ECCB Negative Growth Figures Recalled - Lovell

Details

Economy

Friday, 31 August 2012 02:30

By caribarena news

Antigua St. John’s -  Finance & Economy Minister Harold Lovell has shot down and labeled as completely inaccurate reports from Advisor to the Eastern Caribbean Central Bank (ECCB) Sybil Welsh in July that Antigua & Barbuda had recorded a -0.24 percent growth for the year 2012 thus far.

In July the minister had called the figures unofficial and withheld comment on the matter until the data could be confirmed. On Wednesday, while addressing the media, he said the figures were completely false and had been recalled by the Central Bank.

“I told you then and I tell you now that the figures are not official. With all due respect, Ms. Welsh used figures that have since been recalled by the Central Bank,” the minister said.

He added that from everything the Antigua & Barbuda government has “seen so far”, the figures were “wrong.”

The ECCB publishes figures for each ECCU member country’s annual economic performance; but Lovell said that while information is gathered throughout the year, nothing is usually released until the year is completed and the information is compiled to reflect one holistic figure.

“For now, the indicators are that there will be some growth, though small, to the Antigua & Barbuda economy,” he said.

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Antigua & Barbuda has a projected economic growth of 2.26 percent for the year 2012, and the ECCB Advisor’s release had placed the twin-island state behind its sister ECCU nations as being one of only two countries to record negative growth so far for the year.

St. Kitts was the only other country in the OECS, according to Welsh’s figures, to have recorded negative growth for the first half of the year, with -0.45 percent growth so far.

Economic growth and GDP are measured by a nation’s level of consumption, investment, government spending and net exports, and Antigua & Barbuda has seen noticeable declines in all areas.

“These figures are the latest data acquired by the technical team …The data is both quantitative and qualitative,”

Walsh had told a team of regional media operatives gathered in ECCB sub offices across the ECCU nations in July.

She had credited Antigua & Barbuda’s negative performance to its heavy dependence on tourism, which has declined notably in light of the ongoing global recession.

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