The Central Bank of Barbados (CBB) just published their final Economic Review for 2011 and in it the island’s main foreign exchange earner, tourism, is featured.

The ER is available on the Bank’s website or

The first article, A Note on Tourism Expenditure, details the trends in visitor spending and highlights the impact of the global recession on spending by visitors from the United Kingdom – the island’s largest source market.

The second item, Estimating Average Intended Length of Stay of Tourist Arrivals to Barbados 2004 – 2011: A Descriptive Analysis, details how the authors were able to generate a data series for length of stay for the stated period, which is critical for determining how much tourism has contributed to GDP.

The other Social Policy and Sectoral Analysis focuses on the Balance of Payments: in particular, A Note on Oil Consumption in Barbados briefly analyses the demand for and importation of oil and also provides some insight into the potential use of alternative energy in Barbados.

Readers of this ER will also find a summary of the International Monetary Fund’s Regional Economic Outlook which compiles the expectations from some of the Fund’s leading economists for regional growth in 2012 and beyond.

Two other important areas of research are also covered in this edition, namely a general exposé on regional application of risk analysis in Local Perspectives on Global Risk Trends: Implications for the Caribbean as well as a very detailed analysis of Credit Quality and Economic Fluctuations in the Barbadian banking system.

Two comprehensive and diverse book reviews complete the ER. The first discusses the academic strengths of the chronicle A History of Money and Banking in Barbados: 1627 -1973, while the second examines the unique perspectives on management theory provided in Drive: The Surprising Truth about What Motivates Us.

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