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THE SERVICES SECTOR IN THE CARIBBEAN ECONOMIES:SOME DEVELOPMENT AND MANAGEMENT ISSUES
Sylvia CharlesResearch Fellow
Institute of Social and Economic Research(Eastern Caribbean)
University of the West IndiesCave Hill Campus
Paper prepared for Caribbean Studies Association,XVIII Annual Conference, Jamaica, May 24-29, 1993.
Not to be reproduced N% ilh011t the expressed permission of the author.
May 1993
ABSTRACT
This study, which is divided into foursections, first defines and conceptualizes services.Secondly it outlines the pattern of development in worldservices in terms of output, employment and trade. Thethird section formulates a statistical profile ofCaribbean services sectors, based on the indicators ofgross domestic product, balance of payments, trade andprices. In addition to looking at the broad aggregates,this section of the study examines intra-services sectorpatterns. The final section highlights some developmentand management issues against the background of thestatistical findings and in relation to internationaldemand trends.
THE SERVICES SECTOR IN THE CARIBBEAN ECONOMIES:SOME DEVELOPMENT AND MANAGEMENT ISSUES
Defining services
This section of the paper attempts a definition of services,
identifying features which distinguish them from goods. It
differentiates between consumer and producer services and looks
briefly at the theories advanced as explanations for the origin and
development of services within economies. It also examines the
issue of trade in services.
A review of the literature indicates that there is no
consensus on a definition of services. This is understandable
given the fact that services constitute a heterogeneous bunch of
activities, a feature which creates difficulties in formulating a
definition which is universally applicable. Perhaps the most
common characteristic of services is their intangibility. Apart
from this feature, it is difficult to find elements which are
common to all services.
T.P. Hill (1977) defines a service as a change in the
condition of a person or good belonging to some economic unit; as
a result of the activity of some other economic unit. He argues
that services are not capable of being transferred from one unit to
another and are characterised by simultaneity of production and
consumption. He adds that services cannot be put in stock because
a stock of changes is a contradiction in terms.
It may be argued that while this definition could be applied
to a number of services such as certain education and health
2
services, recreational services such as live concerts and
theatrical performances and other personal services, it ignores the
fact that advances in technology have made it possible for some
services to be produced in one location at a particular time and
to be consumed in another at a later time. Bhagwati (1987) argues
the general usefulness of Hill's definition.
Nicolaides (1989) suggests on the contrary that definitions
that are based on the characteristics of intangibility and
transience seem to obscure rather than clarify the meaning of
services. He notes for example that insurance is intangible and
invisible but is not transient. A haircut is visible and does have
some permanence, whereas a live musical performance is also visible
but transient. He adds that a definition, in order to be adequate,
needs to make a distinction between the process and the end
result, since the act of performing a service may be temporary
while the result may be long lasting. Viewing a service as a
process, he defines it as an "agreement or undertaking by the
service provider to perform now or in the future a series of tasks
over a specified period of time towards a particular objective.
The end-result of a service need not produce a change in the
recipient's condition" (Nicola ides, 1989 pp 9 - 10). He also notes
that this definition is applicable to those services which may be
embodied in goods.
Bhagwati (1987 and 1984) made important contributions to the
literature on services. He distinguishes between services which
3
require that there be proximity of users and providers and those
which do not. Examples of the latter are long distance
transmissions of live concerts and data. Introducing the concepts
of "splintering" and "disembodiment", he argues that technical and
structural change defines a continuous process during which
services "splinter" off from goods and goods "splinter" off from
services. The "splintering" process is associated with a
"disembodiment effect" in that services embodied in a person (eg.
live musical performance or a lecture) become disembodied and
encapsulated in a good. Technical progress, the instrument of the
change is said to leave behind a residue of unprogressive services,
when goods splinter off from services. On the other hand services
which splinter off from goods are seen as technically progressive;
given that "splintering" in this sense reflects specialisation
which in turn leads to economies of scale. "Disembodiment" may
also take place within services, leaving the latter intact i.e.
services are simply transmitted electronically to users.
