Member countries of the Eastern Caribbean Currency Union
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2007-2008 , pp 291-296
- Publication Date: December 2010
- DOI: https://doi.org/10.18356/6e60c62c-en
- Language: English
The economies of the Eastern Caribbean Currency Union (ECCU) continued to show positive growth for the sixth consecutive year. In 2007, growth slowed to 5.2% from 6.3% in 2006 as many public and private construction projects relating to the Cricket World Cup were completed. In addition, there was a significant deceleration in the tourism sector, which declined by 0.6% in 2007 compared with 6% growth in 2006. Fuelled by hikes in oil and food prices, especially in the last quarter of 2007, inflation stood at 6.1%, up from 1.3% in 2006, and is expected to continue to trend upwards in 2008. While remaining positive, economic growth is projected to slow in 2008 to 3.8%, mainly as a result of the slowdown in the United States economy and soaring international oil, food and other commodity prices.
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