Belize. B. Sectoral Performance
|
|
- Lorin Watts
- 5 years ago
- Views:
Transcription
1 Belize 1. RECENT ECONOMIC PERFORMANCE A. Overview Output growth slowed in 2007, with preliminary data showing GDP expansion of 2%, compared with 5.6% during Preliminary data indicated a slowing in the rate of growth of consumer prices during 2007, with the average level of the all items index rising by about 2.5% in 2007, compared with a rise of 4.3% during 2006, with much of the increase in both years reflecting movements in the prices of food and fuels. With a need for hurricane damage rehabilitation as a result of the passage of hurricane Dean together with the prospect of general elections early in 2008, the level of public spending rose above budgeted levels after mid-2007, contributing to some deterioration in the public finances outturn that was partly offset by capital revenue from the sale of state assets, including land, and by grant inflows. Projections for FY 2007/08 suggested a small reduction in the recurrent account surplus from budgeted levels, a 40% rise in the overall deficit to about 1.4% of GDP from a budgeted 1%, and a decline in the primary balance to 2.8% of GDP from a budgeted 3.3%. Figure 1: GDP Growth and Inflation (% per annum) In the financial system, money supply growth was driven by increases in net foreign assets and in domestic credit to the private sector, as credit to government, both from commercial banks and the central bank, changed only marginally during the year. In external sector developments, revenue from merchandise exports declined by an estimated 11% despite a rise of nearly 60% in petroleum export earnings, while visitor spending rose marginally. The value of imports rose, mainly as a result of higher payments for fuel, lubricants, and industrial supplies. Partly reflecting these developments, the balance of payments current account deficit was estimated to have doubled to 4% of GDP from the 2006 level. During the fi r st quarter of 2007, the authorities successfully concluded an agreement with creditors for the restructuring of the public sector commercial external debt, extending maturities and reducing the cost of debt servicing. B. Sectoral Performance Agriculture Agriculture continued to be an important source of employment and incomes during 2007, although output and 50 CDB Annual Economic Review 2007 Belize
2 earnings mostly fell below 2006 levels. The following table (Table 1) shows production of major agricultural commodities, while Table 2 shows export earnings from the major goods-producing activities including agriculture. Agricultural production was adversely affected by a number of factors during Hurricane Dean, in August, damaged or disrupted agricultural production generally, and induced substantial spending on infrastructural rehabilitation, although the country was spared the full force of the storm. In addition, sugar production was further affected by significant foreign matter and debris in sugarcane deliveries, and by low sugarcane sucrose content; banana output was affected by plant disease and low unit export prices; and the bankruptcy of a large shrimp-producing aquaculture enterprise resulted in a sharp reduction in the output of marine products. Manufacturing, Mining and Quarrying Output in manufacturing, mining and quarrying is estimated to have expanded during the year, mainly reflecting the one-third rise in petroleum production from 796,962 barrels in 2006 to mn barrels in 2007, most of which was exported, following the commencement of extraction operations in Sugar production declined, and output of garments fell by just over 50% with the effective closure, for competitiveness reasons, of an offshore assembly operation that had made a substantial contribution to the employment of women for more than 35 years. Some expansion of output in the construction sector, mainly related to private sector investment in real estate development, was evident during the year, although public sector activity remained low following high rates of expansion in the earlier years of the decade. Petroleum exploration by external private sector interests continued during the TABLE 1: PRODUCTION OF MAJOR DOMESTIC AGRICULTURAL COMMODITIES. Item p Sugarcane deliveries (long tons) 1,169,387 1,163,319 Sugar (long tons) 110,578 94,610 Molasses (long tons) 40,477 46,408 Bananas (tonnes) 70,971 59,018 Citrus deliveries (boxes) 6,753,657 6,097,237 Citrus juices (000 ps) 36,004 33,608 Marine products (000 lbs) 17,593 6,790 of which shrimp (000 lbs) 15,922 5,439 Papayas (000 lbs) 76,004 72,943 p preliminary TABLE 2: EARNINGS FROM MERCHANDISE EXPORTS Item Earnings BZ$ million Sugar Molasses Bananas Citrus Marine Products Garments Papayas Petroleum Other exports Total Belize CDB Annual Economic Review
3 year, and the prospects for the discovery of additional petroleum deposits were reported to be good. Tourism Preliminary data show a decline of 1.6% to 814,634 in the number of tourist visitor arrivals during 2007, with cruise passenger arrivals falling by 2.5% to 575,655 reflecting a reduction of port calls by cruise ships as a result of the passage of Hurricane Dean through the Caribbean. At the same time, the number of stay-over arrivals rose 0.5% to 238,979. Total visitor expenditure was estimated to have risen by 2.7% during the year to BZ$ mn. During the year the runway at the international airport was extended to allow use for transatlantic flights, and the airport access road was rerouted to accommodate the runway extension. At yearend work was about to start on a major road project to provide proper access to a rapidly expanding tourism resort area at Placencia, along the country s southern coast. The tourism industry has become the largest single contributor to incomes and employment in the country. Public Finances A further step in an ongoing programme to improve the management of the public finances was taken early in the year with the successful conclusion of an exercise to restructure the external commercial debt of the public sector. The authorities had been experiencing some difficulty in meeting debt service payments during the year, and expected to encounter greater difficulty in 2008 and beyond in the absence of restructuring. Under the arrangements, the