Central Bank predicts 2 per cent growth this year
The Barbados economy will grow by about two per cent this year.
That is according to the outlook of Central Bank Governor Dr Delisle Worrell in his latest report on the Barbados economy, released a short while ago.
He said the growth would come from tourism and construction activity, and the spin-off effects to wholesale, retail and business services sectors.
“The tourism industry is expected to benefit from increases of nine percent and 20 percent in airlift from the US and Canada, respectively during the winter season,” the report stated.
“An estimated $300 million of construction activity is currently slated to be underway in 2015, mostly in the private sector.”
Dr Worrell also reported that the fiscal consolidation measures of the past 18 months have stabilized the foreign reserves, and the foreign reserve movements last year reverted to the normal pattern observed in 2010, 2011 and 2012 .
The stock of reserves was just over $1 billion at the end of December last year, representing 14.5 weeks of import cover.
Of total foreign payments of $5.8 billion in 2014, only $92 million, or 1.6 per cent, was financed by drawing down reserves, the report added.