TABLE I Barbados and Jamaica selected data (US$m)

Barbados
1994 -18.2 123.8 155.5 0.0 3.8 21.9 1995 1996 14.4 113. 1 183. 9 1.9 2.9 19.7 -64.0 76.6 290.4 2.4 5.2 14.3 1997 1998 1994 26.1 -0.4 321. 3 7.7 3.0 12.2 19.0 -8.8 284. 1 -1.2 4.4 11.8 144.4 18.3 398.6 35.1 1.1 15.4 1995 96.1

Description
Fiscal Deficit Current Account Balance International Reserves Inflation Growth of Real GDP Unemployme nt Rate

Jamaica
1996 -429 1997 1998

-549.9 -506 -400.6 -323 540.5 9.7 -2.4 16.5 582 7.9 -0.7 15.5

-172.7 -238 418.6 19.9 0.5 16.2 694.9 26.4 -1.8 16

Source:ECLAC based on national data

AN ANALYSIS OF BARBADOS AND JAMAICAS ECONOMIES

The areas of comparison include: Fiscal Deficit Current Account Balance International Reserve Inflation Growth of Real GDP Unemployment Rate

Jamaicas fiscal deficit was significantly larger than Barbados throughout the five (5) years from 1994 to 1998. The highest fiscal deficit for Jamaica was -549.9 in 1997 while the highest recorded for Barbados was -64.0 in 1996. Jamaica had a negative current account balance from 1995 to 1998, only recording a positive balance of US$18.3m in 1994. Meanwhile, Barbados had positive current

account balance the first three (3) years, 1994 to 1996 until 1998 when it recorded its lowest of US$-8.8m. Jamaicas international reserves increased gradually from 1994 to 1996, recording a high of US$694.9m but falling to US$540.5m and increasing to US$582m in 1998. Barbados achieved the highest level of US$321.3m in 1997 and a low of US$155.5m in 1994.

Jamaicas inflation declined significantly in 1994 from 35.1% to 7.9% in 1998 and unemployment rate remained reasonably steady at an average of 15.92%. In

comparison, the highest inflation rate over the five-year period for Barbados was 7.7% in 1997 and nil was the lowest recorded in 1994. Barbados unemployment rate was at 21.9% in 1994 and at a low of 11.8% in 1998. The growth of Barbados economy fluctuated between 1994 and 1998, growing and then declining in that order for the five-year period. Its highest growth was 5.2% and a low of 3%. However, Jamaica achieved the highest growth of 1.1% in 1994 and a low of -2.4% in 1997. Generally, Barbados economy was significantly better than Jamaicas throughout the five-year period. Jamaicas fiscal deficit was larger than Barbados so too were inflation and unemployment.