TOURISM IS BOOMING and Barbados saved $380 million on fuel imports, but the economy only grew by 0.5 per cent last year.
And while Central Bank Governor Dr DeLisle Worrell is predicting 1.8 per cent growth this year, he said this would be heavily dependent on tourism and construction stimulating wholesale, retail and business services and firing up the economy.
At the same time, the veteran economist said Government’s 2015/16 fiscal deficit target of four per cent of GDP was “within reach”, but added this was “provided that Government completes the planned divestment of the Barbados National Terminal Company Ltd”.
In recent weeks expectations were raised that the Barbados economy was past the worst and was poised for growth in 2016.
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