Economy still in decline
THE BARBADOS ECONOMY IS STILL in decline in spite of the economic bump that should have accompanied the winter tourist season that ended last month.
In the latest economic report from the Central Bank of Barbados, Governor Dr DeLisle Worrell said: “Economic activity is estimated to have fallen by 0.4 per cent during the first quarter of 2014, a little better than last year (when there was a decline of 1.2 per cent) and close to the average of the previous five years of the economic slowdown.”
In a statement issued a few minutes ago from the bank’s Church Village, Bridgetown headquarters, Worrell revealed that average unemployment for 2013 was 11.7 per cent, compared to 11.6 per cent the previous year.
On the upside, inflation for the 12 months ending in February was 1.7 per cent, well below the 6.3 per cent average for the corresponding periods since the economic crisis started in 2008. (GE)