Statement by Minister of Finance and Economic Affairs, Christopher Sinckler, at the press conference to discuss matters pertaining to Barbados’ economy – Monday, February 27, 2017, at Government Headquarters.
Ladies and Gentlemen of the media, colleagues, fellow Barbadians listening to this media conference over the various broadcast systems, a pleasant good afternoon to all of you.
Let me begin by expressing on behalf of the Ministry of Finance and Economic Affairs our sincere wishes for a healthy, productive and rewarding 2017 to all Barbadians. I would like in particular to register our appreciation for your support and cooperation during the course of the past year.
Not unlike many other countries across the world 2016 was one of mixed fortunes for Barbados. On the one hand we witnessed an acceleration of real growth in our economy with an estimated 1.6 % expansion in the GDP, when compared to the 0.8 % level of growth in 2015. Indeed, this is the first year in which all major economic sectors, led by a resurgent tourism sector registered positive growth in the same year since the great global financial crisis of 2008.
At the same time low inflation, a continuing decline in the rate of unemployment, and a seeming pick up in foreign direct investment albeit muted, painted positive signs that the recovery in the real economy was not a passing sensation, but an indisputable fact that a real economic turnaround was beginning to set in…
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