Central Bank:Economy stable

For a second straight quarter Barbados’ economy moved only slightly and the Central Bank has acknowledged that a strong pick-up was not on the horizon.
On the other hand, the bank said the economic situation had not worsened and the economy “remains stable” with a 2.4 per cent improvement in tourist arrivals that spurred a 1.5 per cent increase in “real output” in the country.
In this connection, the bank is projecting that economic activity on the island would grow by less than one per cent by the end of the year.
In its review of the local economy for the first quarter of 2012, which also coincided with the end of the 2011-2012 financial year, the Central Bank said unemployment for 2011 averaged 11.2 per cent and inflation reached nine per cent. (GE)
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