Barbados Economic and Social Report 2010
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BARBADOS ECONOMIC AND SOCIAL REPORT 2010 Barbados Economic and Social Report 2010 TABLE OF CONTENTS Executive Summary ................................................................................................................................. 2 I. International Economic Development ..................................................................................... 4 II. Regional Economic Development ............................................................................................. 8 III. The Barbados Economy .............................................................................................................. A. The Real Sector 15 B. Balance Of Payments 21 C. Fiscal Developments and Public Finance 24 D. Money, Banking And Capital Markets 30 E. Employment, Inflation And Labour Market 36 F. Public Sector Investment Programme (PSIP) 43 G.Official Development Assistance 44 IV. Sectoral Performance .................................................................................................................. A. Agriculture And Fisheries 50 B. Industry And Manufacturing 56 C. Tourism 63 D. Construction 72 E. International Financial And Business Services 73 F. Energy And Utilities 77 G. Commerce And Consumer Affairs 81 H. Small Business Development 84 I. Science And Technology 86 V. Social Sector Development .......................................................................................................... A. Education And Training 89 B. Population 92 C. Health 94 D. Social Services 99 E. Environment 104 F. Law And Order 110 Economic Outlook for 2011 117 Box 1.2 Status Report on the Implementation of the Medium Term Development and Fiscal Strategy 2010-2014 118 i Barbados Economic and Social Report 2010 Executive Summary LIST OF FIGURES Figure 1 Global GDP Growth: Actual and Projections .......................................................... 5 Figure 2 Direction of Trade – Domestic Exports for 2010 .................................................. 23 Figure 3 Direction of Trade – Total Imports for 2010 ......................................................... 23 Figure 4 Visible Trade Balance (1997 - 2010) ..................................................................... 24 Figure 5 Public Finance ....................................................................................................... 26 Figure 6 Commercial Bank Sector Credit (% of Total Credit) ............................................ 31 Figure 7 Securities Exchange of Barbados (2002 - 2010) ................................................... 35 Figure 8 Inflation 1997 - 2010 (1996 - 2010) ...................................................................... 37 Figure 9 Macro – Productivity Growth (% Change) ............................................................ 40 Figure 10 Sugar Exports (1998 - 2010).................................................................................. 50 Figure 11 Index of Industrial Production (1996 - 2010) ........................................................ 58 Figure 12 Credit to Manufacturing Sector (1997 - 2010) ...................................................... 60 Figure 13 Total % Change of STAP Disbursement (2002 - 2010) ........................................ 62 Figure 14 Tourist Arrivals by country of Residence (2009-2010) ......................................... 64 Figure 15 Tourist Arrivals by Type (2000 – 2010) ................................................................ 66 Figure 16 Cruise Passenger Arrivals (2008 - 2010) ............................................................... 66 Figure 17 Stayover Visitors by Market Share 2010 ............................................................... 67 Figure 18 Cruise Ship Calls (2008 - 2010) ............................................................................ 68 Figure 19 Population Distribution 2000 ................................................................................. 93 Figure 20 Population Distribution 2010 ................................................................................. 93 Figure 21 Annual Crimes Reports (2004 - 2010) ..................................................................111 Figure 22 National Reported Crimes 2010 ...........................................................................111 ii Barbados Economic and Social Report 2010 Executive Summary LIST OF TABLES Table 1.1-1 Selected Key Indicators 2005-2010 ................................................................................ 1 Table 1.1-2 Indicators Of Economic Performance In Advanced Economies 2009 - 2010 ................. 4 Table 2.1-1 Indicators Of Economic Performance In Selected Regional Countries 2003 - 2010 .... 