Economic Performance January to September 2022 – Growth of 9.8% with Uncertain Investment Appetite

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Central Bank of Barbados Governor Cleviston Haynes delivers the Bank’s review of Barbados’ economic performance in the first nine months of 2022 and takes questions from the media and online audience.

Governor of the Central Bank Cleviston Haynes reviewed the Barbados economy for the period January to September 2022 with growth recorded at 9.8%. Of concern is the low take up of BOSS bonds, out of 200 million BOSS bonds offered  only 10 million was subscribed.

Review of Babados’ Economy – January-September 2022.pdf (1.49 MB)

111 thoughts on “Economic Performance January to September 2022 – Growth of 9.8% with Uncertain Investment Appetite”


  1. 9.8% growth
    Tourism rebound continues but Governor cautious about next year
    BARBADOS’ ECONOMY has grown for the sixth consecutive quarter, but Central Bank Governor Cleviston Haynes is wary of the predicted global slowdown and other risks now on the horizon.
    The fluctuating value of the British pound, and its potential negative effect on visitors from the United Kingdom (UK), is also something Haynes and the Central Bank are keeping their eyes on.
    The Governor reported yesterday during his third quarter press conference at the Frank Collymore Hall that the economy grew by 9.8 per cent between July and September, and an overall 10.1 per cent for the first nine months of the year.
    He attributed the increased
    economic output to tourism activity and its spillover into the non-traded sectors and manufacturing sector.
    “The Barbados economy continues to recover, as reflected in the doubledigit growth achieved for the first nine months of 2022. During the third quarter, the resurgent tourism sector helped to catalyse economic activity and restore employment levels,” he said.
    “The economy is not yet producing at pre-pandemic levels but, based on encouraging forward bookings, tourism is expected to sustain its rebound for the remainder of the year.”
    At the end of September, Barbados’ tourist arrivals totalled 302 863, “equivalent to 58 per cent of 2019 levels”.
    “With the relaxation of global COVID-19 containment protocols, tourist arrivals
    have been steadily rising, reflecting the global demand for travel,” Haynes reported.
    “The increase in airlift, though still not at 2019 levels, allowed Barbados to benefit from the rising demand for international travel. Airlift, particularly out of the United States, suffered from staff shortages as some airlines were unable to meet the demand for an increase in the number of flights.”
    With the bulk of tourists coming from the United Kingdom, Haynes said this year’s return of the Crop Over Festival “had a positive impact on the sector, and arrivals for the [third] quarter were stronger than originally expected”.
    Outside of tourism, non-sugar agriculture output increased by 3.6 per cent, and manufacturing grew by 3.6 per cent, while the non-traded sector – led mainly by the wholesale and retail segment – expanded by 2.7 per cent.
    The Governor also said labour market conditions continued to improve.
    “Jobless claims have reverted to a normal trend and, at June 2022, the unemployment rate was 9.3 per cent, down from 15.9 per cent a year earlier.
    The three main industries accounting for improvements in the unemployment rate were tourism, wholesale and retail trade, and construction,” he said.
    While the Central Bank’s forecast is that the economy will grow by an overall ten per cent this year, double-digit growth is not expected in 2023.
    “Significant downside risks to the economic recovery remain, largely revolving around the challenging external economic environment that has impacted the availability and the price of international commodities,” Haynes said. One issue of concern is the fluctuating value of the British pound.
    He said the bank’s analysis
    concluded that “the type of tourists that we attract perhaps is not as price-sensitive [as others], but we can’t ignore the fact that these changes in the exchange rate are happening. Therefore, we have to monitor it and our marketers have to be able to manage that process going forward to be able on the one hand to sustain the British market”.
    Haynes added that while Barbados’ economic recovery was expected to continue next year, “based on scenarios encompassing a weaker performance of the UK tourism market”, growth is forecast to reach between 3.5 per cent and five per cent for next year. ( SC)

    Source: Nation

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  2. Growth, public debt containment important
    AN ONGOING SOURCE of conversation in Barbados is the level of public debt and, by extension, the level of borrowing by the Government of Barbados.
    In table 1, I share data on the public debt of Barbados over the 2005 to 2022 period as reported in International Monetary Fund Article 4 Consultation documents over the years. The table shows the total debt in a year and the change in the amount from the previous year. The change in total debt will depend on the level of new borrowing and the amount of existing debt paid down.
    The data indicates that over the 2005 to 2022 period, total public debt in Barbados grew at an annual average rate of approximately 5.6 per cent and more than doubled over the 2005 to 2022 period. The most significant increases in debt over this period occurred in 2017, 2013, 2009 and 2007, while there was a major reduction in debt in 2018 largely related to the debt restructuring exercise conducted by the Government of Barbados.
    The data does not appear to support the growing notion of larger than normal increases in public debt in recent years. As new borrowing takes place, the public should note that existing debt is also being paid down and it appears that while the new borrowing makes the news, the debt being paid down does not.
    It is noteworthy that the average annual growth rate in debt of 5.6 per cent far exceeded the average annual growth rate in gross domestic product (GDP) of -0.21 per cent in the economy over this time period, hence the trend towards a high and generally rising debt to GDP ratio.
    The trend where the growth in debt far outstrips the growth in the economy is extremely troubling and suggests that the level of debt and its growth represent a major economic problem for Barbados, which needs to be addressed by a combination of stronger economic growth and debt containment.
    Economic growth is heavily influenced by the external environment, while debt
    reduction and containment rely on strong primary surpluses (government revenues less government expenditure, excluding debt service), where policy-makers have much more control.
    Fiscal discipline appears to remain the order of the day for Barbados.

