Central Bank of Barbados – 2008 Annual Report
Growth at 0.5% was significantly lower than the average level for the past five years, said the Central Bank of Barbados in its 2008 Annual Report.
Weakening economic conditions worldwide, particularly in the US, contributed to this decline. The fiscal deficit also grew by Bd$308m ($152m) from the previous year, amounting to 5.9% of GDP.
Citing widening spreads Barbadian and US interest rates, the central bank reduced rates in the latter half of 2007, a policy that was furthered when the
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