14 Table 3.1-1 Composition Of Expenditure On Gross Domestic Product 1990 - 2010 ...................... 17 Table 3.2-1 Balance Of Payments 2005 - 2010 ................................................................................ 22 Table 3.3-1 Central Government Operations 2006/2007-2010/2011 ............................................... 27 Table 3.3-2 Current Revenue By Source 2006/2007 - 2010/2011 ................................................... 28 Table 3.3-3 Central Government Current Expenditure By Item 2006/2007 - 2010/2011 ............... 28 Table 3.3-4 Fiscal Deficit And Financing 2006/2007 - 2010/2011 .................................................. 29 Table 3.4-1 Selected Indicators Of The Banking System As At December 2005 - 2009 ................. 30 Table 3.4-2 Commercial Bank Deposits 2005 - 20010 ................................................................... 31 Table 3.4-3 Securities Exchange Trading (Selected Markets) 2005 - 2010 ..................................... 33 Table 3.4-4 Volume Of Shares Traded (Top Five Companies)2009 - 2010 .................................... 34 Table 3.4-5 Index & Market Capitalisation 2009 - 2010 .................................................................. 34 Table 3.5-1 Employment By Major Industrial Division ................................................................... 37 Table 3.5-2 Local Placement By Occupational Group 2004-2010 ................................................... 38 Table 3.5-3 Overseas Placement Programmes 2004-2009 ............................................................... 38 Table 3.5-4 Grievances By Category 2005-2010 ............................................................................. 39 Table 3.5-5 Work Stoppages By Economic Activity 2005-2009 ..................................................... 40 Table 3.5-6 Absenteeism Rate 2006 - 2008 ..................................................................................... 41 Table 3.5-7 Labour Productivity Growth In Selected Industries In 2003-2009 ( Per Cent Change) 42 Table 4.1-1 Vegetable Production ('000 Kgs) 2004 - 2010 .............................................................. 51 Table 4.1-2 Vegetable Imports (‘000 Kgs) 2004 – 2010 .................................................................. 52 Table 4.1-3 Livestock And Dairy Production (000'skgs) 2005 -2010 .............................................. 52 Table 4.1-4 Livestock And Dairy Products Imports (000's Kgs) 2005-2010 ................................... 53 Table 4.1-5 Production Of Cotton Lint ('000 Kgs) 2004 - 2010....................................................... 53 Table 4.1-6 Root Crop Production ('000kgs) 2005 - 2010 ............................................................... 54 Table 4.1-7 Root Crops Imports (000'skgs) 2005 - 2010 ................................................................. 54 Table 4.1-8 Commercial Bank Credit To The Agricultural Sector 2001 - 2010 .............................. 55 Table 4.1-9 Fish Landings By Type (Tonnes) 2005 - 2010 .............................................................. 55 Table 4.1-10 Fishing Fleet By Type 2005 - 2010 ............................................................................. 56 Table 4.2-1 Employment In The Manufacturing Sector And Related Services 2006 - 2010 .......... 57 Table 4.2-2 Investment In Bidc Assisted Companies 2006 - 2010 .................................................. 58 Table 4.2-3 New Enterprises Established 2006 - 2010 ..................................................................... 59 Table 4.2-4 Direction Of Trade With Caricom Countries Domestic Exports 2005 - 2010 ............. 61 Table 4.2-5 Beneficiaries Of Stap 2009 - 2010 ............................................................................... 61 Table 4.2-6 Caricom – Canada Trade And Development Agreement .............................................. 62 iii Barbados Economic and Social Report 2010 Executive Summary Table 4.3-1 Stay-Over Visitor Arrivals January 2009 - 2010 .......................................................... 65 Table 4.3-2 Tourist Arrivals By Country Of Residence 1999-2010 ................................................ 67 Table 3.4-3 Average Room Occupancy Percentage 2009 - 2010 ..................................................... 68 Table 3.4-4 Hotels, Apartments And Guest Houses No. Of Establishments & Bedrooms .............. 68 Table 3.4-5 Total Expenditure 2009 - 2010...................................................................................... 69 Table 3.4-6 Total Visitor Expenditure By Country Of Residence.................................................... 69 Table 3.4-7 Visitor Expenditure Per Person Per Trip By Country Of Residence ............................. 70 Table 3.4-8 Estimated Total Expenditure