Sampson and Snape (1985) arrived at conclusions fairly similar
to those of Bhagwati, identifying services which may be traded
internationally as "separated" services, corresponding to
Bhagwati's "disembodied" services. They note in addition that
services may be incorporated in goods and become identified as
goods rather than services.
A definition of services would be incomplete without a
reference to the distinction between consumer/marketed and
producer/intermediate services. The former are destined for final
4
consumption, while the latter serve as inputs to the production of
goods or other services. Because of the inter-linkage between
services and the goods -producing sector, estimates confined to
consumer services understate the size and contribution of the
services sector in an economy. Input-output analysis then becomes
a valuable tool in evaluating the sector's economic contribution.
The Origin and Growth of Services
Theories purporting to explain the origin and growth of
services within economies would seem to fall into the following
broad categories:
1) services are income-elastic, so that as incomes rise thedemand for services increases
2) services sector productivity has a tendency for laggingbehind that of manufacturing and agriculture
3) services are being externalized/de-integrated, that is,households and firms are contracting out services tospecialized service firms
4) production structures are being transformed so that thereis increasing integration of the goods producing andservices sectors
5) advances in technology have facilitated thistransformation as well as the internationalization andexportability of services.
The income elasticity thesis has been put forward as part of
the 'stages' theory, which holds that services exhibit higher
income elasticities than goods so that as incomes rise the demand
for services increases relative to that of goods. This shifting
demand pattern results in an economy moving from the agricultural
and extractive to the manufacturing and finally to the services
5
stage (Clarke, 1960; Bell, 1973). The 'stages' thesis is felt to
have limited applicability. Singleman (in Riddle, 1985) argues
that the employment shifts in Western Europe do not generalize to
Canada and the United States where labour moved into manufacturing
and services concurrently, let alone to Japan where labour moved
into services before manufacturing. The theory appears even less
suited to the circumstances of developing countries where labour
moves out of the extractive sector into both manufacturing and
services sectors (Riddle, 1985). The combination of activities
attempted by these countries tends to confirm Shelp's assertion
that developing countries 'leap-frog' the stages (Shelp, 1985/4).
The income elasticity thesis however has been put forward
independently of this theory and has gained currency in modern
works (Porter,1990 and Nicolaides, 1989). Fuchs and Baumol (Inman,
1985) found in empirical investigations that the income elasticity
thesis did provide some explanation of services sector growth in
the U.S. economy, but was not the major explanatory variable.
Summers and Kravis (Inman, 1985) also studied this phenomenon and
arrived at the interesting conclusion that much of services growth
(approximately half) is attributable to price increases. They also
state that the prices of services tend to be higher in richer
countries than in the lower income, leading to over-stating of the
services sector growth in the former and under-estimate in the
latter.
Empirical work conducted on the lagging services sector thesis
in the context of the American economy (Fuchs and Baumol in Inman,
6
1985), the Japanese (Saxonhouse in Inman, 1985) and the British
(Briscoe, 1976) supports the lagging services sector productivity
thesis. The following may be taken as an explanation of this
phenomenon
"The lower growth of productivity in the tertiary sectoris alleged to be caused either by smaller opportunitiesof embodying technical progress in that sector or by thesmaller exposure of the service sector to competition"(Momiglianco and Siniscalco, 1982, p 272).
The features which appear to be driving the externalization
process include socio-economic factors such as entry of women into
the labour force and the advent of the dual-career families, rising
buyer sophistication, complexity of management and more
sophisticated and complex products throughout the firms' value
chains, which require the use of more design, operational and
maintenance services (Porter, 1990). Some firms show a preference
for utilizing specialist firms in the delivery of those services.
Specialization in turn gives rise to economies of scale and creates
an incentive for the further contracting out of work.