outstanding commercial debt was replaced by a 22-year instrument maturing in 2029, repayable in semi-annual instalments beginning in 2019, with interest payable semi-annually at 4.25% per annum during , at 6% during , and at 8% for the remaining years of the bond. Offi c ial obligations to bilateral and multilateral creditors were not affected by the restructuring, nor were domestic obligations of the public sector. There was some slippage in public expenditure management during the year, refl e cting a need for some hurricane damage rehabilitation as well as increased spending in anticipation of general elections early in This slippage resulted in a small rise in the overall fiscal deficit and a reduction in the primary surplus, compared with budgeted levels, despite strong grant and capital revenue inflows. With more serious implications for the future, the authorities announced a civil service pay increase, and entered into contracts with medical services companies to provide medical and health services to the population under a developing national health insurance scheme, TABLE 3: SUMMARY PUBLIC FINANCES Budget 2008/09 BZ$ mn Full-year estimated BZ$ mn Total revenue and grants (a) Current Revenue (of which: Tax Revenue) (593.9) (586.6) (Non-tax Revenue) ( 57.0) (75.0) (b) Capital Revenue (of which: Property Sales) (17.0) (c) Grants Total Expenditure Current Expenditure Capital Expenditure Current Account Surplus (Overall Deficit) (24.7) (35.2) Primary Surplus (% of GDP) Source: Ministry of Finance, Belize 52 CDB Annual Economic Review 2007 Belize
4 in both cases without full identification of the costs or the funding sources, and with the arrangements to take effect in the fiscal year beginning April These arrangements, together with the need to make service payments on the restructured debt during the year, could pose some fiscal and foreign exchange availability difficulty unless reversed or delayed, with the situation being further complicated by staff shortages at the technical level. Table 3 above shows the Central Government s budget for the fiscal year, together with outturn projections based on operations during the first three quarters to December Financial Sector Money supply growth in 2007 was driven by a rise in the net foreign assets of the financial system, occasioned by inflows from exports, grants, and loan disbursements, and by expansion in banking system credit to the private sector, as domestic credit to government remained largely unchanged during the year. As indicated earlier, the public finance deficit was financed by external loans and grants, and by sales of public assets, particularly land. The growth in money supply was reflected in increases in savings, time, and demand deposits of the business sector, although currency holdings by the public also increased. The increase in banking system credit to the private sector was concentrated in tourism, distribution, and real estate. Interest rates in the banking system drifted upwards slightly during the year (the weighted average deposit rate rose by 20 basis points to 6%, while the weighted average lending rate rose 10 basis points to 14.3%), with the weighted average interest rate spread of the commercial banks narrowing by 20 basis points to 8.3% in consequence of a small reduction in liquidity. 2. MAJOR POLICY ISSUES Fiscal Management The need for debt restructuring early in 2007 reflected major fiscal expansion in the recent past, fi n anced by high levels of domestic and external borrowing and by the sale of public assets, including public enterprises. High public spending led to unsustainable fiscal deficits and a depletion of external assets, leading to periods of queuing for foreign exchange, although the official exchange rate was not affected and the parallel market rate did not deviate significantly, or for extended periods, from the official rate. The situation was complicated by policy changes which allowed exporters to retain substantial portions of their export earnings, a practice which contributed to a reduction in the availability of foreign exchange to the general public. The inevitable drying-up of external funding and the reduced availability of domestic assets for sale encouraged the authorities to embark on a public finances reform programme, and over the three years to 2007, the overall fiscal deficit was reduced from over 10% to below 2% of GDP through a combination of expenditure restraint and revenue systems enhancement. While substantial changes were made to the laws and rules in order to specify strict procedures for managing public resources and assets, substantial discretion remained at the ministerial level, and no penalties were provided for breaches, thus making the arrangements ineffective. The period of high expenditure growth had been characterised by reduced reliance on civil service information systems; on civil service technical expertise; and on rules-based expenditure and public asset management and control systems, with the result that there is now need to rebuild technical fiscal management capacity; strengthen expenditure and asset management controls; and increase substantially the emphasis on transparency, accountability and good governance in the management of the public finances. CDB disbursed the first half of a US$25 mn policy-based loan during 2007 as part of the effort to restore viability to the public finances, accompanying the loan with technical assistance grants to improve institutional capacity in public financial management. The Bank also provided loan funding to upgrade the capacity of the Customs and Excise Department as part of the effort to raise revenue collections. Related to the fiscal management practices described above has been a departure from the traditional approach to government investment utilising the PSIP in conjunction with a formal mediumterm development programme and an associated debt management system that allows sustainable longerterm management of the public capital programme. The departure also included a shift from reliance on multilateral sources for project fi n ancing and on bilateral sources for official aid and towards commercial fi n ancing institutions with their associated lower level of concern in ensuring that loan funds are effectively utilised in building productive capacity. This approach, as occurred elsewhere in the Caribbean, contributed to the sharp increase in external debt without a concomitant expansion in productive sector assets or enhancement of institutional capacity. Development Finance The Belize Development Finance Corporation, once a vibrant public sector lending institution providing mortgage loans, student loans, and financing for small and medium-sized enterprises, had its operations overextended during the period of fiscal expansion, and accumulated both a large volume of housing assets Belize CDB Annual Economic Review
