Central Bank of Barbados Annual Report 2001


Created 01 Apr, 2002
Categories Annual Reports
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After experiencing eight consecutive years of growth, the Barbados economy contracted during 2001, as some sectors continued to grapple with adjustment efforts to cope with trade liberalisation, while others suffered from the negative spillover effects of a depressed world economy. This situation was exacerbated by the attacks on the US on September 11, 2001. As a consequence, the gains registered in the first quarter were outweighed by three consecutive quarterly declines, resulting in an overall estimated fall in real economic activity of 2.7%. This outturn, which reflected decreases in both the traded and non-traded sectors, contrasts with an increase of 3% in 2000 and an average annual rise of 2.9% since the 1990-1992 recessionary period. With the fall in real output, there was an increase in the rate of unemployment.

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