    https://barbadosunderground.files.wordpress.com/2022/10/barbados-debt-numbers.png

    – JUSTIN ROBINSON, Professor of Finance, The University of the West Indies Cave Hill

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  3. Surplus ‘eases borrowing need’

    Haynes: $368m signals improved Govt accounts
    GOVERNMENT HAS REGISTERED a $368 million surplus, signalling a “significant improvement” in its accounts.
    This was reported yesterday by Central Bank Governor Cleviston Haynes during his third quarter press conference at the Frank Collymore Hall.
    He said the surplus, achieved by September 30, the end of the first six months of Government’s current financial year, “eased Government’s borrowing needs and assisted with the repayment of debt service obligations”.
    “For the first six months of the fiscal year, there was a significant improvement in Government accounts. Preliminary data indicates that the primary balance, which excludes interest expenditure, registered a surplus of $368 million, enabling an overall positive fiscal balance for the period,” Haynes stated while reviewing the economy’s overall performance between January and September.
    “The more than ten-fold increase in the primary balance reflects the combined effects of the inflation dividend caused by rising prices and the containment of noninterest spending. “Revenue growth is anticipated to slow while expenditure, particularly on capital works, is anticipated in the second half of the year, resulting in an overall primary surplus equivalent to approximately
    two per cent of GDP,” he stated.
    The economist said Government’s total revenues in the first half of the 2022/2023 fiscal year “rose by $254 million, on the strength of broad-based increases in tax revenues”.
    Value-added tax receipts grew by $86 million due to the pick-up in domestic economic activity, higher imports and a reduction in transfers for current year refunds to the Barbados Revenue Authority, Haynes reported.
    “The higher imports also led to import duties rising by $16 million, but excises and the fuel tax incurred a cumulative decline of $22 million, in part due to timing differences in the transfer of taxes by the Barbados National Oil Company,” he said.
    “Direct taxes netted an additional $115 million, of which the newly implemented Pandemic Levy charged on corporations and individuals raised a combined total of $31 million. Corporation taxes realised an increase of $37 million, benefiting from a number of new companies as well as improvements in the settlement of arrears. “Personal income tax collections increased by $17 million, reflective of improved employment, while the improved performance of property tax receipts were supported by increased real estate activity. Non-tax revenues were up $34 million as $20 million in grant funding was received to support housing development,” the Governor added. Haynes also said that excluding interest payments, Government’s expenditure “declined by $78 million, given one-off capital spending occurring during the previous fiscal year, including the recapitalisation
    of the [National Insurance Scheme] ($50 million) and the purchasing of roll-out carts under the Sanitation Service Authority ($18 million).
    “Grants to public institutions also registered a $27 million decline, given a shift in the timing of transfers to some SOEs (state-owned enterprises) while grants to individuals contracted by $7 million during the period,” he added.
    “Goods and services rose by $47 million as spending on property maintenance, general operating expenses and utilities increased over the period. Wages and salaries remained broadly in line with the previous fiscal year, while spending on interest payments increased as the stepup interest rate feature on domestic bonds commenced.” (SC)


    Source: Nation

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  4. Only $10m of $200m BOSS Plus bonds sold
    GOVERNMENT IS BANKING on securing $200 million from Barbados Optional Savings Scheme (BOSS) Plus bonds sold to Barbadians, but local investors are not rushing to take up the offer.
    Central Bank Governor Cleviston Haynes said yesterday that investors had bought between $9 million and $10 million of the Government securities so far, calling the response “quite slow”.
    He said he believed this initial outcome was because “some of the nervousness that persons have post debt restructuring has probably been amplified by some of the public debate that has taken place about the Government’s ability to repay debt over time.
    “And I think that that has probably impacted persons who may have been
    considering buying these bonds. Therefore, I think what from our perspective we have to do is to try to get across the message that the borrowing the Government is trying to do, is really consistent with a sustainable macroeconomic programme,” the Governor said.
    Barbadians have been able to invest in BOSS Plus bonds since September 1. The securities have a fixed interest rate of 4.5 per cent per annum payable on February 28 and August 31 of each year, with a minimum purchase of $500 and increments of $100 thereafter.
    Government has identified the programme as one of its main sources of domestic financing for the second Barbados Economic Recovery and Transformation plan.
    Haynes said the authorities believed that the objective of achieving a 60 per cent debt to gross domestic product ratio by 2035/2036 was a sustainable one, adding that “once you accept that is a sustainable path, then investing in Government securities becomes easier because you understand that this is a sustainable path”.
    He said Barbadians not investing in domestic securities meant that “we are changing rapidly the mix between domestic and external balance for our financing.
    “And while it’s important for us to have access to external financing, I think it’s also equally important that we’re able to develop a domestic capital market,” he stressed. (SC)

    Source: Nation

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  6. Latest COMIC STRIP release by Central Bank, same old lies, all is well, ship not sinking, however sea floor is extremely close.

