June 2020 Economic and Financial Review

June 2020 Economic and Financial Review

ANTIGUA AND BARBUDA

Europe (53.4 per cent), the United States of

sector was partially tempered by continued

America (44.1 per cent) and Canada

work on the new cruise pier.

(33.5 per cent). Reflecting the fallout in

Influenced by developments in global

tourism, the ancillary service sectors,

including

transport,

storage

and

energy prices and the contraction in

communication, wholesale and retail trade

economic activity, the inflation rate, as

and real estate, renting and business

measured by the Consumer Price Index

activities are all preliminarily estimated to

(CPI) fell by 0.2 per cent in the first half

have experienced declines.

of 2020 from 1.5 per cent one year earlier.

Antigua and Barbuda Consumer Price Index Percentage Change

Antigua and Barbuda Visitor Arrivals

Thousands

%

100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

0.0 50.0

-3.0

18 Q1 18 Q2 18 Q3 18 Q4 19 Q1 19 Q2 19 Q3 19 Q4 20 Q1 20 Q2

18 Q1 18 Q2 18 Q3 18 Q4 19 Q1 19 Q2 19 Q3 19 Q4 20 Q1 20 Q2

All Items Food Energy

Note: Energy includes fuel and light

Stay-overs Cruise Ship Passengers (Includes Excursionists)

Yacht Passengers

The fall in the index was associated with

An estimated contraction in the construction

lower prices in the sub-indices of hotels and

sector reflected lower private and public

restaurants (5.2 per cent), transport

sector construction activity, as a number of

(3.2 per cent), health (2.3 per cent),

projects were deferred. The volume of

recreation and culture (2.3 per cent), and

cement imports, a proxy of construction

housing, utilities, gas and fuels

activity, is estimated to have declined by

(0.1 per cent), while the price levels of the

24.8 per cent in the first half of the year, in

remaining sub-indices rose.

contrast to growth of 11.2 per cent in the

corresponding period of 2019. In the public

Fiscal Developments

sector, spending on the government’s capital

Provisional fiscal data for the first half of

programme fell by 3.9 per cent, while the

2020 indicate that the fiscal deficit

pace of private construction is estimated to

narrowed to $38.6m, from one of $58.6m

have decelerated. Reduced activity in the

in the comparative period in the previous

19