Antigua leads Caribbean economic growth-ECLAC

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The Economic Commission for Latin America and the Caribbean (ECLAC) is predicting that Caribbean economies will grow by 1.7 per cent this year after experiencing a “standstill” last year.

ECLAC, earlier this week released its “Economic Survey of Latin America and the Caribbean 2018,” showing that Antigua and Barbuda is the highest rated country within the Caribbean registering growth of 4.2 per cent this year.

Grenada, which is expected to register 3.5 per cent growth and Guyana, three per cent, were the next Caribbean countries with positive growth, with Barbados registering zero per cent growth this year.

ECLAC said that the Barbados economy is the second worst performing in the English speaking Caribbean this year, with only the hurricane ravaged-Dominica at minus 6.4 per cent, performing worse.

ECLAC’s prediction for the Barbados economy is slightly better than the 0.5 per cent decline predicted by the Central Bank of Barbados.

The “Economic Survey of Latin America and the Caribbean 2018” report anticipates that total public spending would increase this year as a result of a greater need for reconstruction in the sub-region after several devastating natural disasters, with increases in capital expenditure of 2.8 points of gross domestic product (GDP) in Grenada and 0.8 points in Antigua and Barbuda.

“However, current primary spending should continue its downward trend, owing to fiscal consolidation programmes in Trinidad and Tobago (-1.8 points of GDP), Suriname (-1.8 points), Barbados (-1.7 points) and Antigua and Barbuda (-1 point),” the report said.

The report also noted that interest payments by Caribbean governments was expected to end this year “at values similar to those of 2017, of 3.2 per cent of GDP.

“Of the 13 countries with available information, almost half have recorded lower interest payments in 2018, with particularly large declines in Barbados and Jamaica, both of which have public debt servicing costs of over seven per cent of GDP but have continued to cut debt sharply, which will translate into lower interest payments in the coming years,” said the report.

The 232-page report said fiscal policies in the Caribbean continued to focus on generating primary surpluses to deal with the heavy burden of public debt.

“In this context, the average primary surplus is expected to rise from 1.1 per cent of gross domestic product in 2017 to 1.9 per cent of GDP in 2018, with a decline of similar magnitude in the overall deficit.

“Some countries in the sub region are implementing considerable fiscal adjustment, especially Trinidad and Tobago, which is aiming to reduce its primary deficit from 5.4 per cent of GDP in 2017 to zero per cent in 2018,” ECLAC said, adding that governments’ public debt remained stable at 68.6 per cent of GDP in the Caribbean in the second quarter of this year, similar to 2017 year end levels.

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8 COMMENTS

  1. Congrats PM and team, clearly we have a good driver at the wheel. Interestingly so far, Observer Media group does not see this as news

    • tenman they are working now overtime to see how they can spin it. You have to understand what their mandate is. Told you that many times They have another agenda. Try to find something negative to write about this government. Who I feel sorry for are the young reporters that if Observer ever lay them off they have nowhere to go. People like Keron. Shame for such young talented reporters to have started in a company that does not let hem show their capacity.

  2. I am still waiting on the 6% promise by the dictator. 4% is usual, is it impacting people lives. The UPP did 12% in 2007 after that the country stuck on 4% for years. Barbuda hurricane money working on Antigua but not on Barbuda. “Wicked set a people” it’s criminal.

    • Why not support your claims that Barbuda’s money is been spent in Antigua instead of in Barbuda? Also please explain to the international readers who may not be in the know,what happened in 2007 to trigger the 12% growth.. No longer can people just come to the public and make statements expecting people to just listen and absorb without any qualifying evidence to support.. Social media is here- Those days of slander politics and say as you like is out the door..Waiting for your explanation-if you cannot do so,you will go down as been not credible- just like those who claimed that money were missing from the CIP,then when asked to prove,was taken by a bout of asthmatic attack instead.He has since lost all credibility by all intelligent(note i did not say educated) and fair minded individuals who are searching for truth.

      • You are so right the day’s of ALP propaganda is back. Let me repeat myself 4% is usually the case, the dictator promise the people 6% he said the IMF was chatting crap, when they said to him 3.5% is expected. Oh yes the world cup was around a lot of people invested in construction, open new businesses the UPP administration gave lots of incentives. Then came the world economic crisis in 2009 the ABLP said to the people of Antigua & Barbuda it never happened, let us not forget. The ABLP for the past four year control the CIP no new investments but you have the gaul to come in here and challenge me. This administration has benefited from all the social programs implemented by the UPP $100 off for seniors, 10% discount for early payment , $250 off at CMC for seniors, school meals, uniform grant, pensioners who worked for government moved from $150 to $750 plus. The UPP failed in my opinion by trying to please you ALP CULT members and that was their big down fall. All they had to do is manage the country affairs but no they played the ALP Corruption handbook all of self, the creative enrichment program, you know about it? I can bet you are enjoying it now, enjoy my friend it’s only last for a short period. So while you guys enrich oneself the country looks like a ghetto. The international readers would love to know the list of companies that the PM wife charity has supported, the last I heard from the PRO of the charity the only person who speaks about the going on with this charity is the dictator himself saying two media professional got some monies to open a media center what happen the subin flap. This administration know how to use the media with its minions chatting, chatting hoping something comes out of the ground or fall from the sky. The failed Yida, was to pump over 200 million into the Antigua & Barbuda economy. It’s sad very sad the way this government has squandered monies poor Barbuda. All I will say to Antiguans when your neighbour house a burn wet yours. I understand now why Marcus Garvey called Antiguans Garott. “Emancipate yourselves from mental slavery, none but ourselves can free our minds!”

      • On Barbuda monies let me first start with a statement from the Antigua dictator. ” If Barbudans think that the monies from hurricane Irma is for Barbuda alone they have it wrong Antigua got damage too we have poor infrastructure that got damage. You hear lie, here’s another lie over 50K a day was spent to feed the Barbudans, construction on Barrymore run down hotel, Nurses hostel are these places on Barbuda? This was a well sort out deceptive plan by the Antigua dictator to keep the people of Barbuda on Antigua its free hurrican monies in the Antigua economy. September is here again and Barbuda is the same from Irma, like I have said before this is criminal. “Wicked set a People”

        • That’s such a gross lie and you know it..The PM never said Barbuda’s money was to be spent in Antigua..What he said was the Donor money was not intended to be spent on rebuilding personal homes,but was to assist with rebuilding the Infrastructure.With all that rant and rave and long episode you have not said one thing that makes sense’Speaking of Propaganda been back, its written all over your comments.. You appear to be one angry person.. Get over it. The UPP will not see another day in Government .. Keep ranting..

        • BTW-People are still living in houses with Tarpaulin as roofs-in Tortola,St Martin and the US territory of Puerto Rico.. These Islands have far more resources than Barbuda and the people actually own their homes,they are not standing in the way of progress and fighting for what’s not theirs.

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