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Real economic activity in Barbados grew by an estimated 1.3% in the third quarter of 2002, as both the traded and the non-traded sectors registered increases, signaling that a recovery may be under way. Nevertheless, in the nine months to September real output contracted by about 1%, due mainly to the sharp downturn in the first quarter. The decline in real gross domestic product (GDP) was reflected in modest growth in the net international reserves (NIR). Moreover, the fiscal deficit of $249.7 million was almost double the deficit recorded for the same period last year, as public sector operations expanded to buffer the effects of the reduction in private sector output. Unemployment increased marginally in line with the declining economic activity, while inflation moderated further.