The integration of productive structures whereby producer
services are increasingly being incorporated into the manufacturing
sector is felt to be one of the motivators in services sector
growth. Using an interactive model to highlight the
interdependence of various sectors, Riddle notes that the services
sector is the facilitative milieu in which other productive
activities take place (Riddle, 1985 ). This integrative thesis is
supported by Momiglianco and Siniscalco (1982) and Francois (1990).
The latter moreover highlights the role of services as a complement
7
rather than a substitute to the manufacturing process.
This process of integration itself has been facilitated by the
introduction of telecommunications and information technology.
Feketekuty and Hauser note in this regard
"The introduction of modern communications andinformation technology has revolutionized manufacturingprocesses. More automated forms of production requireless input of physical labour and materials and moreinput of information and knowledge. The result is asharp increase in the need for professional services byscientists, engineers, designers, computer programmersand managers relative to the need for blue collar labour.The end-product contains more information and knowledgeinputs than was the case in the past" (Feketekuty andHauser, 1986/4, p.24).
Trade in Services
Theorists have questioned the applicability of conventional
trade theory to trade in services and have sought the answer in
terms of the definition of services relative to that of goods
(Sapir, 1985; Hindley and Smith, 1984). Reference has already been
made to the intangibility and non-storability of some services;
characteristics which distinguish them from goods. In addition, as
noted by Bhagwati, a distinction needs to be made between those
services which are embodied in the supplier and therefore require
physical proximity of supplier and user; and those which can be
disembodied from the supplier. It is the latter, which do not
require the movement of factors of production, that can be more
appropriately compared to goods. Sampson and Snape note for
instance
"Such services are produced in the exporting country andthen traded internationally. Like goods, they cross the
8
borders of the importing and exporting countries.Examples include consulting services, life-assurancebusiness and architectural design which are handledthrough correspondence and produced in the exportingcountry" (Sampson and Snape, 1985, p. 172).
The fact that there exists another class of services which
require the movement of factors of prodUction or of service
receivers has led some theorists to call into question the
applicability of the theory of comparative advantage to trade in
services. Even admitting to the special nature of these services,
a feature which limits the validity of some of the theory's
assumptions, one can argue that the philosophy underpinning the
comparative advantage thesis is nonetheless applicable to services.
For a country may decide to engage in the export of a particular
service, based on cost advantage or resource endowment. Caribbean
countries for example, have on the basis of environmental
resources, sought to exploit an advantage in tourism. Hindley and
Smith (1984) note in this regard that had Ricardo in his classic
example specified wine and insurance instead of wine and cloth, his
exposition on the gains from trade would still have held; provided
one country could provide insurance services at a lower cost than
the other. "Nothing in the logical structure of his proof ipso
facto excludes international transactions involving services from
its scope" (Hindley and Smith, 1984 p, 374).
While accepting the general applicability of the comparative
advantage thesis to trade in services, one needs to recognize that
for a number of services the issue revolves around investment
rather than trade. Sapir notes
9
"Trade activities cover all transactions betweenresidents of a country and non-residents. By their verynature, services are often produced close to the buyer,in which case they imply transactions among residents ofthe same country. Such transactions require theestablishment of affiliates or branches abroad andtherefore involve foreign investment activities" (p. 29).
Hindley and Smith (1984) note similarly that the Ricardian argument
is about trade; while for some service industries, foreign markets
are most efficiently served by a permanent presence eg. by
establishment of a local branch or subsidiary. They therefore
conclude that this raises the question of how foreign direct
investment as a substitute for trade, or as a necessary condition
for trade, should enter the analysis.
Nicolaides (1989) seems to be recommending the use of a wider
definition of services trade to include investment. He argues in
this regard that "in the case of goods, investment is an
alternative to trade. For many services trade and investment are
not substitutes" (Nicolaides,1989 p. 29).