5 that it has had difficulty in disposing of profitably as well as a substantially contaminated loan portfolio. The DFC has remained open to pursue debt collection operations and to satisfy contractual issues in relation to a funds-raising programme, but is not otherwise engaged in the provision of development fi n ance in Belize. One result is that there is need for an institution to perform the functions once performed by the DFC. Recent history suggests that such an institution will not function effectively if it remains under public sector control, although there is a clear need for a development orientation to influence its operations and for substantial injection of public funds to facilitate enterprise development for entrepreneurs who lack commercially bankable collateral, and to fund education and training for poor but otherwise eligible students. The authorities need to design and establish an institution which can be properly managed for growth and sustainability, but which is not as strongly focused on profits generation as a normal, privately-owned financial institution. Crime and Violence Violent crime, including murder; armed robbery; and marine piracy; has become a major threat to law and order and to social stability in Belize. While much of the criminal violence appears to be related to drug trafficking and international drug transshipment, there have been domestic spill-off effects in other areas. Not only have tolerance levels been eroded in interpersonal relations, but there has been an increasing drift in the direction of acceptance of bribery and fraud in commercial relations, including in the civil service. Achievement of the country s development objectives, including poverty elimination, is not consistent with the persistence of anti-social practices at their current level. Social Services There is general recognition of an urgent need to improve the supply and quality of social services, with particular attention to education, health and housing. Student performance at primary and secondary levels lags behind that in much of the rest of the Region, and there are issues with the quality of teacher training as well. In the area of health, the authorities have increasingly turned to domestic private medical service providers to meet health treatment requirements that cannot be satisfied in the main public institutions, and international referrals, many with public support, are commonplace. In the area of housing, there continues to be a shortage of suitable house lots, particularly for the lower-income members of the population. The search for employment has resulted in high demand for lots in the Belize City area; however, this general location is swampy, with a high water table, so that preparation for construction is expensive, the provision of proper road access is slower than the rate of settlement, and waste disposal (including sewage disposal) is a major continuing issue. Attention needs to be paid to township development in areas where it is easier to provide the prospect for a better quality of life in the foreseeable future. 3. MEDIUM TERM ECONOMIC PROSPECTS The announced intention of the new administration that took office in February 2008 to reintroduce prudent fiscal management, together with its emphasis on transparency and accountability, should be reflected in substantial re-engagement by the country development partners, including multilateral institutions. This is likely to mean some expansion in the PSIP and the emergence of a more coherent programme for achieving the country s development objectives, subject to the need, particularly in the early years, to pay careful attention to maintaining debt sustainability. The effort to address the gap in the fi n ancial system caused by the effective withdrawal of the DFC should result either in the establishment of a new institution, or in the arrangements which will see existing institutions offering most of the services which were in the past provided by the DFC, with particular attention to the financing of small enterprises and the provision of student loans. In addition, the programme of countrywide consultation on priorities to inform the preparation of the budget could play an important role in encouraging greater participation in public affairs by the population, improving the chances of developing a national consensus and contributing to social cohesion. This approach is likely to encourage private business investment, both domestic and foreign. In the short term, economic activity will be heavily influenced by tourism industry performance, which is likely to be somewhat weak, given the industry s dependence on the US market and the downturn in the US economy. Beyond the short term, however, activity is likely to grow as a result of the citrus industry s successful efforts to date in developing new export markets; some recovery in shrimp farming, refl e cting new investment in the industry; and the likelihood of new petroleum discoveries, based on recent exploration indications. Intensified tourism promotion and the absence of hurricane activity should also be reflected in increases in visitor spending; and activity is already underway to expand infrastructure serving the industry, and to improve the quality of the visitor experience in Belize City as well as in the more traditional resort areas. 54 CDB Annual Economic Review 2007 Belize
BELIZE 1. RECENT ECONOMIC PERFORMANCE
BELIZE 1. RECENT ECONOMIC PERFORMANCE A. Overview Output growth in 2006 was estimated at an annual rate of 2.5% during the first three quarters of 2006 compared with 2% growth during the whole of 2005.
