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2018 Annual Economic and Financial Review ANTIGUA AND BARBUDA
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Eastern Caribbean Central Bank
upside, land sales led to an increase in capital
revenue to $28.2m from $10.8m in 2017.
Capital expenditure totalled $78.0m
(1.8 per cent of GDP),
representing a
28.6 per cent increase relative to the 2017 total
but way below budget estimates of $197.0m.
The overall fiscal deficit was financed
primarily through the accumulation of arrears
($76.8m), the issuance of treasury bills, and
a drawdown of deposits from both commercial
banks and the central bank totalling $29.4m.
In nominal terms, the total disbursed
outstanding debt of the public sector was
estimated at $3,442.8m at the end of
December 2018, up from $3,286.6m at the
end of December 2017.
However, as a
percentage of GDP, total public sector debt
contracted to 77.2 per cent from 80.6 per cent
at the end of December 2017, as a result of an
expansion in GDP. The debt stock of the
central government, which comprised
82.5 per cent of the total debt stock, grew by
6.6 per cent to $2,839.4m. Central
government domestic debt, which amounted
to 49.0 per cent of the total, rose by $38.5m
to $1,391.3m as the government issued a
number of securities on the Regional
Government Securities Market and Over the
Counter bonds, and increased borrowing from
two local financial institutions. On the
external side, central government debt
increased by $137.0m to $1,448.6m reflecting
new disbursements from the Caribbean
Development Bank, the EXIM Bank of China
and Treasury Bills. In contrast, the debt stock
of public corporations declined by $19.3m to
$603.0m reflecting a lower level of domestic
debt (6.6 per cent) while external debt inched
up marginally (1.5 per cent). During the
period under review the central government
continued to accumulate arrears to some Paris
Club Creditors and local institutions, which
added to the overall debt stock.
Banking Sector Developments
Banking sector developments were broadly
in line with the pace of economic activity
and continued on an upward trend in 2018.
Monetary liabilities (M2) grew by 6.3 per cent
to $3,688.9m in 2018, from $3,470.1m in
2017. Quasi money, which is the largest
component of M2, grew by 6.9 per cent to
$2,720.3m, due to greater accumulation of
private sector foreign currency deposits
($85.0m); private sector savings deposits
($45.7m); and private sector time deposits
($44.8m).