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2018 Annual Economic and Financial Review ANTIGUA AND BARBUDA
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Eastern Caribbean Central Bank
Money supply (M1), the second component of
M2, rose by 4.7 per cent ($43.4m) to $968.6m
as currency with the public and private sector
demand deposits expanded by 6.8 per cent
($11.9m) and 4.7 per cent ($33.5m),
respectively. However, this was tempered by
a 6.0 per cent ($2.0m) reduction in EC$
cheques and drafts issued.
The stock of domestic credit in the banking
system rose by 1.6 per cent to $2,360.6m
during 2018, reversing the marginal
contraction of 0.5 per cent recorded in 2017.
This upward movement in domestic credit was
principally the result of a 1.8 per cent
($33.4m) advancement in credit granted to the
private sector. On a disaggregated level,
loans extended to households and businesses
rose 1.3 per cent and 3.2 per cent,
respectively, while there was a fall in credit
disbursed to non-bank financial institutions
(5.2 per cent). The net credit position of Non-
Financial Public Enterprises fell by
28.7 per cent to $36.2m as the growth in
deposits (30.8 per cent) outpaced the increase
in borrowing (15.4 per cent). The net credit
position of general government increased by
4.6 per cent to $393.3m as government drew
down on its deposits in the banking system by
$31.4m to reduce its loans obligations by
$14.2m and finance its operations.
The outstanding stock of banking sector credit
allocated to economic sectors, indicated that
credit more than doubled for construction and
expanded for entertainment and catering
(21.6 per cent); tourism (19.8 per cent);
professional
and
other
services
(15.2 per cent); distributive trades
(9.4 per cent); transportation and storage
(4.0 per cent); and personal loans
(1.1 per cent). The personal credit category,
which accounted for 47.7 per cent of total
outstanding loans, reported increases in loans
allocated towards durable consumer goods
(8.5 per cent) and other miscellaneous
personal loans (4.5 per cent). Meanwhile,
loans outstanding for home construction and
renovation, and house and land purchase fell
by 1.8 per cent and 0.8