June 2020 Economic and Financial Review

June 2020 Economic and Financial Review

ANTIGUA AND BARBUDA

ANTIGUA AND BARBUDA

Overview

Real Sector Developments

The COVID-19 pandemic, and the

The economic contraction in the first half

stringent containment measures which

of 2020 reflected declines in all the key

have been implemented worldwide,

sectors, as containment measures resulted

triggered a contraction in economic

in major disruptions to economic activity.

activity in Antigua and Barbuda in the

Tourism activity is estimated to have

first half of 2020. 5

While the long-term

declined, evidenced by a 44.8 per cent

impact of the pandemic remains uncertain,

contraction in total visitor arrivals to

the outlook for the economy for the

351,538, underpinned by declines in the

remainder of the year is expected to be

stay-over (47.8 per cent), cruise

hampered by subdued global economic

(43.8 per cent) and yachting (41.7 per cent)

activity, increasing uncertainty and the

segments. The fall in stay-over arrivals

attendant effects on private sector and

reflected declines from all source markets,

government activity.

including the Caribbean (62.9 per cent),

5 Antigua and Barbuda closed the VC Bird International Airport to all international commercial flights beginning 27 March and reopened on 01 June 2020. The government also initially ordered a 24-hour curfew from

2 April to 9 April which prohibited movement during the day by non-essential workers except for food and emergency supplies.

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