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Preliminary estimates indicate the Barbados economy contracted by 0.4 percent in 2010 compared to a decline of 4.7 percent in 2009. This performance was primarily driven by a 12.5 percent decline in the construction sector. Nonetheless, there was a recovery in the tourism sector, which grew by 3.0 percent on account of increased arrivals from the US and Canada of 17.0 percent and 13.0 percent respectively. Despite the introduction of the “Employment Stabilization Program”, the unemployment rate increased to 11.2 percent in 2010 while inflation increased to 5.5 percent from 3.1 percent in 2009, due to rising import prices. The external current account deficit widened to 7.4 percent from 6.6 percent of GDP in 2009, owing to a higher import bill for fuel, food and motor cars. The fiscal deficit narrowed to 8.8 percent of GDP compared to 9.4 percent in the previous year, reflecting Government‟s pursuit of fiscal consolidation. At year end, foreign exchange reserves stood at BD$1,451 million, the equivalent of 21 weeks of imports. Economic activity in Trinidad and Tobago showed signs of a slow recovery in 2010. This was attributed to a 2.4 percent expansion in the energy sector, owing largely to increased production of natural gas. Crude oil production fell as a major producer ceased operations. The performance of the non-energy sector remained weak, contracting by an estimated 1.7 percent in 2010. Labour market conditions deteriorated with a projected average unemployment rate of 7.8 percent compared with 5.1 percent in 2009. In August, the Central Bank further reduced the repo rate by 1.25 percent from 3.75 percent in an effort to boost domestic demand and private investment. Inflation escalated to an average of 10.5 percent as adverse weather conditions pushed up food prices. In Guyana, real output expanded by 3.4 percent in 2010, the fifth consecutive year of robust growth, driven by growth in gold, services, construction, wholesale and retail sectors. There was an overall decline in agricultural output as a marginal increase of 0.4 percent in rice production and 2.5 percent rise in other crops was offset by the 5.5 percent decline in the production of sugar. Increasing global prices led to average inflation of 3.7 percent from 3.0 percent last year. The overall fiscal deficit widened to 4.3 percent of GDP from 3.4 percent in 2009. Public debt however was broadly unchanged at 4
61.2 percent of GDP. The external current account deficit widened to 11.4 percent of GDP and foreign reserves were the equivalent of 4.8 months of imports. The Jamaican economy is estimated to have contracted further, by 0.1 percent in 2010 despite a 35.4 percent increase in the production of alumina and growth of 6.9 percent in tourist arrivals. Year on year inflation rose to 11.3 percent in November, partly fuelled by increases in food prices due to Tropical Storm Nicole-related damage to crops in the last quarter. The overall fiscal deficit narrowed to 7.4 percent of GDP while the public debt is projected to remain relatively unchanged at 139.1 percent of GDP. Jamaica’s external current account deficit widened to 8.3 percent of GDP from 7.5 percent a year earlier. The net international reserves stood at US$1,918.5 as at November 2010, an increase of 6.3 percent from 2009. Provisional data indicate that following a decline of 5.6 percent in 2009, real growth in the Eastern Caribbean Currency Union (ECCU) is estimated to have contracted by 2.7 percent in 2010. This performance reflected the lagged impact of the global crisis and was attributed primarily to a further contraction in construction. The decline in the construction sector of 21.8 percent was largely as a result of reduced foreign investment and financing constraints. Activity in the tourism sector exhibited signs of recovery, particularly in the second half of the year, but remained below pre-crisis levels. Moderate inflation levels were recorded in all the ECCU countries to as high as 5.8 percent in Grenada. The overall fiscal deficit of the ECCU improved from $780.0 million to $335.0 million in 2010, owing to a reduction in capital spending which was constrained by limited available financing. However, the public debt to GDP ratio increased to 102.8 percent from 98.2 percent in 2009. 5
Page 2 and 3: NOTE /ACKNOWLEDGEMENT The data cont
Page 4 and 5: List of Tables Page 1. Selected Glo
Page 6 and 7: Area SAINT LUCIA - DATA SHEET (Squa
Page 9 and 10: CHAPTER ONE EXTERNAL ECONOMIC DEVEL
Page 11: The adverse effects of the financia
Page 15 and 16: Growth in the tourism sector is est
Page 17 and 18: oxes and clothing materials account
Page 19 and 20: for 42.2 percent of stay-over arriv
Page 21 and 22: ates posted by some hotels. All cat
Page 23 and 24: Additionally, the decline of 30.4 p
Page 25 and 26: During 2010, the performance of the
Page 27 and 28: which led to a 46.1 percent contrac
Page 29 and 30: Economic Infrastructure During the
Page 31 and 32: Table 5: Summary of Expenditure on
Page 33 and 34: TRANSPORT Preliminary indicators su
Page 35 and 36: US$ per barrel Road Transport The c
Page 37 and 38: Reflective of growing demand, elect
Page 39 and 40: have increased by 11.5 percent in 2
Page 41 and 42: 2000/01 2001/02 2002/03 2003/04 200
Page 43 and 44: EC$M) Non-Tax Revenue Despite a 16.