    Willy predicts Income and Reserve Cover will be dangerously LOW in about 8 months, time will tell.

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  7. So in brief what you saying is this.

    Tourism has only recovered to 58% of 2019 levels.

    Of the $200M in bonds only 10M was picked up. This was a result of bajans bad talking the fact that government may not be able to repay them on the blogs. It had nothing to do with the fact wunna mash up the said Bajans in the debt restructuring where they lost millions!

    Our debt continues to climb even though we have not recovered to 2019 level of economic activity as yet. .

    Let the folws fluff bout the 9% increase growth but one must ask in relation to what?

    The fact is our debt continues to rise at a faster rate than our economic growth. Its equivalent to getting a $50 a month raise but spending $70 extra a month at chefette.

    In simple terms if we were a business we would eventually be insolvent in a few years. Now that no one wants the Bajan paper where does that leave uS? Will we do like Sinkler and force it down the NIS throat? Will we make the Central Bank buy it going forward? Will we try to tax the Bajan more? Will we be forced to borrow from the IMF in Fx because we can’t raise local funds from government paper sales?

    Tell me Mr Haynes whats the plan?

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  8. @ John A
    Does Mr Haynes look like someone with a Plan to you?
    …or someone who reads a politically prepared script…and not that well.

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  9. Well well , the doom and gloomers , John A and Bush Tea out early as expected.It seems to me that these two do not want Barbados to recover and do well.Always a lot of negativety.Really sickening like the drms everyday on the call in programmes.Tell us what are your alternatives.I believe tourism will rebound strongly this winter season which will kickstart things to the benifit of most bajans in terms of jobs etc.I gone.ll

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  10. @ Bush Tea

    To be Honest I think he knows he can’t say everything on his mind unfortunately. The Plan though must come from him and the MOF. Thing is the IMF is also saying that these issues must be addressed now and the MOF has warned that more is to come.

    Maybe we will hear about the plan after Xmas who knows. One thing is for sure the IMF has signalled it can not be business as usual going forward.

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    • @John A

      Do you agree with the Governor’s input about the capacity of the economy to service is debt especially now that we have access to cheap funds?

      Also your view about the debt to gdp increasing because the economy contracted because of the pandemic?

      We will agree over reliance on tourism continues to be a problem.


  12. Is it his job to announce a plan?
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~
    Is this a question or a threat Boss? 🙂

    ANYONE who is in ANY kind of leadership position, and who does not have a clear and unambiguous plan AND a strategy for the execution AND MEASUREMENT OF SUCCESS for their portfolio, is a jackass.
    …as are we who then take them seriously.

    Talking shiite about 10% growth – against a backdrop of MINUS 20% the previous year can ONLY be intended to bamboozle brass bowl Bajans.
    Placing stock on ‘tourism growth’ when EVERYONE knows that our tourist market is (literally) DEAD from covid; from a shattered British economy; from the Russian fuel crisis; AND from the fact that we just told them to piss off from their commonwealth…. is about as logical.

    So NO! ….It is not his job to announce a plan…
    It is PURE COMMONSENSE that he does.

    …and more importantly, it is an insult to intelligent Bajans to have NO DAMN PLAN, and to just be operating in REACTIVE mode.
    ….fortunately, there are not that many people being insulted.

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    • @Bush Tea

      The Governor and Central Bank executes on government’s fiscal/monetary positions through the MoF. The Governor has the option to resign if he or she disagrees, unlike DeLisle was disinclined to do.


  13. How can tourism rebound strongly with the pound at its weakest point in years and airfares at the highest for years? Also the Brits are reeling with Inflation. Did you not read the concerns of the Governor about the effect these issues will have on winter recovery?

    If you barely come here today with out facts you going get shredd. It is the dam party politics from wunna fowls that stands in the way of any form of structured discussion on the economy.

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  14. “ Haynes added that while Barbados’ economic recovery was expected to continue next year, ***”based on scenarios encompassing a weaker performance of the UK tourism market”, growth is forecast to reach between 3.5 per cent and five per cent for next year. ( SC)” ***

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  15. Now, if you tell me that something would grow 10% today but next year this time it would grow 3% ; you’re already telling me that the growth will be 7 % less in the coming year and then you tell me it’s on a trajectory of growth but that growth will decline by 7 percent .
    Interpretation: no growth.
    Peace.

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  16. In simple terms if we were a business we would eventually be insolvent in a few years.

    Xxxxxxxxxxxxxxxx.

    Amazon and testla. Two companies that operated making a loss for years. Where are they today ?

    The auto industry had to be baked out by the us gov. Also was big bank
    Recently the airline and cruise lines.

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  17. Earlier this year or late last year USA was forecasted to be in recession at this time
    After first two quarters of negative growth 3q gdp up over 2%

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  18. Boys and girls, a confession.
    I love numbers and have made my living by working with numbers.

    They will throw in acronyms (GDP, RHS [RHs?], GIR, which may slow down ordinary Joe. They will produce beautiful charts, but if you ignore the confusing acronyms you may be able to get some information for yourself.
    Her is what I pulled out for myself.

