News Conference to Review Barbados’ Economic Performance for the First Six Months of 2012
All of Government’s deficit financing was sourced from the domestic market. The deficit was financed to the extent of 75 percent by commercial banks, 48 percent by the National Insurance Scheme (NIS) and 54 percent by private non-bank entities.
There were no foreign public inflows during the review period and payments on external loans reduced government indebtedness by $33 million.
Gross government debt as a percentage of GDP was 77 percent, down from 79 percent at the end of 2011, while net government debt was 57 percent of GDP. External debt service accounted for less than 7 percent of current account earnings.