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Barbados Economy Grew 0.5% in the 2nd Quarter 2015

The headline of the Central Bank’s review of the 2nd quarter 2015 performance is 0.5% growth. According to the Central Bank the growth was driven mainly by by tourism and the country is on track to achieve 1% growth for the 2015. BU continues to be very aware growth is being driven mainly by tourism.…

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The headline of the Central Bank’s review of the 2nd quarter 2015 performance is 0.5% growth. According to the Central Bank the growth was driven mainly by by tourism and the country is on track to achieve 1% growth for the 2015. BU continues to be very aware growth is being driven mainly by tourism. We note international reserves remains stable because of low oil price on the world market.

There is acceptance a small open economy like Barbados will always be affected by exogenous shocks; however, a more aggressive effort to grow other sectors in the economy must take on more urgency. BU took note of Chief Town Planner’s warning the country needs to encourage greater private sector investment –then the Governor’s boast Barbadians demonstrated confidence in the economy by buying sixty million in bonds becomes more believable. He affirmed that with the exception of Hyatt all other significant projects being reviewed by the Town Planning Department are government led. He did not include Cahill in pending projects.

Text – Analysis of Barbados’ Current Economic Performance

31 responses to “Barbados Economy Grew 0.5% in the 2nd Quarter 2015”

  1. Wily Coyote Avatar
    Wily Coyote

    Mr Smoke and Mirrors is at it again, I see lots of “ESTIMATES”, “PROVISIONAL”, “GRADUALLY IMPROVING”, quotes from nebulous sources, irrelevant comparisons to India, Brazil, USA, Belgium, Singapore etc etc. Reading between the lines I see no improvement in Barbados finances since this quarter last year, in fact there has been noted regression in a number of areas. Foreign Currency reserves are going down significantly especially when the large debt payments(300M US) are coming due in the next few months, Governor calls this a slight dip. A lot of theoretical forecast improvements are being put on the new budget proposals when it comes to debt improvements, budget deficiencies etc. that may or likely will not be realized. Governor has to stick to the hard facts and not go off dreaming in never never land.

    ” Tourism and construction should be the main drivers.” There is a lot of talk in the report about Tourism, however construction being a main driver suddenly appears out of the blue with no background support, Hummmmmmm

    To me this just another “BULLSHIT BAFFLES BRAINS” report by Dr. Twirly/Swirly.

  2. David Avatar
    David

    With the dip in foreign currency one must seriously question the Governor’s recent PR or was it attempt at elucidation concerning what is an adequate level of foreign reserves.

    http://wp.me/a43Aa-cgJ

  3. ac Avatar
    ac

    When Weak becomes strong !!!!!!overall a Good day for barbados,,

  4. Prodigal Son Avatar
    Prodigal Son

    More bullshit from the governor! Not too many people believe this man lies and distortions!

  5. Gabriel Avatar
    Gabriel

    Nobody believes his cooked up figures and prognostications.Like his employers he has the reputation of being a confidence trickster.He has his own figures to compound and confound the fools for a cabinet.

  6. Bush Tea Avatar
    Bush Tea

    How the hell do you deliver such a NATIONAL statement and NOT have a press conference where citizens can have their specific questions answered?
    This man has obviously gone bonkers – just like Froon…

    Only in Brassbados!!!

    …an old doltish man comes on TV talking the same shiite every couple months ..and we accept that jobby as a National financial report…??!!
    Bottom line is that the damn Central Bank is LOSING millions each year…. That alone should tell us something….

    What kind of PRESS do we really have…?
    steupsss

  7. St George's Dragon Avatar
    St George’s Dragon

    Construction can’t be a driver. It must follow an (inward) investment project, mustn’t it?
    If the Pierhead Marina, new Andrew’s Sugar Factory, Four Seasons, Empire Theatre, Carnegie Library etc., got funding then construction would increase.
    I don’t hear much of substance about funding for these projects, though.

