Eastern Caribbean Currency Union
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2009-2010 , pp 246-250
- Publication Date: July 2010
- DOI: https://doi.org/10.18356/7b4c4307-en
- Language: English
Economic activity in the member countries of the Eastern Caribbean Currency Union (ECCU) shrank by 7.3% in 2009, compared with growth of 1.9% in 2008. This 9.2 percentage-point decline was the steepest since the GDP series was introduced and exceeded that of any non-ECCU Caribbean nation. All ECCU member countries recorded lower GDP figures with the exception of Montserrat, which reported 1% GDP growth. The sharpest contractions were recorded in Anguilla (-24.4%), Antigua and Barbuda (-10.9%), Grenada (-7.7%), Saint Kitts and Nevis (-8.0%) and Saint Lucia (-4.6%). Moderate decreases were reported in Dominica (-0.9%) and Saint Vincent and the Grenadines (-2.8%). These results were attributable to the dramatic fall, triggered by the global economic crisis, in stayover tourist arrivals and in construction linked to foreign direct investment (FDI).
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