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.

Central Bank Governor  Dr Delisle Worrell.
Central Bank Governor
Dr Delisle Worrell.

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.

7 Responses to Central Bank predicts 2 per cent growth this year

  1. Santini More
    Santini More January 13, 2015 at 3:26 pm

    When was the last time any of the positive predictions of growth made by this man actually became a reality? Will somebody please tell the man that wishing alone does not make things happen. I know this for a fact as I have been wishing for him to resign for many years now!

    Reply
  2. Overtaxed Bajan January 13, 2015 at 5:34 pm

    Stupsse.

    Reply
  3. Sebastian Da Costa
    Sebastian Da Costa January 13, 2015 at 6:39 pm

    Wow will it now..

    Reply
  4. Stephen D Stewart
    Stephen D Stewart January 13, 2015 at 6:56 pm

    2% Growth in 2015…crime, unemployment, poverty, homelessness, stress….these people really are taking the piss…I’m sure they don’t live here….

    Reply
  5. Stephen D Stewart
    Stephen D Stewart January 13, 2015 at 6:56 pm

    2% Growth in 2015…crime, unemployment, poverty, homelessness, stress….these people really are taking the piss…I’m sure they don’t live here….

    Reply
  6. Jason January 13, 2015 at 7:56 pm

    Canada is about to get hit big time from the drop in oil and the loss of revenues that will cost the country and the provinces. Add in ridiculously high personal debt and you won’t see 9-20% growth in travel from Canada at all. It’s hard to vacation when you’re worried about having a job.

    Reply

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