The Barbados economy at a glance

1st2013reviewvatdown* The Barbados economy declined by 0.4 per cent between January and March this year, compared to growth of 2.3 per cent in the same quarter last year.

* Increased fiscal deficit of 7.3 per cent for financial year 2012-2013, compared to 4.6 per cent in the previous fiscal year.

* Real tourism output decreased by two per cent, with visitor arrivals down by nine per cent, and spending by five per cent.

* The manufacturing sector declined by four per cent, and agricultural output was “depressed” with sugar production falling by 25 per cent.

* Construction is down by 7.6 per cent, with unemployment in the sector up 11 per cent.

* Increased layoffs in the accommodation, food service, and construction sectors have contributed to increased unemployment.

* Indirect tax revenues, including Value Added Tax (7.1 per cent) and excise duties (6.3 per cent) decreased by five per cent.

* More domestic debt, with net public sector debt equivalent to 54 per cent of GDP, up from 49 per cent at the end of the last fiscal year.

* A $78.2 million drop in lending to businesses “associated with professional and other services, manufacturing and construction”.

* More investment needed in tourism, international business and financial services.†

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