    Take the last chart (^:07 a.m.)
    It would appear that domestic debt decreased in 2018 and 2019, but was on the increase for 2020, 2021 and 2022.
    It would appear that the domestic debt is reasonably flat, but the international debt is increasing.
    Let me add that the current 2022 Government debt is higher than that 2015, 2016 and 2017. As we are in October, the final number for 2022 the final number may be higher than 2015. I am not seeing the magic.

    But these things are above my head.
    Have a great day y’all

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  19. Stupes. Have you any idea how much Bezos and Musk along with shareholders pumped into those companies to keep them afloat? No, well 100s of millions. They recovered because they brought products to market that consumers wanted and Wall Street saw a future in.

    Tell me where can I buy a share of Bim Inc on the Dow or major markets and what is today’s offer price. LOL

    Wunna really catching at straws today true. So 2 in where is Enuf now?

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  20. Last
    “How can tourism rebound strongly with the pound at its weakest point in years and airfares at the highest for years? Also the Brits are reeling with Inflation. Did you not read the concerns of the Governor about the effect these issues will have on winter recovery?

    I am glad that you pointed out that tourists may be encountering their own set of problems as the economies of theirs countries falter Besides what is happening in other economies, tourism can also be influenced by news at the destination.

    I do not know if to consider these guesstimates are optimistic, pessimistic or true, only time will tell.

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  21. Jesus
    Where do typos hide?
    You reread and you don’t see them.
    You post and they appear.
    🙂 I think the blog-master is out to discredit me 🙂
    For those lacking a sense of humor, the last line should not be taken seriously.
    Have a great day y’all.

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  22. @ David

    Yes exactly, when we have returned to precovid levels we would have at least achieved that. With tourism 3 years later only at 58% percent of 2019 levels, anyone with a grain of intelligence will see we are way off of 2019 still. The thing is though with that said, our debt has surpassed 2019 even on our poor recovery performance. It is therefore correct to say we are today worst off than in 2019 in real terms. One then must also consider for the Bajan that we have all faced a period of high inflation so where does that leave the jet ski operator and hair braider, far less the bar and restaurants and hotels?

    Numbers can be played with all day and I for one have seen it done for years, but as I always said reality can not be played with. The governor has a few fundamental issues to deal with on his revenue and expense side. We basically have an income issue vs our growing debt, hence creating a challenge to finance it net of borrowing.

    Also please don’t brag about the reserves as with tourism at 58% of 2019 levels, we all know most of those reserves are borrowed money. They therefore are not what one would deem as true net reserves.

    Picture a man with $1 million on the bank saying he is a millionaire with debts of 1.25 million owed. Is he lying? No he just omitted to deduct his liabilities thats all.

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    • @John A

      The point about the international reserves is that allows the government to defend the peg and but time to give the economy a chance to expand as economic activity picks up. The point the government and Governor makes is that there is capacity to service the debt.

      The blogmaster’s concern continues to be over reliance on tourism and services.


  23. @Theo

    Yes we are in a stage of volatility like never before. The UK unfortunately right now is our biggest market and they are having a tough time with their currency and inflation. I have many friends and business associates their and many have said liquidity is tighter than ever with the average Brit. Many Brits this winter will make choices this year between buying food or heat.

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    • @John A

      To be fair to Governor Haynes he hedged by saying there is uncertainty in UK source market and disruption from the ongoing conflict with Russia and Ukraine.

      You would have seen mortgage rate in the US has jumped to 7%?


  24. “The demand has been quite slow,” he reported on Wednesday, while disclosing that only around $10 million had been taken up since it became available on September 1, 2022.

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  25. The take-up of the recently issued $200 million Barbados Optional Savings Scheme (BOSS) Plus investment bonds has fallen short of expectation, according to Governor of the Central Bank of Barbados Cleviston Haynes.

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  26. Since the civil servants do not want to play BOSS, our honourable government should kick-start the civil servants. I propose a 30% salary cut until our civil servants have paid their 200 million contribution.

    In any case, it is clear that our civil servants are selfish and unpatriotic. True patriots buy government bonds, even if they know that investing in toilet paper next to the termite colony would be safer.

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  27. Precisely

    Money was pumped into those two companies to keep them afloat

    Money was pumped into the auto and banking industries to keep them afloat

    Money was pumped into the airline and cruise line. To keep them afloat

    And money is being pumped into the Barbados economy to keep it afloat

    So what’s ur argument about if it was a business again?

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  29. For the coming winter season people that want to travel most will already have their tickets The closer it come to travel time the more expensive the tickets get

    I for one is already book if conditions change that I cannot travel then I will just get a refund

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  32. @ David

    Yes I heard where the Gov hedged his forecast and so he should.

    Now on the point of high borrowed reserves giving us head room the Gov forgot to mention the following. We can only sustain high reserves if we continue to borrow heavily as our FX earners are way down on 2019. Secondly if our earning to debt ration ration continues to increase we will need to borrow heavier going forward too.

