Economic and Financial Review - June 2019

June 2019 Economic and Financial Review SAINT VINCENT AND THE GRENADINES

reflective of higher output for selected crops. Preliminary indicators point to an estimated broad increase in the other crops category, particularly coffee, cocoa and the fishing subsectors. The performance of other crops was moderated by a 68.8 per cent decrease in the output of bananas constrained by limited export markets. Construction activity intensified relative to that in the corresponding period in 2018, on account of an increase in the implementation rate for major infrastructural projects and growth in residential construction. Public sector construction, proxied by capital expenditure, trebled to $36.6m from $12.0m in the previous year. Capital outlays were mainly related to the geothermal project, and the Banana Accompanying Measures (BAM) project. In the private sector, activity was dominated by developments in the residential housing sub sector, where there were moderation in activities, as reflected in a 0.1 per cent decline in commercial bank lending for residential construction and renovation, relative to growth of 0.6 per cent in the corresponding period of 2018.

St Vincent & the Grenadines Visitor Arrivals

Thousands

200.0

150.0

100.0

50.0

0.0

17 Q1

17 Q2

17 Q3

17 Q4

18 Q1

18 Q2

18 Q3

18 Q4

19 Q1

19 Q2

Stay-overs Cruise Ship Passengers

Yacht Passengers Excursionists

Meanwhile, the number of cruise passengers continued to expand, with growth of 6.5 per cent in the first half of 2019 to 158,567, a slower pace than the 84.2 per cent increase in the corresponding period of 2018. Notwithstanding a decline in cruise ship calls to 163 from 173 in the previous year, the increase in cruise passengers was driven by larger cruise ships making port calls. Additionally, the number of visitors arriving by yachts was up by 14.9 per cent to 43,115 in the first half of 2019 following an expansion of 22.0 per cent one year prior. The downward trend in same-day visitors continued in the review period, as the number of excursionists fell by 6.2 per cent in the first half of 2019, following a decrease of 7.4 per cent in comparable period of 2018.

Activity in the agriculture sector is estimated to have increased in the first half of 2019,

96

Eastern Caribbean Central Bank