(Barbados Nation) The Barbados economy had a dismal performance in 2012, registering no growth, and the Central Bank is predicting hardly any increased economic activity in the country this year.
Central Bank Governor Dr DeLisle Worrell delivered the disappointing news yesterday in his review of the economy for last year and his projections for the next 12 months.
The island’s main engine of economic growth – tourism – sputtered in 2012 as foreign exchange generated from the industry contracted, with long-stay arrivals to the island falling by 6.2 per cent, though the length of stay rose by 4.3 per cent.
The fiscal deficit, which Government has been trying to rein in for the past three years, widened between April and December last year to reach 6.4 per cent, compared with the 5.2 per cent for the same period in 2011.