m) and savings deposit
($5.2m). However, this expansion was