caricom business
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Antigua registers 7% increase in tourist arrivals in July – CARICOM Business
Antigua and Barbuda has reported a 7% increase in tourist arrivals in July as the country continues to record a “steady rebound” in visitor arrivals in the wake of the coronavirus (COVID-19) pandemic that had forced the closure of borders. The Ministry of Tourism said during July, Antigua and Barbuda welcomed 24,673 visitors, an increase of 23,405 from the corresponding…
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Jamaica’s unemployment rate plummets to 6%: CARICOM BUSINESS
The unemployment rate for April 2022 decreased to 6.0%, 3.0 percentage points lower than in the same quarter of 2021. The male unemployment rate fell to 4.7% from 7.5%, while the unemployment rate for females declined to 7.6% from 10.8%. The unemployment rate for youth aged 14-24 was 15.5% in April 2022, which represents an 8.6 percentage point decline when…
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Bahamas collects $931 million in revenue in 11 months: CARICOM BUSINESS
The Department of Inland Revenue (DIR) in the Bahamas has collected $930.57 million in taxes from July 1, 2021 to end of May, exceeding current FYprojections by $100 million. According to Acting Comptroller of the Department of Inland Revenue Shunda Strachan $136 million came from real property taxes, $712 million was collected in value-added tax (VAT) – of which $220…
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TCI on track for full tourism recovery: CARICOM BUSINESS
The Turks and Caicos Islands has seen a tremendous increase in visitor arrivals during the first quarter of 2022 and is on track to make a “full recovery”. According to preliminary data released by the Turks and Caicos Islands Tourist Board, 311,913 visitors arrived in the territory during the first quarter of the year. The Tourist Board also reported that…
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Jamaica begins its transition from SWIFT system: CARICOM BUSINESS
The Bank of Jamaica has given financial institutions 4 years to adapt as it co-ordinates Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025. This in a bid to enhance end-to-end efficiency for payments. Adoption of the ISO 20022 standard should improve payment processing efficiency and…
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Jamaica grows by 6.7% in 4th quarter of 2021: CARICOM BUSINESS
The Jamaican economy grew by 6.7% during the 4th quarter of 2021 when compared to the fourth quarter of 2020. This was due to increases in both the Services Industries and the Goods Producing Industries of 9.0% and 0.5% respectively. Within the Goods Producing Industries, there were higher output levels for Agriculture, Forestry & Fishing of 13.8% and the Construction…
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IMF: Suriname economic recovery programme on track: CARICOM BUSINESS
The IMF Executive Board has completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname, allowing for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million). According to the Fund, Suriname’s “homegrown economic recovery program,” which through a discretionary fiscal con-solidation of 10% of GDP during 2021-24, remains on track. Suriname is…
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Antigua/Barbuda’s aggressive fiscal consolidation fosters 4.8% growth: CARICOM BUSINESS
The economy of Antigua and Barbuda recorded growth of at 4.8% for 2021, following a sharp contraction of 20.2% in 2020. That’s the word of the IMF at the conclusion of the recent Article IV Consultations. A sustained recovery in tourism and construction activity is expected to underpin real output growth of 7% in 2022. Fiscal consolidation resumed in 2021…
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Bahamas largely compliant with AML/CFT requirements: CARICOM BUSINESS
The Bahamas is now compliant with 38 out of 40 Financial Action Task Force (FATF) recommendations to strengthen its AML/CFT framework, with the Caribbean arm of the regulatory body, noting that this jurisdiction is now “compliant” with 18 recommendations and “largely compliant” on 20 of them. The recently released 4th Enhanced Follow Up Report and Technical Compliance Re-Rating, noted the…
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IMF: Dominica projected to grow annually by 5% from 2022 – CARICOM BUSINESS
The IMF is projecting that Dominica will record sustained annual growth of 5% from 2022 thru 2026. Coming at the conclusion of its Article IV consultation, the IMF noted that the growth outlook is promising, supported by the large public investment program and the projected gradual recovery in tourism with added hotel capacity. However, the Fund also noted that with…
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