ECCB revises St. Kitts and Nevis’ GDP downwards for third consecutive quarter in 2017

By:Erasmus Williams
Basseterre, St. Kitts, November 27, 2017 – The Eastern Caribbean Central Bank (ECCB) has revised downwards the projected Growth Domestic Product (GDP) for St. Kitts and Nevis for the third consecutive quarter for 2017.

The GDP for St. Kitts and Nevis is down from 2.36 percent in July to 1.93 percent in October. It was first revised from 3.02 percent 2.84 percent in January and from 2.84 percent to 2.36 percent in July.

The GDP has also being revised in October for Anguilla, down from 3.40 to -3.5; Antigua and Barbuda from 5.07 percent to 3.11 percent; Dominica from 3.12 percent to -6.22 percent; Grenada, from 2.91 percent to 3.35 percent; Montserrat, from 1.34 percent to 0.59 percent; St. Lucia, from 2.53 percent to 3.45 percent and St. Vincent and the Grenadines from 2.32 percent to 0.70 percent.

The ECCB noted on the website that Anguilla, Antigua and Barbuda (Barbuda), Dominica and St. Kitts and Nevis were affected by hurricanes in September 2017. However, it must be pointed out that the communiqué issued at the conclusion of the 89th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) on 20 October 2017 noted that “Council was apprised that there is likely to be deterioration in the fiscal performance of Anguilla, Antigua and Barbuda and the Commonwealth of Dominica, in the short to medium term, as a direct consequence of the impact of Hurricane Irma on Anguilla and Antigua and Barbuda and Hurricane Maria on the Commonwealth of Dominica.”

No mention was made that St. Kitts and Nevis was adversely affected by the hurricanes, although that meeting was attended by Prime Minister and Minister of Finance, Dr. Timothy Harris.

The October projections, posted on the ECCB website, push St. Kitts and Nevis down the economic ladder in the Eastern Caribbean Currency Union (ECCU). Although Antigua and Barbuda was affected by the hurricanes, that two-nation state is in third place with 3.11 percent behind St. Lucia in first place with 3.45 percent and Grenada in second place.

Economic growth projections for 2018 are as follows: Dominica, 10.53 percent; Anguilla, 5.94 percent; Antigua and Barbuda, 5.85 percent; St. Kitts and Nevis, 3.96 percent; St. Lucia, 3.02 percent; Grenada, 2.08 percent; St. Vincent and the Grenadines, 1.89 percent and Montserrat, 1.79 percent.

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