World Services Output, Employment and Trade
This section of the study briefly documents the trend in world
services output, employment and trade, in order to provide the
international context for the study. Services have played a
dominant role in most of the world's economies in terms of
contribution to Gross Domestic Product (GDP) and employment; but
moreso in the case of the countries generally referred to as the
"industrialized" and the "newly industrializing" countries. The
industrialized market economies increased their contribution to GDP
10
from 55 per cent in 1965 to 61 per cent in 1985. The chief among
them were the United States of America whose services sector
contributed 59 and 67 per cent respectively in 1965 and 1985, the
United Kingdom with 56 and 62 per cent respectively, the Federal
Republic of Germany with 43 and 58 per cent respectively, France
with 56 and 62 per cent respectively and Canada with 61 and 67 per
cent respectively. In the case of Middle Income countries, the
shares were 50 and 52, compared with figures of 42 and 47 for
developing countries (See Table 1).
11
Table 1
Percentage Share of Services in Gross Domestic ProductBy Economic Grouping 1965, 1985
Agriculture Industry Services Manufacturing
Grouping 1965 1985 1965 1985 1965 1985
1965 1985
Lower IncomeEconomies 41 32 28 33 32 35 21 26
Middle IncomeEconomies 20 14 30 34 50 52 .. ..
Lower MiddleIncomeEconomies
Upper MiddleIncomeEconomies
29 22
15 10
24 32 47 47 16 17
34 35 51 54 ••
IndustrialMarketEconomies 05 03 40 36 55 61 30 23
DevelopingCountries 29 20 29 34 42 47 .. ..
Source: The World Bank, World Development Report 1987, Washington 1987.
Lower IncomeEconomies
Middle IncomeEconomies
Lower MiddleInc. Economies
Upper MiddleInc. Economies
DevelopingCountries
IndustrialMarket Economies
77 72 9 13
56 43 17 23
65 55 12 16
45 29 23 31
70 62 12 16
14 7 38 35
The services sector which has experienced further expansion in
the United States in the post-1985 period, is currently estimated
at 72 per cent of GDP (The Economist, February 20-26 1993).
While most economies registered an increase in the services
sector component of the labour force between 1965 and 1980, there
8t -arragsw- e ngageda 6 yew n c Isrenr
servicess fwci pet-arsiepdq _t rOT P r'zig'Vc:FWenr -
cent in the "industrialized" market economies between 1965 and
1980. The comparative figures are 27 and 34 in the case of middle
income countries and 14 and 15 in the case of the lower income
countries. Finally for the countries categorized as developing
economies, the services sector accounted for 18 per cent of the
labour force in 1965 and 22 per cent in 1980 (Table 2).
Table 2
Percentage Share of Labour Force byand Economic Grouping
1965, 1980
Grouping Agriculture Industry1965 1980 1965 1980
Sector
Services1965 1980
14 15
27 34
23 29
32 40
18 22
48 58
Source : The World Bank, World Development Report 1987, Washington 1987.
13
By 1986 the services sector absorbed more than half the workforce
in most countries (Pheidon Nicolaides, 1990). In addition, by 1992
the sector accounted for 76 per cent of total employment in the
United States (The Economist, op cit).
In the area of traded services, world exports of non-factor
services were estimated at US$500 billion in 1987 (The Economist,
op cit). This was heavily concentrated in fifteen countries which
together accounted for exports valued at US$ 380 billion. As
indicated in Table 3, the United States was the leading services
exporter as well as importer. In general the "industrial" market
Table 3
Leading Exporters and Importers in World CommercialServices Trade 1987 (US$ Billion)
Countries Export Value Import Value
United States 56 56France 53 43UK 43 33West Germany 41 64 .-Italy 33 26Japan 28 52Holland 23 23Spain 22 8Belgium-Lux. 19 17Austria 15 9Switzerland 14 12Canada 11 16Sweden 9 10Norway 8 10Korea 8 5
World 505 515
Source : The Economist, 28 October - 3 November 1989.
14
economies are the main exporters of services. The "newly
industrializing" countries' together with Mexico also rank among
the world's top twenty leading exporters of services (The
Economist, op city.
Services which constitute the fastest growing sector of
international trade, represents 20 per cent of total world trade.
