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Tuesday, September 26 2017 @ 06:58 AM AST

Construction, agriculture, tourism boost Eastern Caribbean economy

The Eastern Caribbean Central Bank (ECCB) in its Annual Economic and Financial Review 2016 released last week said: "Real GDP in the Currency Union is estimated to have expanded for the fifth consecutive year at 2.2 per cent, compared with 2.6 per cent in 2015."

Value added in the construction sector, a main contributor to economic growth in the Eastern Caribbean Currency Union (ECCU), expanded by 7% in 2016, compared with growth of 4.7% in the prior year.

The ECCB also said: "Short to medium term growth forecasts for the regional economy is favourable, based on positive GDP projections for all member territories. Expectations are for expansion of 2.9 per cent on average for the next two years. The main impetus for this outlook is anticipated robust construction activity, supported by strengthened performances in agriculture and hotels and restaurants."

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