Central Bank of Barbados Annual Report 2002

Created 01 Apr, 2003
Categories Annual Reports
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The economic downturn experienced during 2001 abated somewhat in the following year, as only a marginal (0.4%) contraction in real GDP was estimated for 2002. The performance of the economy during the first half of 2002 was particularly weak, characterized by a substantial decline in tourism and a poor sugar crop. Notably, there was further deterioration in the United Kingdom (U.K.) and Canadian tourist markets, which remained depressed from the previous year. However, encouraging signs of recovery emerged during the second half of the year, as tourism strengthened, after contracting for five consecutive quarters, and construction activity and wholesale and retail trade improved. Nevertheless, the weakness in the domestic economy, precipitated by the protracted uncertainty in the international economies, contributed to a slightly higher unemployment rate, but tempered retail price inflation as a result of lower import prices and subdued credit demand.

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