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Barbados Economic and Social Report 2013 2 0 1 1 BARBADOS ECONOMIC AND SOCIAL REPORT 2013 Barbados Economic and Social Report 2013 TABLE OF CONTENTS EXECUTIVE SUMMARY......................................................................................................................... 2 I. INTERNATIONAL ECONOMIC DEVELOPMENT ...................................................................... 5 II. REGIONAL ECONOMIC DEVELOPMENT .................................................................................. 9 III. THE BARBADOS ECONOMY .................................................................................................... 15 A. The Real Sector 15 B. Balance Of Payments 16 C. Fiscal Developments and Public Finances 19 D. Money, Banking And Capital Markets 23 E. Employment, Inflation And Labour Market 30 F. Public Sector Investment Programme (PSIP) 37 G. Official Development Assistance 38 IV. SECTORAL PERFORMANCE .................................................................................................... 50 A. Agriculture And Fisheries 50 B. Industry And Manufacturing 57 C. Tourism 66 D. Construction 70 E. International Financial and Business Services 71 F. Energy And Utilities 73 G. Commerce And Consumer Affairs 77 H. Small Business Development 79 I. Science And Technology 80 V. SOCIAL SECTOR DEVELOPMENT ........................................................................................... 81 A. Education And Training 81 B. Population 88 C. Health 89 D. Social Services 103 E. Environment 123 F. Law And Order 142 VI. ECONOMIC OUTLOOK FOR 2014 ......................................................................................... 150 Barbados Economic and Social Report 2013 LIST OF FIGURES Figure 1 Global GDP Growth: Actual and Projections ............................................................................................ 7 Figure 2 Direction of Trade – Domestic Exports for 2013 (per cent) .......................................................... 18 Figure 3 Direction of Trade - Total Imports for 2013 (per cent) .................................................................. 18 Figure 4 Visible Trade Balance (2000-2013) ......................................................................................................... 19 Figure 5 Public Finance .................................................................................................................................................... 20 Figure 6 Commercial Bank Sectoral Credit (% of Total Credit) 2006 - 2013 ........................................... 24 Figure 7 Securities Exchange of Barbados 2004 - 2013 .................................................................................... 28 Figure 8 Inflation 1997- 2013 ....................................................................................................................................... 31 Figure 9 Macro-Productivity Growth (%) 2001 – 2012 ................................................................................... 33 Figure 10 Index of Industrial Production 1996 - 2013 ...................................................................................... 59 Figure 11 Credit to the Manufacturing Sector 1997 -2013 .............................................................................. 60 Figure 12 Total Attendances, General Practice Clinic ......................................................................................... 94 Figure 13 Total Attendances, Immunizations ........................................................................................................ 94 Figure 14 Total Attendances, Mental Health Clinic.............................................................................................. 97 Figure 15 Accident and Emergency Visits QEH ..................................................................................................... 99 Figure 16 Number of CITES Listed Species Exported by Category for 2012. ......................................... 128 i Barbados Economic and Social Report 2013 LIST OF TABLES Table 1.1-1 Selected Key Indicators 2009-2013 .......................................................................................... 1 Table 1.1-2 Indicators of Economic Performance in Advanced Economies 2012-2013 ............ 7 Table 3.2-1 Balance of Payments 2008-2013 ............................................................................................. 17 Table 3.3-1 Central Government Operations 2009/2010 – 2013/2014 ......................................... 21 Table 3.3-2 Current Revenue by Source 2009/2010 – 2013/2014 .................................................. 22 Table 3.3-4 Fiscal Deficit and Financing 2009/2010 – 2013/2014 .................................................. 