Worrell:Brace for difficult 2013Central Bank Governor Dr DeLisle Worrell.
Tue, January 15, 2013 - 6:28 PM
The Barbados economy had another difficult year in 2012 and it looks like it will be much of the same this year.
Governor of the Central Bank of Barbados, Dr DeLisle Worrell in his review of the economy’s performance last year, said economic activity was flat, visitor arrivals from the United States and United Kingdom had fallen by about nine per cent in both major markets, while the deficit had widened slightly.
On the positive side the island’s foreign exchange reserves increased during the year to reach $1.46 billion which represented 18 weeks of import cover.
The foreign exchange boost came mainly from the sale of Barbados National Bank shares to Republic Bank Limited of Trinidad and Tobago which accounted for $167 million in foreign currency.
Inflation in the country fell from 9.5 per cent to 6.5 per cent. However, unemployment crept up to an average of 11.7 per cent during the year. (GE)
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