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2018 Annual Economic and Financial Review ANTIGUA AND BARBUDA
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Eastern Caribbean Central Bank
Canada and LIAT, and more strategic
marketing and destination branding. The
performance in 2018 reversed the contractions
that took place in major regions such as the
USA and the Caribbean. Stay over arrivals
from the USA, the major source market,
advanced by 8.1 per cent, after declining by
11.3 per cent in 2017. The number of visitors
from the Caribbean grew by 0.9 per cent
reversing the decline of 5.7 per cent in 2017
while the Canadian market recorded
exponential growth of 66.1 per cent.
Meanwhile, the number of stay over arrivals
from the UK fell by 0.1 per cent, a slower
pace than the 7.6 per cent fall reported in
2017, symptomatic of the uncertainty
regarding Brexit and the corresponding
depreciation of the pound. Yacht passengers,
which make a significant contribution to
overall tourism value added, declined by
3.5 per cent to 18,855. This is in contrast to
the growth rate of 6.6 per cent recorded in
2017.
Higher levels of air and sea passenger
arrivals, a substantial increase in total volume
of general cargo (389 per cent) and stronger
domestic consumption propelled growth in the
ensuring ancillary sectors. The wholesale and
retail trade sector grew by an estimated
6.3 per cent relative to an increase of
0.9 per cent in 2017. Similarly, value added
in the transport, storage and communications
sector rose at a rate of 9.3 per cent, above the
rate of growth of 2.5 per cent in 2017. The
real estate, renting and business activities
sector also expanded by 7.2 per cent, more
than doubling the rate of growth obtained in
2017. These sectors together contributed
37.7 per cent to real GDP in 2018.
The public administration defence and social
security sector, which contributed 9.0 per cent
to real GDP, advanced by 2.2 per cent in
2018, doubling the rate of growth recorded in
2017. This was on account of a 5.0 per cent
salary increase, back pay and retroactive
payments and new hirings. Other increases in
real value added were recorded for
agriculture,
livestock
and
forestry
(3.2 per cent); electricity and water
(2.4 per cent); health and social work
(2.2 per cent); education (2.1 per cent);
fishing (2.0 per cent); financial intermediation
(2.0 per cent); and manufacturing
(0.5 per cent).