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  34. Between January and September 2019, Barbados welcomed 522,583 visitors through the enhanced Grantley Adams International Airport,

    Do the maths

    Out

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  35. I thought the report was ‘not too bad’. Particularly since the gains came in Q3.
    That room rates improved with volume is also good, meaning hotels didn’t ‘buy the recovery’.
    Unnoted by the various articles, is M0 (Monetary Base) increased again, and there was a line in expenditure which referenced the “step up” in debt interest (reprofiled) as beginning.
    It is important that you deliver on your projections, and they have. A projection of 3.5-5% growth is fair, and better than a 2% decline?
    I still don’t fully appreciate the accounting associated with the 🔵 bonds. Without a full picture of all debt, what is new vs paid off, and the forward implications, involves a lot of guesswork. Similarly, without a full listing of the CBBs investment portfolio, appreciating a ‘temporary decline’ is more guesswork.
    I thought DrJR comments were interesting, isn’t he a Director of the CBB?

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  36. @John2
    “The closer it come to travel time the more expensive the tickets get”
    This is an old fallacy I have proven incorrect many times.
    A sibling booked flights in the upcoming winter season to Bim, in July, supposedly during some big seat sale event. I looked last week and found cheaper fares. In fact, they were odd, big differences between one day and another, and not just weekday vs weekend.
    One of the COVID derived ‘benefits’ for travellers (vs providers) is they have to be more flexible. I am part of a 12 person golf trip in December, it was booked since Feb, and last week somebody found a completely different location at half the cost. Boom, we changed. The ‘non cancellable’ game is over in many segments

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  37. Central Bank Governor now drinking “new” RUM, poor quality that instantly attacks brain function & reasoning causing a “FOG”.

    Did not see any mention of most world economies potentially heading into a long term RECESSIONARY period with associated HIGH INFLATION.

    NO PLAN, oh YES, correction we will boost tourism, build a couple of new hotels with Chinese loans and save the country, same old same old.

    Tron being generous in suggesting only firing 30% of the civil service, Willy would suggest 60% of civil service, 100% of the politicians, 99.9% of all lawyers especially the “QC’s and new colonial KC’s”. Did Wily not here that Barbados is now a Republic and is now free of colonial ties, ha, ha.

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  38. ” Vacations to go.com have reported discounts on packages as high as 82% for late bookers. ”

    In what appears to be the new norm people are waiting to book at the last minute as deals have become better for those who have learnt to work the system.

    Facts vs fiction. Dem words not mine. Lol

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  42. You need to familiarise yourself with facts before you Come here talking nonesense.

    Anyone in the industry will tell you that late bookings are the thing now. No-one books months in advance except for a small percentage. They are now over 30 past minute booking sites online now and it’s the fastest growing sector of the travel market.

    Go read and stop coming here spouting Bs to support you party do. You and the other too should really take a late booking holiday! For the record yes I have in investments in the industry so I speak from knowledge not fowlism.

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  43. NO

    Yes you are correct
    But Try booking those tickets at last minute and check the price then

    The point I was trying to make is the people that really can afford to and wanta travel usually book early instead of last minutes as your example is also showing

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  44. @David
    It is ‘unusual’ that a Board Director, speaks the same day as his Chair, and introduces different metrics. And, albeit correctly it would appear, points out that debt growth is outstripping GDP growth.

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  46. Ok so let me give you an idea what is happening in the sector now and how a booking works since covid.

    You make a reservation or booking for a trip. At that point money is not paid until a given pay by date. When you pay by that date you then move to a confirmed reservation as you have paid. Now there is where it gets interesting. Since covid the industry has moved to free cancellation reservations. So even though you booked and paid for a trip you can now cancel it and get a full refund based on the free reservation policy of the provider. Some are 24 hours before and some 5 days etc.

    Now the big players like Expedia have realised that Last Minute sites are taking a bite out their business so this is what the have come up with. If when you book you take the last minute cancellation package you pay a few dollars more a night. They then come with a 5 day cancellation price to try and sell you based on a few dollars in savings. So now you can cancell and get a full refund but you have to give 5 days notice prior to travel.

    The cruise sector now is offering massive last minute discounts. I mean like 60% plus. So people simply take their holiday and search the best deals. Best months for the discount deals are Sept and Oct for air travel, but the cruise market seems to be having to discount year round to get a decent fill factor on a trip.

    Hence for those few old folks that booked ahead, those that booked last minute are saving over 50 percent on the same trip.

    One cruise director told me there is a new phrase now that ” both the boss and the butler on the same cruise.” LOL

    So hope that gives you an idea of reality vs the fiction some want you to believe. Unfortunately we have little airlift competition out of Caanada and the USA so when they offer a good deal it’s few and far between. From those destinations it doesn’t matter if you book early or late really as cost is the same roughly.

    The whole game has changed since covid. That’s why when a minister says “the winter season bookings look good” understand what that means. They are simply people who have indicated an interest in travelling. That’s why when the arrivals don’t match predictions we find ourselves asking ” wait what happen?”

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  48. Cheaper last minute booking should / would make it better for an increase in arrivals and goes against ur argument that we ar in for a bad winter season

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  49. Stupes, cause that going increase the value of the pound and fight the highest inflation level in 40 years, along with $100 USD a barrel oil as predicted by Oil Source as a result of Opec cutting production. Man give it a rest and stop grasping at straws do.

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  50. Why am I sceptical of projections?
    https://barbadostoday.bb/2022/10/26/sweet-success-2/

    From BT
    Big talk (projections)
    “During a press conference in March, Weir projected that 100 000 tonnes of cane would be harvested, an increase of 7 871 tonnes compared to last year’s 92 129 tonnes.”

