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2018 Annual Economic and Financial Review ANTIGUA AND BARBUDA
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Eastern Caribbean Central Bank
equipment; and miscellaneous manufactured
articles were the main drivers of the escalation
in imports. Meanwhile, export receipts fell by
a minuscule 1.0 per cent ($0.6m) to $55.7m.
Gross travel receipts are estimated to have
increased by 7.6 cent ($114.4m) to
$1,616.9m, consistent with growth in total
visitor arrivals. Commercial banks’
transactions resulted in a net outflow in short-
term capital of $176.3m, lower than the
amount of $394.9m recorded in the 2017.
This outturn primarily represented a fall in the
asset position with banks outside the ECCU
region. External loan disbursements to the
central government amounted to $183.4m,
lower than the amount of $200.9m disbursed
in 2017. Loans were disbursed from the
Caribbean Development Bank and the EXIM
Bank of China. External principal payments
fell by 12.8 per cent to $187.7m as the
government continued to service its debt
obligations with external creditors, and in
particular, cleared its outstanding balance with
the International Monetary Fund (IMF).
These developments contributed to a net
outflow position of $4.3m.
Outlook
Economic activity in the Antigua and
Barbuda economy is expected to remain
robust in 2019, contingent on a stable global
economy.
Robust activity in the tourism
industry and the construction sector will
continue to drive growth. The stay-over
market segment will continue to benefit from
additional airlift from major US airports in
cities such as New York, Miami and North
Carolina. Furthermore, a cabinet decision to
increase the marketing budget of the Antigua
and Barbuda Tourism Authority will allow for
greater marketing and destination branding
aimed at beefing up arrivals in the summer
months. It is expected that the hotel room
stock will be augmented with the opening of
the Royalton Hotel and the Hammock Cove
Resort and Spa during the year. In the cruise
sector, the construction of a 5
th
pier to
accommodate Oasis Class ships, and efforts to
enhance the visitor experience through the
passage of a Tourism Licensing and
Classification Bill 2019 is likely to support a
further growth in cruise tourism.
Construction activity will continue to be
buoyed by projects in both the private and
public sectors such as the Road Rehabilitation
and Expansion Project, the Port