Macroeconomic Forecast Barbados

October 2008 | Macroeconomic Forecasts

According to the Central Bank of Barbados, Barbados' rate of unemployment came in at roughly 8.6% in the second quarter of 2008, 0.5 percentage points up from Q108. A lacklustre performance in construction was reflected in a 7.1% decline in construction-related employment when compared to the same period in 2007, while a 6.0% contraction in wholesale and retail trade employment was also indicative of sluggish growth. The latest figures lend weight to our end-2008 forecast of 8.7% unemployment. What is more, we could see a further uptick in 2009 to 8.9%, as the economic picture continues to deteriorate.

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