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 BELIZE 1. General trends The Belizean economy experienced a reversal of fortunes in 2016, with growth dropping to -0.8% from 2.9% in 2015. A sharp
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 BELIZE 1. General trends Economic growth fell from 4.1% in 2014 to 1.2% in 2015, as slower activity later in the year pulled down the average for
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 BELIZE 1. General trends The economy recovered in 2014 with growth strengthening to 3.6% up from 1.5% in 2013. Growth was driven by increased dynamism
More informationGovernment of Belize. Economic and Financial Update. October 2007
Government of Belize Economic and Financial Update October 2007 Table of Contents Page 1. Overview 2 2. Key Indicators 3 3. Hurricane Dean 4 4. Economic Activity 5 5. Fiscal Developments 6 6. Prices and
More informationECCB AREA Visitor Arrivals
Volume 21 Number 2 June 21 E A S T E R N C A R I B B E A N C E N T R A L B A N K PARTICIPATING GOVERNMENTS Anguilla Antigua and Barbuda Dominica Grenada Montserrat St Kitts and Nevis St Lucia St Vincent
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
Volume 26 Number 1 March 2006 E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Cable: CENTRAL BANK, ST KITTS Telephone:
More informationANTIGUA and BARBUDA 1. RECENT ECONOMIC PERFORMANCE
ANTIGUA and BARBUDA 1. RECENT ECONOMIC PERFORMANCE A. Overview In 2006, the Antigua and Barbuda economy recorded its best economic performance in the 25 years since independence. Preliminary data show
More informationPress Release December adjustment of monetary policy, allowed for a substantial reduction in new credit to Government by the Central Bank.
Press Release December 2017 Overview During 2017, the Barbados economy continued to face significant macroeconomic challenges associated with declining international reserves, weak public finances and
More informationMonthly Economic Highlights
Monthly Economic Highlights JANUARY 217 www.centralbank.org.bz List of Acronyms and Abbreviations Acronyms: BCB BEL BGA BSI BSSB BTB BTL BSWL CBB CDB CGA CPBL CPI EU FY GDP IDB MOF SIB UHS US VPCA British
More informationBAHAMAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2018 1 BAHAMAS 1. General trends Economic growth strengthened to 1.4% in 2017, compared with -1.7% in 2016. Activity was bolstered by growth in construction,
More informationBELIZE 1. RECENT ECONOMIC PERFORMANCE. A. Overview
cane production to 912,600 tns. By contrast, the production of oranges rose by 23.1% to 239,200 tns. The increased production of oranges reflected favourable climatic conditions, and natural cyclical factors.
More informationST. LUCIA 1. RECENT ECONOMIC PERFORMANCE. A. Overview
1. RECENT ECONOMIC PERFORMANCE A. Overview Economic activity in St. Lucia was estimated to have risen by 5% during 2005, led by increased activity in construction and within the hotels and restaurant industry.
More informationMonthly Economic Highlights
Monthly Economic Highlights JULY 216 www.centralbank.org.bz List of Acronyms and Abbreviations Acronyms: BCB BEL BGA BSI BSSB BTB BTL BSWL CBB CDB CGA CPBL CPI EU FY GDP IDB MOF SIB UHS US VPCA British
More informationMonthly Economic Highlights
Monthly Economic Highlights JULY 214 www.centralbank.org.bz List of Acronyms and Abbreviations Acronyms: BGA BSI BSSB BTB BTL BSWL CBB CGA CPBL CPI EU FY GDP GST MOF SIB UHS US VPCA Banana Growers Association
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K PARTICIPATING GOVERNMENTS
Volume 25 Number 1 March 20 E A S T E R N C A R I B B E A N C E N T R A L B A N K PARTICIPATING GOVERNMENTS Anguilla Antigua and Barbuda Dominica Grenada Montserrat St Kitts and Nevis St Lucia St Vincent
More informationEASTERN CARIBBEAN CURRENCY UNION (ECCU) 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 EASTERN CARIBBEAN CURRENCY UNION (ECCU) 1. General trends Overall economic growth in the six ECCU members that are also members of ECLAC slowed
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
Volume 29 Number 2 June 20 E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Cable: CENTRAL BANK, ST KITTS Telephone: (869)
More informationST. KITTS and NEVIS 1. RECENT ECONOMIC DEVELOPMENTS
ST. KITTS and NEVIS 1. RECENT ECONOMIC DEVELOPMENTS A. Overview Economic growth in St. Kitts and Nevis (SKN) rose slightly in 2006 to 4.4% from 4.1% in 2005, driven mainly by a surge in construction, strong
More informationQuarterly Economic and Financial Developments Report March, 2017
Quarterly Economic and Financial Developments Report March, 2017 Prepared by the Research Department 1 Global Economic Forecasts 12 % Real GDP Growth Since the economic recovery in 2010, countries have
More informationANTIGUA & BARBUDA 1. RECENT ECONOMIC PERFORMANCE
agricultural sector s output increased by 2.6%, with the fisheries sub-sector growing by 3.5% and the crops and livestock sub-sectors both increasing by 2%. Output from the crops sub-sector was affected