Given the peculiar nature of some services, their delivery is often
made possible only through direct investment by subsidiaries/
affiliates. The performance of the services sector should
therefore be gauged not only in terms of the traded services but
also in terms of overseas investments. It has been observed in
this regard that some 40 per cent of foreign investment by five
large industrial countries is placed in services. In addition,
United States affiliates abroad sold services valued at US$ 119
billion in 1990, the equivalent of 86 per cent of its trade in
services (The Economist, February 20-26 1993).
In terms of their contribution to GDP, employment and trade
then, services constitute a large and growing sector in the
international economy.
A Profile of Caribbean Services Sectors
This section looks at the scope and character of the services
sector within eleven selected English-speaking Caribbean countries.
It examines the sector's performance in terms of product, employ-
1 South Korea, Singapore, Hongkong
15
ment, balance of payments and export earnings and prices. It also
attempts an examination of the scope and contribution of the
components of the services sector. As a result of the data problems
encountered, the countries are not covered in the same level of
detail. Moreover limitations are placed on the analysis,
particularly in the areas of employment and prices.
Based on the most recent figures available for individual
countries, the contribution of the services sector to GDP ranges
from 55 per cent in Trinidad and Tobago to 86 per cent in the case
of the British Virgin Islands (See Table 4). 2 The dominance of the
services sector is also revealed in Figures 1 to 6 and Appendix 2.
This pictorial representation indicates that in general the
services sector accounts for a large proportion of economic
activity , moreso in the economies of the British Virgin Islands,
Antigua and Barbados. The sector is not only large, but expanding
in most Caribbean economies. In the case of the BVI, services
sector contribution to GDP increased from 84 per cent in 1977 to 86
per cent in 1987. In the case of Antigua and Barbuda the
corresponding figures are 78.2 in 1977 and 81.6 in 1991. In the
case of Barbados, the sector contributed 70.9 per cent in 1977 and
80.2 per cent in 1991. A noticeable shift has occurred in the
traditionally agricultural economy of Dominica, where the services
component of GDP has increased from 51.3 per cent in 1977 to 62.1
2 Jamaica's 1991 figure which shows the sector ascontributing 53.8 per cent to GDP is provisional.
16
per cent in 1991, while that of the agricultural sector has
declined from 36.5 per cent to 23.8 per cent of Gross Domestic
Product.
17
Table 4
Percentage Contribution of Services Sector toGDP 1977-1991 Selected Caribbean Countries
Country 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
Antigua & 78.2 78.8 79.1 78.8 79.0 82.5 83.3 83.8 83.1 81.8 79.6 79.3 79.3 84.0 81.6Barbuda
Barbados 70.9 70.9 71.3 69.7 72.5 73.9 72.5 72.8 76.3 77.2 77.7 77.5 79.5 79.4 80.2
B.V.I. 84.0 84.5 85.8 151.1 86.4 84.7 84.1 84.6 85.9 86.7 86.2
Dominica 51.3 50.6 56.3 53.1 53.4 54.2 57.1 58.7 60.0 59.5 60.2 58.6 61.4 61.6 62.1
Grenada - - - 65.6 62.2 65.0 67.3 68.5 70.1 69.3 65.7 65.7 66.9 68.2 69.1
Jamaica 57.8 53.3 55.7 56.7 60.6 63.2 63.2 60.9 61.7 59.8 59.4 57.4 56.3 56.1 53.8
Montserrat 78.5 78.6 73.8 80.7 79.2 77.6 81.3 80.7 80.4 77.4 77.4
St. Kitts 54.8 60.8 61.9 59.9 65.8 63.4 65.8 67.3 70.0 68.0 67.1 64.2 67.4 67.3 67.8
St. Lucia - - - - - - - - 71.0 69.1 73.3 69.4 70.4 71.5 72.7
St. Vincent 63.8 61.2 62.0 62.8 61.8 62.5 63.4 63.2 62.2 61.9 63.9 63.2 64.5 64.7 65.5& the Grenadines
Trinidad 39.5 42.6 41.7 40.1 43.2 51.8 52.8 52.4 52.9 58.2 56.4 57.1 53.0 50.0 55.6
Source: Appendix 1.