    Task completed
    “Government is yet to disclose the outcome of the sugar harvest which concluded in the first week of June”

    We have the projection, job is done, Mr Weir can you tell me the final numbers?
    (Silence)
    “”He said the Barbados Agricultural Management Company (BAMC), the government agency that runs Portvale Sugar Factory, would have the official statistics.

    Repeated attempts to obtain the figures from the Ministry of Agriculture were unsuccessful, with Minister Indar Weir indicating that a press conference would be held soon to report on the harvest.”

    Early June, July, August, September, October, November …. At this stage any numbers provided came out of a hat

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  51. @TheO
    If the harvest ended in first week of June, they already know the total… lol.
    They don’t have canes awaiting processing for 4+ months?
    It isn’t a projection at this point. They know.
    But since when is the weight of cane harvested, vs sugar produced, the benchmark.
    One day soon when there is a bad news day/week, the BAMC will report 😃

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  53. Grasping at straws??

    Try 80% off tickets .com
    Facts not fiction

    You don’t even get that kind of discount if you buy directly from the airlines unless u in one or more of their discount programs

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  54. The whole game has changed since covid. That’s why when a minister says “the winter season bookings look good” understand what that means. They are simply people who have indicated an interest in travelling. That’s why when the arrivals don’t match predictions we find ourselves asking ” wait what happen?
    Xxxxxxxxxxxxxxxxccxxxxxxxxx

    Here is another set of BS
    I can go online any time of the day any tell how many seats on my flight to Barbados are already taken or were dropped

    You want to tell me that in this day and age that the airline in Barbados does not have access to that info to all flights into and out of Barbados and that info isn’t passed on to the minister / BTMI on a regular basis

    Tô beside there is also the number of room booked in hotels that they use to determine / forecast the strength of tourism.

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  55. “I don’t believe we shall ever have good money again before we take it out the hands of governments… I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments…” (Friedrich Hayek)
    https://youtu.be/UowzxWxlKJU

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  56. Serious mode (not counted as a post)

    I received a note about some money I left in Barbados about 30 years ago….

                                                                          AUTOMATIC RENEWAL NOTICE

    THIS IS TO INFORM YOU THAT YOUR R-NON-REDEEMABLLE F/DEPOSIT-LCL HEREIN DESCRIBED, MATURED ON X-yy-22. THIS DEPOSIT WAS AUTOMATICALLY RENEWED. PLEASE NOTE THAT NON-REDEEMABLE DEPOSITS CANNOT BE REDEEMED PRIOR TO MATURITY DATE.

    I can understand losing interest (almost 0.00) if one wanted to exit early, but to say that you cannot access your money before 1-year has passed is quite unreasonable. Is that what people are encountering with these banks.

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  57. Discipline is the key to achieving success it is true.

    Discipline key to hit debt target, says Governor
    Governments must be held accountable to ensure they keep their spending in check and reach their financial targets.
    Governor of the Central Bank Cleviston Haynes made that point on Wednesday while stressing that digressing from an agreed-to financial plan should only be done under abnormal circumstances.
    New programme
    “As we are on the cusp of a new programme, public debate has been renewed on whether the planned primary surpluses under the programme will retard growth and whether the Government is borrowing too much.
    “It is generally accepted that excessively high primary balances can impact growth, especially where growth-enhancing capital expenditures suffer or where increased taxes significantly reduce disposable income. The reality is, therefore, there is a relationship between the primary balance and debt accumulation. Given the existing stock of debt and its repayment terms – the lower primary surplus, the higher borrowing requirements,” Haynes said.
    He made those comments yesterday during the launch of the two-day Global Business Week conference at the Hilton Barbados Resort. The event, which was held under the theme
    Adapt, Evolve, Execute, Be The Change, was organised by the Barbados International Business Association (BIBA).
    Haynes was referencing the US$293 million in funding the country now has access to through the International Monetary Fund’s (IMF) newly formed Resilience and Sustainability Trust (RST) and the Extended Fund Facility (EFF).
    Under the three-year EFF, Barbados will be given a special drawing right of US$110 million. Under the RST, which would be repaid over a 20-year period, which includes a ten-year moratorium, Barbados will access US$183 million.
    He acknowledged that Government was pushing to reduce the debt-to-gross domestic product (GDP) ratio, but he stressed that discipline was key.
    “Financing from the domestic market together with funds raised abroad are indeed consistent to achieving the debt anchor of 60 per cent debt-to-GDP ratio by 2035 to 2036. The challenge for us as citizens is to hold governments now and in the future accountable to maintain discipline that enables the achievement of the debt target and to control our debt service and the requisite expenditure and infrastructure spending to promote sustainable growth.
    “We know the primary balance
    path that is consistent with sustainability and deviation should only be accepted where exceptional events occur. As Government accelerates the payment of the existing debt, it will therefore need to develop a domestic issuance programme that caters to portfolio needs of investors by offering attractive yields at varying maturity,” he added. ( TG)

    Source: Nation

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  60. This issue of a critical shortage of diesel and the onset of winter – coming during the already untenable situation created by the war inUkraine is more than a perfect storm…..

    A global diesel shortage (and price raises) would be the final nail…..

    January will be bleak … for those who make it that far.