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2018 1 TRINIDAD AND TOBAGO 1. General trends The economy of Trinidad and Tobago remained in recession in 2017, with growth rate estimated at -2.3%. The
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
u Annual Economic and Financial Review 2011 E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Cable: CENTRAL BANK, ST KITTS
More informationGuatemala. 1. General trends. 2. Economic policy. In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate
Economic Survey of Latin America and the Caribbean 2009-2010 161 Guatemala 1. General trends In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate the impact of the
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K PARTICIPATING GOVERNMENTS
Volume 24 Number 2 June 20 E A S T E R N C A R I B B E A N C E N T R A L B A N K PARTICIPATING GOVERNMENTS Anguilla Antigua and Barbuda Dominica Grenada Montserrat St Kitts and Nevis St Lucia St Vincent
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
Volume 28 Number 3 September 20 E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Cable: CENTRAL BANK, ST KITTS Telephone:
More informationMonthly Economic Highlights
Monthly Economic Highlights AUGUST 217 www.centralbank.org.bz List of Acronyms and Abbreviations Acronyms: BCB BEL BGA BSI BSSB BTB BTL BSWL CBB CDB CGA CPBL CPI EU FY GDP IDB MOF SIB UHS US VPCA British
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 GUATEMALA 1. General trends GDP grew by 3.7% in 2013 in real terms, versus 3.0% in 2012, reflecting the robustness of domestic demand, mainly from
More informationViet Nam GDP growth by sector Crude oil output Million metric tons 20
Viet Nam This economy is weathering the global economic crisis relatively well due largely to swift and strong policy responses. The GDP growth forecast for 29 is revised up from that made in March and
More informationGUYANA. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 GUYANA 1. General trends Economic growth in Guyana is estimated to have been 3.3% in 2016, up from 3.2% in 2015. A combination of the largest gold
More informationECUADOR. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 ECUADOR 1. General trends Ecuador ended 2015 with GDP growth of 0.3%. The slowdown that began in 2014 worsened in 2015, in an external context
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 TRINIDAD AND TOBAGO 1. General trends Economic growth in Trinidad and Tobago continues to rebound from the negative and negligibly positive rates
More informationSada Reddy: Fiji s economy
Sada Reddy: Fiji s economy Presentation by Mr Sada Reddy, Deputy Governor of the Reserve Bank of Fiji, to the FIJI NZ Business Council, Suva, 3 October 2008. * * * Outline The outline of my presentation
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationSTATE-OWNED ENTERPRISE ANALYSIS (Republic of the Marshall Islands: Public Sector Program)
Public Sector Program (RRP RMI 43321-01) A. Introduction STATE-OWNED ENTERPRISE ANALYSIS (Republic of the : Public Sector Program) 1. The Republic of the (RMI) operates an extensive state-owned enterprises
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationMauritius Economy Update January 2015
January 19, 2015 Economics Mauritius Economy Update January 2015 Overview - Mauritian economy has been witnessing a persistent moderation in growth since 2010 due to weak economic activity in Euro Zone,
More informationEconomic Projections :2
Economic Projections 2018-2020 2018:2 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationInternational Monetary Fund Washington, D.C.
2004 International Monetary Fund May 2004 IMF Country Report No. 04/153 Barbados: Statistical Appendix This Statistical Appendix for Barbados was prepared by a staff team of the International Monetary
More informationEconomic policy-making in a small and open economy the case of Suriname
Is small beautiful? Economic policy-making in a small and open economy the case of Suriname Gillmore Hoefdraad November 2012 Highlights World Economic Outlook 2 Summary Global growth has decelerated. Growth
More informationInternational Monetary Fund Washington, D.C.
2009 International Monetary Fund February 2009 IMF Country Report No. 09/69 Belize: Use of Fund Resources Request for Emergency Assistance Staff Report; Press Release on the Executive Board Discussion;
More informationEconomic Update 9/2016
Economic Update 9/ Date of issue: 10 October Central Bank of Malta, Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website https://www.centralbankmalta.org
More informationPRESS RELEASE MARCH 2011
PRESS RELEASE MARCH 211 The winter tourist season has been encouraging, with a significant rebound in tourist arrivals from the UK and the US. This was the main cause of the growth of real GDP in the first
More informationInternational Monetary Fund Washington, D.C.
