ECCU economies remain resilient after hurricanes Irma, Maria in 2017

The prime minister and minister for finance of St. Lucia, the Hon. Allen Chastanet; the prime minister and minister of finance of St. Kitts and Nevis, the Hon. Dr. Timothy Harris; Chairman of the Monetary Council the Hon. Roosevelt Skerrit; ECCB Governor Timothy Antoine; Minister of Education in Grenada the Hon. Sen. Simon Steill (temporary alternate); Minister for Finance in St. Vincent and the Grenadines the Hon. Camillo Gonsalves; chief minister and minister of finance in Anguillla, the Hon. Victor F Banks

ECCU economies remain resilient after hurricanes Irma, Maria in 2017

From press unit in the Office of the Prime Minister 

BASSETERRE, St. Kitts – Economic growth within the Eastern Caribbean Currency Union (ECCU) is projected to grow at a modest 2.2 percent in 2018, as countries continue their recovery efforts from the devastating effects associated with the passing of hurricanes Irma and Maria in September 2017.

The Monetary Council of the Eastern Caribbean Central Bank (ECCB) reported after its 90th meeting held at the ECCB Headquarters in St. Kitts Feb. 16, the “ECCU remained resilient following the passage of hurricanes Irma and Maria in September 2017, which resulted in an estimated slower growth rate of 2.3 percent in 2017.”

Speaking at a press conference following the council meeting, ECCB Gov. Timothy Antoine said the council is optimistic that growth would exceed the 2.2 projection. “We actually hope that we would do better than 2.2; some of our countries will in fact,” he said. “A big part has to do with the implementation of some of the capital projects that are planned in those budgets and when they actually get implemented [they] will have an effect on the actual rate.”

Prime Minister of St. Kitts and Nevis the Honourable Dr. Timothy Harris said “this is basically an average, and so you are going to have some states doing better and some perhaps doing not as well as the 2.2 projected here. As it is now, it is the best estimate that one can make at this time. These figures are likely to be revised as we move through the respective quarters, and we see how well member states that were severely disadvantaged as a result of the hurricanes, how quickly they are able to move into significant recovery…they can be better or less optimistic than projected and therefore would affect the outcome,” added the prime minister, who is also minister of finance.

The council noted that while 2018 growth is projected at 2.2 percent, “projections pointed to an acceleration in 2019.”