  8. Guy Fox Avatar
    Guy Fox

    For the life f me I cannot understand how descenting members of the Cabinet, being those who know better, can sit idly by and watch Sinckler and Worrell destroy Barbados’s economy by continuing headlong in the wrong direction.
    Both Donville Inniss and David Estwick should be utterly ashamed of complicit behavior.

  9. David Avatar
    David

    Why is the country not immersed in a deep conversation about the economy lead by the government’s banker, academics from Cave Hill, stakeholders in the social partnership et at? Knowledge is never located in one place. We are an educated society and we must leverage the intellectual and knowledge capital of the whole. The fact some senior journalists and Governor of the central bank would point us to the website of the central bank to read press releases is asinine.

  10. Roverp Avatar
    Roverp

    Warmed over soup!!!

  11. Hants Avatar
    Hants

    Oh Canada!!!!

    http://www.cbc.ca/news/business/bank-of-canada-cuts-benchmark-interest-rate-to-0-5-1.3152673

  12. Hants Avatar
    Hants

    Possible good news for Barbados is that some Canadians will borrow for a vacation in “Paradise”.

  13. David Avatar
    David

    There was a time the BU gang would discuss these economic issues from all angles. Are we suffering from some form of fatigue?

  14. Guy Fox Avatar
    Guy Fox

    David
    Yes, they are tired of the ignorance at the Central Bank.

  15. Guy Fox Avatar
    Guy Fox

    China just reported better than expected 2nd quarter growth, up to 7%.

  16. David Avatar
    David

    Many other professionals work at the Central Bank, it is difficult to understand how professionals would not challenge the Governor if he is fabricating information or being obviously political.

  17. Guy Fox Avatar
    Guy Fox

    The Governor of the Central Bank has be a total FAILURE, yet he continues. The Minister of Finance has been a total FAILURE, yet he continues. FAILURE perpetuating FAILURE.

  18. Guy Fox Avatar
    Guy Fox

    Not a boy in the Cabinet got the balls to stand up and say enough is enough.

  19. Wily Coyote Avatar
    Wily Coyote

    @David

    I’ve asked this question on numerous occasions, however no one has even remotely answered —

    When was the last time Barbados Government had an AUDIT done of Central Bank. The Auditor General by Law cannot Audit Central Bank. The Government of Barbados(Parliament) has to request an Audit and appoint an auditor, when was the last time this was completed and was the report tabled in Parliament ?

  20. Prodigal Son Avatar
    Prodigal Son

    @ David July 15, 2015 at 5:28 PM #

    Many other professionals work at the Central Bank, it is difficult to understand how professionals would not challenge the Governor if he is fabricating information or being obviously political.
    ……………………………………………….

    You do not know the half of what goes on in that place. One worker said that one of them was told………..you expect me to go to the public with these figures?

    So what would that tell you?

  21. David Avatar
    David

    @Wily Coyote

    Good question, maybe Justin Robinson who comments on BU from time to time is persuaded to answer your question.

    Picked up the following article on the Internet to support your inquiry.

    http://blogs.ft.com/maverecon/2009/11/auditing-the-central-bank-a-jolly-good-thing/#axzz3g0FDFF00

    On 15 July 2015 at 21:42, Barbados Underground wrote:

    >

  22. Prodigal Son Avatar
    Prodigal Son

    It has gone past being funny that a Governor of a Central Bank can preside over a bank which continues to make a loss year after year and still he sits in a position where he is the government’s chief financial adviser……………..

    He cannot run his own organisation properly…..making a loss year after year since he took up the position as governor yet he advises the minister of finance on how to run Barbados?

    We all know that the Stinkliar needs him as he does not know jack spat about running an economy. So the Stinkliar overlooks that the man is just as incompetent and inept as he as he racks up loss after loss.

    It was revealed that the expenditure at the CBB has run amok just like the government’s. The governor’s driver is reportedly earning enormous sums in the form of salary as a result of the huge overtime he has to do. I saw the driver many times waiting late in the evening as the governor exercises on the Garrison. The governor refuses to live in the official house which it would seem is only the entertainment capital.