2008 International Monetary Fund July 2008 IMF Country Report No. 08/226 Antigua and Barbuda: Statistical Appendix This Statistical Appendix for Antigua and Barbuda was prepared by a staff team of the
More informationBy Ravi Kurjah First Citizens Research & Analytics First Citizens Investment Services
Barbados Policy Prescription? By Ravi Kurjah First Citizens Research & Analytics First Citizens Investment Services Review of the Economy The Barbados economy continued a slow but resolute growth trajectory
More informationEconomic Projections for
Economic Projections for 2015-2017 Article published in the Quarterly Review 2015:3, pp. 86-91 7. ECONOMIC PROJECTIONS FOR 2015-2017 Outlook for the Maltese economy 1 The Bank s latest macroeconomic projections
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
Volume 30 Number 3 September 20 E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Cable: CENTRAL BANK, ST KITTS Telephone:
More informationSURINAME. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 SURINAME 1. General trends Economic growth was estimated at 3.4% in 2014, up from 2.9% in 2013. Low inflation over the year resulted in higher
More informationAfghanistan Contributions to growth (supply) Per capita GDP. GDP Agriculture Industry Services Percentage points
Afghanistan With a rebound in agricultural output, economic growth returned to double-digit levels in 2. The Government continued its solid track record of macroeconomic policy and structural reforms,
More informationECONOMY REPORT - BRUNEI DARUSSALAM
ECONOMY REPORT - BRUNEI DARUSSALAM (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT In 2000, Brunei Darussalam s economy improved and grew at 3 percent, compared to 2.5 percent in the
More informationMonthly Economic Highlights
Monthly Economic Highlights 218 www.centralbank.org.bz List of Acronyms and Abbreviations Acronyms: BGA BSI BTB BTL CBB CDB CGA CPBL CPI EU GDP IDB MOF SIB UHS US Banana Growers Association Belize Sugar
More informationNepal Rastra Bank Research Department
Nepal Rastra Bank Research Department Current Macroeconomic and Financial Situation of Nepal (Based on Two Months' Data of 2016/17) Economic Outlook 1. Summer crops are expected to improve on account ample
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationQuarterly Economic and Financial Developments Report December 2017
Quarterly Economic and Financial Developments Report December 2017 Prepared by the Research Department Overview of Domestic Economic Developments REAL SECTOR OUTPUT: In 2017, domestic output was largely
More informationAntigua and Barbuda. Figure 1: Sectoral Contribution to GDP Growth (%) Years
Antigua and Barbuda 1. RECENT ECONOMIC PERFORMANCE A. Overview In 2007, Antigua and Barbuda s rate of economic growth moderated, following the exceptional performance in 2006, due to a slowdown in the
More informationEconomic Projections :3
Economic Projections 2018-2020 2018:3 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest projections foresee economic growth over the coming three years to remain
More informationGrenada TABLE 1: GDP ESTIMATES,
Grenada 1. RECENT ECONOMIC PERFORMANCE A. Overview Economic activity in Grenada expanded at a moderate pace in 27. Real GDP is estimated to have increased by 3.1%, a great improvement on the decline of
More informationANGUILLA COUNTRY ECONOMIC REVIEW 2017
Disclaimer Copyright Caribbean Development Bank (CDB). The opinions, findings, interpretations and conclusions expressed in this publication are those of the staff of CDB and do not necessarily reflect
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationEconomic UpdatE JUnE 2016
Economic Update June Date of issue: 30 June Central Bank of Malta, Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website https://www.centralbankmalta.org
More informationQuarterly Review SEPTEMBER Volume 41 No. 3.
