Sir Dwight: Positive growth recorded in 2004

The East Caribbean Currency Union (ECCU) has performed well during the past year experiencing growth of 4.1 per cent.

Sir Dwight Venner, Governor of the Central Bank, said that this is attributable to the performance of tourism which recorded significant increased in both stay-over and cruise ship arrivals during the period. {{more}}

He said that an analysis by the bank showed that his growth was due to increased buoyancy in the economies of major tourist markets, the US, UK and Europe and the depreciation the US dollar relative to sterling and the Euro, increased marketing and increased airlift.

Sir Dwight made these observations as he addressed the sub-region Tuesday evening in a pre-recorded address following which he fielded questions from the audience linked by telecommunications technology.

He pointed out that bananas had rebound because of an increase in acreages under cultivation, favourable weather and investments aimed at improving quality and quantity.

In comparison other agricultural crops – coca and nutmeg – also increased while sugar production fell.

He noted that the contruction sector was bouyant in 2004 as investments covered airport construction, roads building, residential and commercial buildings, hotel construction and refurbishment and activities related to tourism.