A REBOUNDING TOURISM INDUSTRY helped rev up Barbados’ economy in the first quarter, but it will be some time before it is firing on all cylinders.
That summed up the economic picture Central Bank Governor Dr DeLisle Worrell painted yesterday.
He reported the economy grew by an estimated “almost one per cent” in the last three months, and predicted between 1.5 per cent and two per cent growth for the rest of the year – backed by strong tourism activity and $700 million in “further private sector investment”.
While still marginal, the first quarter performance is an improvement over last year’s 0.4 per cent decline, and 2013’s 1.2 per cent decrease. And while long-stay arrivals declined by one per cent in the first quarter of last year, Worrell said there was a four per cent increase in tourism GDP this year. (SC)
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