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  61. David

    Why you gine and embarrassed the man so ?
    He post the website name so I left it for who did interested to look it up themselves

    He realised his mistakes that why he posted the long mumbo jumbo at 115pm yesterday to ease the embarrassment
    Now you come throw it in his face

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  63. Mr gloom and doom

    U don’t havta post through David

    We we talking about last minute booking for airlines not for no cruises

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  64. London in 2022, still remains the longest reigning financial capital & monetary hubris for “ALL THE CORRUPTION & EVIL” that have existed in the entire world over the last 900 years… The purveyors of “OLD MONEY” continue to drive the illicit economic machinery based on secret tax havens, trust corporations & shell companies that exist today to the tune of over £50 TRILLION… Postmodern Britain is no difference to Dickensian England, where the stratification of wealth still centres around the Aristocratic rich & the “OTHERS”…
    https://youtu.be/4n3txSCoKn0

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  65. Stupes. Every time you post as a good little fowl all you do is show how little you know about anything. Normally I just ignore you and your 2 brethren but when you try to mislead people I have to point out your nonesence. This and at least 2 dozen other companies now offer massive discounts on both air and sea travel. You have no concept of what is going on in the travel world, so please stop making a clown of yourself and stick to politics. That is my final response to you so proceed now and talk to yourself.

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  66. @ David

    Thanks for posting the letter from vacations to go.

    Now they are 3 other companies that seem to be cutting a path for the discount air travel who I have listed below.

    Clear trip
    Save 70
    Skyscanner

    They are however a few dozen more. The problem the industry is facing with these guys is that they get people to you who have little disposable Income, so while they can fill a plane, the benefit to a destination is small.

    So for us the question is do we want high arrival numbers or lower arrival numbers with more spending power? Personally I pay little attention to the arrivals and more to the revenue left. Places like StBarts and others lean on the high end only. It really matters what segment you want to attract.

    Oh and for the record Save 70 does not mean you save $70 it speaks to saving you 70% on the AIRLINE ticket. LOL

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  67. John 2 you got John A on the ropes just waiting for the knockout punch.All of a sudden he looking to depart.This is what he does when he realises that he cannot tying everyone with his in m6 view biased views.Notice everytime the Mr Haynes of the central bank or Dr Greenidge speaks positively of growth, this guy John A jumps out , along with others with thrir political agenda looking to knitpick at something.There is also another guy a Dr Forte who adlo in my view attempts to do the same.John 2 keep the pressure on him do not ease up.I gone.

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  69. Boy stop running all over the internet Abd making making urself a fool
    U coming over like a cross between waru and mariposa

    Go on those two websites and book an international flight for 70% discount

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  71. You seriously need to read and understand what u are reading before you post

    But the again……….

    Sorry @ Donna

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  72. Anyhow Moe Curly and Larry wunna carry on cause I was only wasting time with wunna cause I was waiting for my car to finish getting service. Lol

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  73. Our Supreme Leader studied at the world-famous LSE. She is therefore a crowned economist. If there is one person in Barbados who will lead us back to the path of economic growth, it is our Supreme Leader.

    Tron, year 1 NR, year 4 SL

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  74. Economic War Big Industry
    World Powers aka Warmongers are talking about World War III
    We’re still testing how much conflict major powers can endure before they trigger nuclear war.
    Evil Russians
    Crouching Tiger, Hidden Dragon: Sword of Destiny
    The Silent War (SMM TribeMental Mix)

    The Silent War (TBT Industry ReTouch)

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  77. Do you see any positives given the current state of affairs?
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~`
    LOL @ David
    Only the imminent culmination of the very purpose of Project Life Earth.

    Have you ever wondered why EVERY brand new, innocent, and limitless NEW LIFE begins after a period of labour and PAIN? Symbolism means everything in the REAL (spiritual) world.

    So like an expectant parent, anticipating a new birth, we know that the global labour pains symbolize a new, exciting GLOBAL beginning.
    ….something that is seriously overdue,
    Else the lotta brass bowls will self-destruct anyway.

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    • @Bush Tea

      One of the un deniable traits of human beings, we have to believe in something to give impetus to our lives…LOL.


    • Two days after the Governor gave his 9 month review of the economy and mention of the economy has almost disappeared from traditional media. What does it say?


  80. Drums On The One
    Village Speak
    (Steve Miggedy Maestro, Morttimer Snerd III Retouch)

    Perhaps Hants’ “Barbados warns about people becoming numb to violence” video merits a new separate thread (but numb people may not comment).
    My take is this type of violent crime is rife in developed countries and is all about the business dollar for bigger bank.
    David King must be rich as he loves the money game as well as Politics,

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  81. Melinated Resonance
    There is a update / text truncation issue on Bu
    which will be here for a few days until fixed

    While waiting for normal service to resume
    type comments as multiple short lines

    Reply ↓

  83. Last
    Just guessing
    If it isn’t broken don’t fix it.
    Unnecessary tweaking usually breaks stuff.
    Go back to the old format …oldest first and newest last

    Just a guess.
    Have a great day y’all.

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  84. @David
    One of the un deniable traits of human beings, we have to believe in something to give impetus to our lives…LOL.
    ~~~~~~~~~~~~~~~~~~~~~~
    Bushie is your brother in dat.

