Central Bank:Economy stable

Dr Delisle Worrell is Governor of the Central Bank.

Thu, April 26, 2012 - 6:51 PM

For a second straight quarter Barbados’ economy moved only slightly and the Central Bank has acknowledged that a strong pick-up was not on the horizon.

On the other hand, the bank said the economic situation had not worsened and the economy “remains stable” with a 2.4 per cent improvement in tourist arrivals that spurred a 1.5 per cent increase in “real output” in the country.

In this connection, the bank is projecting that economic activity on the island would grow by less than one per cent by the end of the year.

In its review of the local economy for the first quarter of 2012, which also coincided with the end of the 2011-2012 financial year, the Central Bank said unemployment for 2011 averaged 11.2 per cent and inflation reached nine per cent. (GE)

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Posted by Frank Husbands 1 year ago: We have not aligned ourselves with the new power house BRIC economies and will be pulled down in the dumps by our old alliances. Our main market for tourist England is in a double dip recession. We have wasted time and not made significant inroads into the Chinese or even the Brazilian market.The Russians and the Indians don't even know who and where we are. We too have not forge deep enough ties with the Canadians with their huge Oil and Gas reserves that has their economy in the upswing.We grew lazy depending on our old acquaintances and are now outside of the new circle of movers and shakers.
We continue to have nothing more to offer than Sun,Sea and Sand.Believe it or not this remains a very good offer.
Our First Minister of tourism was an Englishman Peter Morgan.England has remain the staple of our Tourism. With the new parameters maybe its time to have a Chinese,Russian, Indian,or Canadian minister of Tourism.

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Posted by RICHARD power 1 year ago: Listen to me! As goes America so goes the world! We need to pay attention to what's going on around us instead of waiting for politicians and the Bank chairman and government officials to tell us! We are too educated a people not to know how things work. Barbados is a tourist driven economy that and education.
As we wait for these people to tell us its already too late! Our brains are our biggest asset! Spend a little more time on the net on Cnn,BBC,financial news, etc and a little less time on face book and we will be better off! No one likes to be the bearer of bad news not even the Government! Two hotels
just closed up! How could the economy be stable? Bajans better take off those rainbow colored shades the worst is yet to come.