Page 45 and 46: Current Transfers Spending on curre
Page 47 and 48: million. There was also an increase
Page 49 and 50: epresenting 25.3 percent of central
Page 51 and 52: Credit by Economic Activity A revie
Page 53 and 54: Insurance 4 The global financial cr
Page 55 and 56: Financial Performance The industry
Page 57 and 58: CHAPTER SIX EXTERNAL SECTOR TRADE A
Page 59 and 60: upward movement of 16.9 percent was
Page 61 and 62: estimated pick-up in remittances fr
Page 63 and 64:
An analysis of the population data
Page 65 and 66:
Recurrent expenditure per primary s
Page 67 and 68:
Efficiency The number of dropouts h
Page 69 and 70:
Quality The number of teachers incr
Page 71 and 72:
Skills Training The National Enrich
Page 73 and 74:
Notwithstanding the dampening effec
Page 75 and 76:
CENTRAL GOVERNMENT FISCAL OPERATION
Page 77 and 78:
Economic Activity 2000 2001 2002 20
Page 79 and 80:
TABLE 4 (Rebased) Gross Domestic Pr
Page 81 and 82:
2001r 2002r 2003r 2004r 2005r 2006r
Page 83 and 84:
TABLE 8 MONTHLY ARRIVALS BY CATEGOR
Page 85 and 86:
Period 2000 2001 2002 2003 2004 200
Page 87 and 88:
Country 1997 1998 1999 2000 2001 20
Page 89 and 90:
TABLE 18 EGG PRODUCTION 2004 2005 2
Page 91 and 92:
TABLE 24 MANUFACTURING PRODUCTION C
Page 93 and 94:
TABLE 26 AIRPORT TRAFFIC STATISTICS
Page 95 and 96:
2004 2005 2006 2007 2008r 2009r 201
Page 97 and 98:
2001 2002 2003 2004 2005 2006 2007
Page 99 and 100:
TABLE 33 CONSUMER PRICE INDEX Annua
Page 101 and 102:
2002/03 2003/04 2004/05 2005/06r 20
Page 103 and 104:
2002/03 2003/04 2004/05 2005/06 200
Page 105 and 106:
TABLE 40 TOTAL PUBLIC SECTOR OUTSTA
Page 107 and 108:
TABLE 42 DISTRIBUTION OF GOVERNMENT
Page 109 and 110:
LISTING OF OFFICIAL DEBT as at Dece
Page 111 and 112:
LISTING OF OFFICIAL DEBT as at Dece
Page 113 and 114:
TABLE 45 Composition of Debt by Eco
Page 115 and 116:
DEPOSITS 2003 2004 2005r 2006 2007
Page 117 and 118:
2004 2005 2006 2007 2008 2009 2010
Page 119 and 120:
2003 2004 2005 2006 2007 2008r 2009
Page 121 and 122:
TABLE 55 IMPORTS BY STANDARD INTERN
Page 123 and 124:
TABLE 59 DOMESTIC EXPORTS BY STANDA
Page 125 and 126:
TABLE 62 BALANCE OF PAYMENTS (EC$Mi
Page 127 and 128:
TABLE 64 ESTIMATED MID-YEAR POPULAT
Page 129 and 130:
TABLE 66 PRIMARY SCHOOLS ANALYSIS O
Page 131 and 132:
TABLE 68 CAMBRIDGE ADVANCED LEVEL E
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