Caribbean: Economic Growth Might Reach 2.3 Percent in 2014

Bridgetown, February 14 (PL)- The Caribbean might register a standard economic growth of 2.3 percent this year, said the Caribbean Development Bank (CDB).

According to the CDB the zone experimented an economic growth of 1.5 percent in 2013, a modest increase, compared to the 1.2 percent in 2012.

"We hope the recovery in regional tourism strenghtens and the expectations of air transport improve, and the costs of the fuels coming from new decreases in the prices of raw materials will help us to the economic growth," the CDB said.

CDB, an entity based in Barbados, said that the rise of the incomes and the job generation in the bigger economies, together with the renovation of direct foreign investments, have contributed to the solid growth of the constructive activity and the restoration of tourism in many parts of the Caribbean.

Regional growth was headed by basic product exporters. For instance, growth in Guyana and Suriname was fostered by the continuous investment in gold mining operations, at small scales.

In Belize and Trinidad & Tobago, the growth generally improved according to the increase of construction and tourism activity.

Trinidad & Tobago got also benefitted by an increase in the manufacture sector and the production of cement, which helped to mitigate the effects of working conflicts in 2012.

CDB said the economic growth did not excel 3 percent in economies based on services, and in some of the cases, the activity was reduced.

A moderate growth -from 1 to 3 percent- was registered in countries such as Barbuda, Bahamas, Cayman Islands Grenada, St.Kitts & Nevis, Saint Vicente and the Grenadines and Turks and Caicos.

For Anguilla and Barbados 2013 marked a sixth consecutive year of economic stagnation.

The Consumer Price Index in most of the regional economies was still moderate, to flow the line of the international prices of basic products, and the standard inflation of the region is estimated in 2.3 percent in 2013.