Quarterly Review SEPTEMBER 2017 Volume 41 No. 3 www.centralbank.org.bz Correspondence and enquiries regarding the Review should be addressed : Direcr (Research) Central Bank of Belize P.O. Box 852 Belize
More informationSada Reddy: Economic contribution of tourism the way forward
Sada Reddy: Economic contribution of tourism the way forward Speech by Mr Sada Reddy, Governor of the Reserve Bank of Fiji, at the Fiji Tourism Forum 2010, Suva, 20 August 2010. * * * The Attorney-General
More informationNOTE ECONOMIC DEVELOPMENTS SINT MAARTEN
NOTE ECONOMIC DEVELOPMENTS SINT MAARTEN MARCH 2018 CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN 2 Centrale Bank van Curaçao en Sint Maarten Note Economic Developments Sint Maarten Centrale Bank van Curaçao
More informationFinland falling further behind euro area growth
BANK OF FINLAND FORECAST Finland falling further behind euro area growth 30 JUN 2015 2:00 PM BANK OF FINLAND BULLETIN 3/2015 ECONOMIC OUTLOOK Economic growth in Finland has been slow for a prolonged period,
More informationMONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013
MONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013 Introduction This note is to analyze the main financial and monetary trends in the first nine months of this year, with a particular focus
More informationEconomic ProjEctions for
Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest
More informationOpinion of the Monetary Policy Council on the 2014 Draft Budget Act
Warsaw, November 19, 2013 Opinion of the Monetary Policy Council on the 2014 Draft Budget Act Fiscal policy is of prime importance to the Monetary Policy Council in terms of ensuring an appropriate coordination
More informationNo. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary
No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the June 2018 issue
More informationKarnit Flug: Macroeconomic policy and the performance of the Israeli economy
Karnit Flug: Macroeconomic policy and the performance of the Israeli economy Remarks by Dr Karnit Flug, Governor of the Bank of Israel, to the conference of the Israel Economic Association, Tel Aviv, 18
More informationEconomic Survey of Latin America and the Caribbean CHILE. 1. General trends. 2. Economic policy
Economic Survey of Latin America and the Caribbean 2017 1 CHILE 1. General trends In 2016 the Chilean economy grew at a slower rate (1.6%) than in 2015 (2.3%), as the drop in investment and exports outweighed
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 GUATEMALA 1. General trends In 2015, Guatemala s GDP grew by 4.1% in real terms (a figure similar to the 4.2% recorded the previous year), driven
More informationQuarterly Review JUNE Volume 41 No. 2.
Quarterly Review JUNE 2017 Volume 41 No. 2 www.centralbank.org.bz Correspondence and enquiries regarding the Review should be addressed : Direcr (Research) Central Bank of Belize P.O. Box 852 Belize City,
More informationINCREASING THE RATE OF CAPITAL FORMATION (Investment Policy Report)
policies can increase our supply of goods and services, improve our efficiency in using the Nation's human resources, and help people lead more satisfying lives. INCREASING THE RATE OF CAPITAL FORMATION
More informationQuestions may be referred to Ms. Fichera, APD (ext ).
To: Members of the Executive Board April 22, 2005 From: The Secretary Subject: Timor-Leste Statement by the IMF Staff Representative at the Donors Meeting Attached for the information of the Executive
More informationPress Release December 2016
Press Release December 216 After turning the corner in 215, growth strengthened in 216, thanks to the investments made to reinforce Barbados competitive tourism sector in recent years. It is estimated
More informationPublic Information Notice (PIN) No. 02/138 FOR IMMEDIATE RELEASE December 24, 2002 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA IMF Concludes 2002 Article IV Consultation
More informationQuarterly Review MARCH Volume 42 No. 1.
Quarterly Review MARCH 2018 Volume 42 No. 1 www.centralbank.org.bz Correspondence and enquiries regarding the Review should be addressed : Direcr (Research) Central Bank of Belize P.O. Box 852 Belize City,
More informationWhy do we need to think about Natural Resources?
December 8th, 2014 @ GSID, Nagoya University Preventing Natural Resource Curse Kazue Demachi Kobe University k.demachi@people.kobe-u.ac.jp Why do we need to think about Natural Resources? 1 2 Being Natural
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 2.4% in 2014, compared with 5.8% in 2013. This slowdown was due mainly to the
More informationMonetary and financial trends in the fourth quarter of 2014
Monetary and financial trends in the fourth quarter of 2014 Oil prices have significantly contracted in the third and fourth quarters of 2014, in an international economic environment marked by fragile
More informationDevelopment Challenges in Trinidad and Tobago
Development Challenges in Trinidad and Tobago Country Department Caribbean Group Lodewijk Smets POLICY BRIEF Nº IDB-PB-280 May 2018 Development Challenges in Trinidad and Tobago Lodewijk Smets May 2018
More informationGrowth and Inflation Prospects and Monetary Policy
Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy expanded by slightly less than the previous projection due to weaker-than-anticipated
More informationSECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT (PUBLIC EXPENDITURE AND FISCAL MANAGEMENT) Sector Performance, Problems, and Opportunities
Improving Public Expenditure Quality Program, SP1 (RRP VIE 50051-001) SECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT (PUBLIC EXPENDITURE AND FISCAL MANAGEMENT) 1 Sector Road Map 1. Sector Performance,
More informationMONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018
1 MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER 2018 Governor s Presentation to the Media 16 th May, 2018 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary Policy
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETRY FUND CAMBODIA. Joint Bank-Fund Debt Sustainability Analysis 1
Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETRY FUND CAMBODIA Joint Bank-Fund Debt Sustainability Analysis 1 Public Disclosure Authorized Public Disclosure Authorized
More informationINTERNATIONAL MONETARY FUND DOMINICA. Debt Sustainability Analysis. Prepared by the staff of the International Monetary Fund
INTERNATIONAL MONETARY FUND DOMINICA Debt Sustainability Analysis Prepared by the staff of the International Monetary Fund In consultation with World Bank Staff July 2, 27 This debt sustainability analysis
More informationMPC MARKET PERCEPTIONS SURVEY - SEPTEMBER
MPC MARKET PERCEPTIONS SURVEY - SEPTEMBER 2018 1 CONTENTS BACKGROUND TO THE MARKET PERCEPTIONS SURVEYS...3 INTRODUCTION......4 SURVEY METHODOLOGY......4 HIGHLIGHTS OF THE SURVEY.......4 CURRENT ECONOMIC
More informationE A S T E R N C A R I B B E A N C E N T R A L B A N K
E A S T E R N C A R I B B E A N C E N T R A L B A N K ADDRESS Headquarters: P O Box 89 Basseterre St Kitts and Nevis West Indies Telephone: (869) 465-2537 Facsimile: (869) 465-5615 Email: rd-sec@eccb-centralbank.org
More informationMONETARY AND FINANCIAL TRENDS IN THE FOURTH QUARTER OF 2015, AS A CONSEQUENCE OF THE EXTERNAL SHOCK
MONETARY AND FINANCIAL TRENDS IN THE FOURTH QUARTER OF 2015, AS A CONSEQUENCE OF THE EXTERNAL SHOCK Following the drop in oil prices of approximately 50% in 2014, in context of strong appreciation of the
More informationPre-budget economic analysis Key facts and figures
Pre-budget economic analysis Key facts and figures June 2008 Advisory Table of Contents Page 1 Macro-economic overview 1 2 External sector 10 3 Government finance 16 Appendix 1 - Glossary 21 Section 1
More informationSOUTH ASIA. Chapter 2. Recent developments
SOUTH ASIA GLOBAL ECONOMIC PROSPECTS January 2014 Chapter 2 s GDP growth rose to an estimated 4.6 percent in 2013 from 4.2 percent in 2012, but was well below its average in the past decade, reflecting
More informationMr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system
Mr Thiessen converses on the conduct of monetary policy in Canada under a floating exchange rate system Speech by Mr Gordon Thiessen, Governor of the Bank of Canada, to the Canadian Society of New York,
More informationThe Icelandic Economy
The Icelandic Economy Summer 26 Revised macroeconomic forecast 26-28 M inistry of Finance Contents Main conclusions...3 Summary of the forecast...3 Developments in 26...3 Economic prospects for 27...5
More informationGENERAL AGREEMENT ON 12 October 1984 TARIFFS AND TRADE
RESTRICTED BOP/W/84 GENERAL AGREEMENT ON 12 October 1984 TARIFFS AND TRADE Limited Distribution Committee on Balance-of-Payments Restrictions 1984 CONSULTATION WITH THE PHILIPPINES (SIMPLIFIED PROCEDURES)
More informationJoint Bank-Fund Debt Sustainability Analysis Update
INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized INTERNATIONAL MONETARY FUND DOMINICA Joint Bank-Fund Debt Sustainability Analysis -218 Update Prepared by the staffs of the International
More informationCaleb M Fundanga: Fourth quarter 2010 media briefing
Caleb M Fundanga: Fourth quarter 2010 media briefing Presented by Dr Caleb M Fundanga, Governor of the Bank of Zambia, Lusaka, 18 February 2011. * * * Executive summary 1. This brief examines monetary
More informationMarch 2007 KYRGYZ REPUBLIC: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS
March 27 KYRGYZ REPUBLIC: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS The staff s debt sustainability analysis (DSA) suggests that the Kyrgyz Republic s external debt continues to pose a heavy burden,
More informationGENERAL LC/CAR/G February 2004 ORIGINAL: ENGLISH PRELIMINARY OVERVIEW OF CARIBBEAN ECONOMIES
GENERAL LC/CAR/G.778 9 February 2004 ORIGINAL: ENGLISH PRELIMINARY OVERVIEW OF CARIBBEAN ECONOMIES 2003-2004 Table of contents Page I. States Members of the Organisation of Eastern Caribbean States...
More informationTHE U.S. ECONOMY IN 1986
of women in the labor force. Over the past decade, women have accounted for 62 percent of total labor force growth. Increasing labor force participation of women has not led to large increases in unemployment
More informationCurrent Macroeconomic Situation (Based on the First Three Month's Data of 2009/10)
Current Macroeconomic Situation (Based on the First Three Month's Data of 2009/10) Monetary Situation Money Supply 1. Broad money (M2) increased by 4.6 percent in the first three months of 2009/10. M2
More information