22 Table 3.3-3 Central Government Expenditure by Item 2009/2010 – 2013/2014 ..................... 23 Table 3.4-1 Selected Indicators of the Banking System as at December 2006 – 2012 .............. 23 Table 3.4-3 Commercial Bank Deposits 2008-2013 ................................................................................ 24 Table 3.4-3 Performance of Credit Unions 2012 - 2013 ........................................................................ 26 Table 3.4-4 Securities Exchange Trading (Selected Markets) 2006-2013 ..................................... 29 Table 3.4-5 Volume of Shares Traded (top five companies) 2012-2013 ........................................ 29 Table 3.4-6 Index & Market Capitalisation 2012-2013 .......................................................................... 29 Table 3.5-1 Employment by Major Industrial Division ('000) .............................................................. 31 Table 3.5-2 Local Placement by Occupational Group 2007-2013 ...................................................... 32 Table 3.5-3 Overseas Placement Programmes 2007-2013 ................................................................... 32 Table 3.5-4 Grievances by Category 2006-2011........................................................................................ 32 Table 3.5-5 Occupational Safety and Health Activities 2013 ............................................................... 33 Table 3.5-6 Work Stoppages by Economic Activity 2008-2013 ......................................................... 34 Table 3.5-7 Absenteeism Rate for Firms responding to the Survey 2008 - 2012 ........................ 34 Table 4.1-1 Vegetable Production ('000 kgs) 2008 - 2013 .................................................................... 51 Table 4.1-2 Vegetable Imports (kgs) 2008 – 2013 .................................................................................... 51 Table 4.1-3 Livestock and Dairy Production (000'kgs) 2008 -2013 ................................................. 53 Table 4.1-6 Livestock and Dairy Products Imports (000's kgs) 2008-2013 ................................. 53 Table 4.1-3 Root Crop Production ('000kgs) 2008 - 2013 .................................................................... 53 Table 4.1-4 Root Crops Imports (000'skgs) 2006 - 2013 ...................................................................... 54 Table 4.1-7 Production of Cotton Lint ('000 KGS) 2006 - 2013 ........................................................... 54 Table 4.1-8 Commercial Bank Credit to the Agricultural Sector 2002 - 2013 ............................... 54 Table 4.1-9 Fish Landings by Type (Tonnes) 2005 - 2013.................................................................... 57 Table 4.1-10 Fishing Fleet by Type 2006 - 2013 ........................................................................................ 57 Table 4.2-1 Employment in the Manufacturing Sector & Related Services 2007-2013 ........... 58 Table 4.2-2 Investment in BIDC Assisted Companies 2007 - 2013 ................................................... 61 Table 4.2-3 New Enterprises Established 2007 - 2013 .......................................................................... 62 Table 4.2-4 Trade with CARICOM Countries Domestic Exports 2007 - 2013 .............................. 62 ii Barbados Economic and Social Report 2013 Table 4.2-5 Beneficiaries of STAP for 2009-2013 ...................................................................................... 64 Table 4.2-6 CARICOM – Canada Trade and Development Agreement 2013 Calendar ............... 66 Table 4.3-1 Long Stay Arrivals January to December 2012 - 2013 ................................................... 67 Table 4.3-2 Tourist Arrivals by Country of Residence 1988-2013 ..................................................... 68 Table 4.3-3 Cruise Ship Passengers by Month 2012 - 2013 ................................................................. 69 Table 4.3-4 Average Accommodation Occupancy January to December 2012 -2013 ............. 69 Table 4.3-5 Estimated Stay-Over Expenditure by Quarter 2012 - 2013 ......................................... 70 Table 4.5-1 Number of New International Business Entities Licensed 2009 - 20131 ............... 72 Table 4.5-2 Total International Business Entities Renewed 2008-20131 ...................................... 72 Table 4.6-1 Oil Gas & Utility Production & Consumption 2010 - 2013 ............................................. 76 Table 4.7-1 Import and Export Licences Processed 2013 ...................................................................... 77 Table 4.7-2 Number of Visits Undertaken to Perform Tasks 2013.................................................... 77 Table 5.1-1 Barbadian Students Enrolled at UWI by Faculty 2011/12-2012/13
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