    But if you CHOOSE to believe in ‘something’ that has OBVIOUSLY been broken now for eons;
    that has been getting WORSE at an exponential rate;
    has been CLEARLY a FAILURE… globally…

    Then don’t blame Bushie for bad-talking the brassbowlery.

    Bushie CHOOSES to believe in the existence of a CREATOR
    …that that CREATOR is likely to be more intelligent and knowledgeable that we are
    …that that CREATOR has an INTELLIGENT intent behind the creation of life on earth
    …that there is method to the apparent ‘madness’ of the design
    …and that it therefore makes MORE sense to believe in THAT creator than in some brass bowl moron.

    Apart from that we are in harmony. 🙂

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    • @Bush Tea

      A belief system is something hardcoded based on how we are socialized, very difficult to detached from it unless exposed to a countervailing disruptive force. Don’t be too harsh on us mere mortals.


  85. Of course it is difficult to detach from ingrained beliefs
    It is not too difficult to suffer the consequences of them however.

    “WIDE is the path to destruction….and many are those who choose that entry.”

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  86. David
    aaaah, the fragility of human kind.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    True, but…
    Conversely, you should explore the POTENTIALITY of the human individual.
    If you think that our frailty is stunning, then the POTENTIAL GREATNESS of brass bowls will literally BLOW you away…

    Reply ↓

    • @Bush Tea

      The potential greatness you speak to is antithetical to a resignation of the inevitable espoused by you on the blog? There is wiggle room for hope to shine through then?


  87. The potential greatness you speak to is antithetical to a resignation of the inevitable espoused by you on the blog?
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    LOL
    The OPPOSITE is true Boss.
    The greatness of which Bushie speaks is coincident with the inevitable.

    Recall the original Bushman explained that in order to experience true life, one must be prepared to die…
    The imminent death of this world as we know it signals the BEGINNING of true LIFE.

    Remember the Crucible Boss…
    This is not ‘life’ that we are experiencing. It is but a qualifying process….mired in brassbowlery.
    Why would you stake your future on brassowlery? …even if you could ‘gain the whole world’ like Bill Gates…

    Bushie can’t wait for the ‘trials and the qualifiers’ to end – and for the the REAL games to start 🙂

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  88. This was funny …
    All is clear.. guards everywhere
    Thieves … guards disappear
    https://barbadostoday.bb/2022/10/26/hidden-guards/

    BT
    “I tell Mr Alleyne I going and hide . . . . I went and hide under the truck . . . about an hour to two hours. After he [Alleyne] ain’t come out the truck . . . . about an hour to two hours, I hear the gate open,” the witness replied, adding that it turned out to be his boss and police who had arrived.

    “I was lying down on the ground . . . . They call us and I hesitate before I moved.”

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  89. This was funny …
    All is clear.. guards everywhere
    Thieves … guards disappear

    XXXXXXXXXXXXXXXXX

    THIS BROUGHT BACK MEMORIES TO ME AT ONE OF MY PREVIOUS STORE LOCATIONS IN THE NORTH UPSTAIRS A WELL KNOW PLAZA THERE WAS A BREAKIN AT NIGHT STAGED IN FRONT OF A SECURITY GUARD WHO ALLEGEDLY FLED ON FOOT TO A GAS STATION TO CALL THE POLICE.

    THE POLICE STATION WAS IN CLOSER PROXIMITY TO THE GAS STATION.

    THE THIEVES IN COLLUSION WITH THE SECURITY GUARD CONTRACTED BY THE PLAZA OWNERS MADE OFF WITH OVER BD$45,000 IN ELECTRONICS ABOUT 8 YEARS AGO.

    EVEN THOUGH THE SECURITY GUARD LATER ADMITTED TO THE DETECTIVE HE SPOKE TO THE THIEVES BEFORE THEY WENT UPSTAIRS, HE COULD NOT REMEMBER WHAT LOOK LIKE, THEY WORE NO MASK.

    YOU THINK THE 2X3 ISLAND EASY.

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  90. Improvement, but

    I like the look of the new site but have two comments.
    (1) I like the reply box. made me feel like was filling out an official document.
    I may even sign and date at the bottom

    (2) As we are now showing the latest comments first, I think the older comments and the reply sections should also be at the top. Not certain that the site is stable as the format of the page seem to change…

    The current set-up would be ideal the older posts were appearing first

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  91. Last comment.
    Trying to be helpful
    The recent comments disappear when you select a specific blog. That was a quick way to see what others comments were made by others

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  92. @. Mr gloom and doom

    John A on October 27, 2022 at 2:55 PM said:
    1 Vote

    Stupes, cause that going increase the value of the pound and fight the highest inflation level in 40 years, along with $100 USD a barrel oil as predicted by Oil Source as a result of Opec cutting production. Man give it a rest and stop grasping at straws do.

    Xxxxxxxxxxxxxxxxcc

    I wonder why with all the above gloom those fools at BA are adding flights for this winter season.

    https://barbadostoday.bb/2022/11/03/airport-ready-to-cope-with-increased-tourism-arrivals/

    “I think as early as yesterday [Monday], British Airways had an additional flight going into Manchester and a later flight going into London. . . . So the winter period at this point in time is looking quite lucrative and quite upbeat,” Bourne said.

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