2020 Annual Economic and Financial Review

2020 Annual Economic and Financial Review

ANTIGUA AND BARBUDA

ANTIGUA AND BARBUDA

Overview Preliminary data indicate that economic activity in Antigua and Barbuda contracted by 16.0 per cent in 2020, following an expansion of 3.4 per cent in the previous year, due to global and domestic containment measures taken to curb the COVID-19 pandemic. While a mild rebound is projected in 2021 due to the potential widespread deployment of COVID-19 vaccines, the recovery will depend on the efficacy of these vaccines against emergent and more virulent strains.

Antigua & Barbuda Selected Economic Indicators Annual Percentage Change

15.0

10.0

5.0

0.0

(5.0)

(10.0)

(15.0)

(20.0)

2016

2017

2018

2019

2020

Real GDP

Nominal GDP

Consumer Price Index

Real Sector Developments The sharp contraction in economic activity reflected declines across most of the sectors of the economy. Value added in the hotels and restaurants sector a proxy for the tourism industry slid by 54.7 per cent, following an expansion of 7.8 per cent in 2019, amid extensive travel restrictions and other containment measures implemented in

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