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During the first quarter of 2004, the Barbadian economy recorded its seventh consecutive quarterly rise in real value-added. Led by strong performances in the traded sectors and to a lesser extent the non-traded, the growth in real gross domestic product was well above the average rate for the last five years. On account of higher tourism activity, the stock of net international reserves (NIR) expanded, albeit at a modest rate, as import demand also increased with the improved economic outturn. Liquidity within the banking system remained relatively high, as growth in domestic deposits continued to outpace that of credit to the private sector. Government also recorded a surplus on its fiscal account during the first three months of 2004, the first surplus since the first quarter of 2000. Despite the surge in world commodity prices during the first quarter of 2004, Barbados’ rate of inflation remained relatively low.