Barbados government aims to reduce deficit

by Maxwell

BRIDGETOWN, Barbados (BGIS) — The Barbados government aims to achieve a deficit in the region of 2.1 per cent of the island’s gross domestic product (GDP), through the prudent financial management of its finances.
Minister of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, David Estwick, promised to reduce government’s expenditure, while addressing the Business Network International Week breakfast meeting. The event was held on Tuesday, at the Dining Club, Newton Industrial Estate, Christ Church.

Emphasising that the country had not escaped the challenges precipitated by the current global economic crisis, he revealed that Barbados’ real GDP contracted by 5.3 per cent; unemployment increased from 8.1 per cent in 2008, to just over 10 per cent in 2009 and the fiscal deficit widened from 6.4 per cent to 8.4 per cent of the GDP.