    And David, you wonder why people are not inclined to comment on the governor’s report……………simple, no one believes a word he says……..other than the ac’s!

    This is mind boggling.

  23. David Avatar
    David

    @Prodigal SOn

    Didn’t we learn the losses being incurred by the Central Bank is not systemic but more to do with selling treasury bills to government below market?

  24. Prodigal Son Avatar
    Prodigal Son

    Yes, David….in addition to very high expenditure by the governor!

  25. Bush Tea Avatar
    Bush Tea

    Is it just Bushie then…?
    Mean wunna can’t tell that the Governor is an idiot just by LOOKING at him…?
    de man talks like an idiot…. waves his hands around like an idiot…and has an embarrassingly moronic understanding of international currency exchange regimes – which he actually shares in public….

    Wunna know how many REAL REAL intelligent people must be laughing as our asses…?
    ..ask Owen then….

    @ David
    “Good question, maybe Justin Robinson who comments on BU from time to time is persuaded to answer your question.”
    +++++++++++++++++++++++++++++++++++++++++++
    Ha Ha Ha LOL
    Ohhhh shiitrrrttt!
    Wuhloss!!!!

    @ David
    Many other professionals work at the Central Bank, it is difficult to understand how professionals would not challenge the Governor…”
    +++++++++++++++++++++++++++++++++++++++++++
    Boss …you on a roll tonight nuh!!!?

    Is it also ‘difficult’ to understand why the ;professionals’ in the public service did not challenge on:
    Greenland
    Dodds
    The Coast Guard Station
    Sandals
    the Water works building scam
    Cahill
    etc etc etc?

    What ‘professionals’ what??!!

    ….they are all brassbowl lackies who have no balls; care only about their ‘jobs’; have NO patriotic interest in RIGHTNESS or JUSTICE…and are mostly yardfowls who do exactly as instructed.

    WE HAVE NO DAMN MEN!!!!
    …just a lotta boys and fairies……. oh…and a lotta women who ALWAYS do EXACTLY as instructed and as suits THEIR personal agenda.

    With Froon, StinkLiar and the Don doing the instructing….
    THAT is why the dog is dead….

  26. Helen Avatar
    Helen

    The Governor was misinterpreted, he meant to say we gine print more money!
    Dinosaurs walk among us. Go home you ain’t serving no purpose.
    Leeches on the taxpayer this lot of miscreants.

  27. bookworm Avatar
    bookworm

    David July 15, 2015 at 6:42 AM #
    Why is the country not immersed in a deep conversation about the economy lead by the government’s banker, academics from Cave Hill, stakeholders in the social partnership et at? Knowledge is never located in one place. We are an educated society and we must leverage the intellectual and knowledge capital of the whole. The fact some senior journalists and Governor of the central bank would point us to the website of the central bank to read press releases is asinine

    @David
    They are all afraid of losing their place at the feeding trough if they stand up.

  28. David Avatar
    David

    BU notes head of the BEC Jeremy Stephens and Dr. Mascoll have noted similar concerns to BU.

  29. SITH Avatar
    SITH

    @hants

    don’t see how a drop of .5% in interest rate is going to make up for the over valued Barbados dollar that has risen 30% in value against the Canadain dollar over the last few years making Barbados a very expensive destination, and with the seaweed, a disappointing one.

  30. Guy Fox Avatar
    Guy Fox

    Barbados is the next Greece, the only difference is they have the European Union and we have the power Caricom. Barbados is in so much trouble that they don’t even realize that the borrow with soon drop out and people will be force to do that which they never comprehended as being possible/necessary in paradise.

  31. Dompey Avatar
    Dompey

    Guy Fox

    A lot of people in Barbados are in denial because their seem to carry this utopian view of Barbados as though we are never to see difficult times. Yes, Barbados used to be on the front-burner and now we are on the far back burner, and some are having great difficulty coming to terms with this realization.

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