Business
Barbados: Economy stabilizes registers growth
The Central Bank of Barbados said government must strictly adhere to the targets of its Medium Term Fiscal Strategy to maintain the economic stability achieved in 2011.
That plan is designed to achieve a balanced budget by 2016/2017.
The bank, in its economic performance review for 2011 and prospects for 2012, stated that the fiscal deficit was down more than two per cent of GDP from the previous 7.4 percent for the latter nine months of last year, in line with the revised strategy targets.
The economy grew by an estimated at 0.5 percent last year aided by increases in construction 4.4 percent, tourism outputs 0.3 percent, and transport and communications sectors 0.6 percent.
The United States and United Kingdom markets rose, while the Barbados-based low-cost airline REDjet boosted arrivals from the Caribbean Community (CARICOM) region led by a 35 percent increase the Trinidad and Tobago market.