18
S (78.2%)
C (6.6%)
IvIll<N(6?5%)A (10.5%)
Figure 1: Sectoral Shares GDP, Antigua and Barbuda1977
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
Figure 2: Sectoral Shares GDP, Antigua and Barbuda1991
S= Services A= Agriculture M=ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
1HA
S (70.9%)
C (6.8%)
M (11.5%)M & Q (0.5%)
A(l0.3%)
S (80.2%)
C (5.6%)
M (8.0%)A lcark3 (0.6%)
Figure 3: Sectoral Shares GDP, Barbados1977
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: Central Bank of Barbados, Annual Statistical Digest
Figure 4: Sectoral Shares GDP, Barbados1991
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: Central Bank of Barbados, Annual Statistical Digest
1813
S (84.0%
C (5.5%)
Haz2(970.1%)A (7.4%)
Figure 5: Sectoral Shares GDP, British Virgin Islands1977
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
Figure 6: Sectoral Shares GDP, British Virgin Islands1987
S (86.2%)
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
1 BC
The services sector has also grown in the case of Trinidad and
Tobago where its percentage contribution to .GDP has increased from
39.5 in 1977 to 55.6 in 1991. Simultaneously the share of the
petroleum sector, traditional linchpin of the Trinidadian economy,
declined from 41 per cent in 1977 to 22.9 per cent in 1991.
Trend analysis indicates that most of the economies under
review have been following the growth path of the services sector.
This can be seen in Table 5 which presents the average annual
growth rates 3 of the GDP and services output in the period 1977 to
1991. 4 It will be observed that the services sector growth rate is
either identical to or in excess of that for the economy as a
whole. In the cases of Antigua and Barbuda and the BVI, Montserrat,
Jamaica, Grenada and ST. Vincent and the Grenadines, the services
sector and the economy as a whole grew by identical average rates
over the period under review. The sector's average growth rate
exceeded that of the economy in the cases of Barbados, Dominica,
St.Christopher and Nevis and Trinidad and Tobago.
3 rtFormula used : y = ae
4 or latest year
19
Table 5
Average Growth Rates , Services Output and GDP
Country Period Rate (%)Services
Rate (%)GDP
Antigua & BarbudaBarbados
1977-911977-91
149.3
148.3
BVI 1977-87 13 13Dominica 1977-91 13 11Grenada 1980-91 10 10Jamaica 1977-91 18 18Montserrat 1977-87 14 14St.Christopher & N. 1977-91 14 13St. Vincent & Gren. 1977-91 12 12Trinidad & Tobago 1977-91 7 5
Source : Calculated from tables in Appendix 1.
An examination of the trend with regard to the agricultural
sector in two traditionally agricultural countries indicates that
in the case of St.Vincent and the Grenadines, the sector's average
annual growth rate of 13 per cent exceeded that of the services
sector and the economy by one per cent over the period 1977 -
1991. Dominica's agricultural sector grew by 8 per cent, under the
rate achieved by services and the economy. 5
A similar examination of the petroleum sector, which has
traditionally dominated the economy of Trinidad and Tobago shows
that it grew by a mere one per cent during 1977 - 1991, relatively
Calculated from data in Appendix 1.
20
lower than the rates attained by services and the economy. 6
The above analysis suggests that some of the economies under
review, namely the British Virgin Islands, Antigua and Barbuda and
Barbados are service dependent economies; while others, notably
Jamaica, St. Christopher and Nevis and St.Lucia, appear to be
relatively more diversified. It also indicates that the already
large services sectors have grown appreciably during the period
1977 - 1991. In order to derive some conclusions on the
implications of an expanded services sector for these economies, it
is necessary to determine whether there have been any intra-
sectoral shifts during that time.
Subsectoral Analysis, Services Sector
A common feature of the services sectors is the large size of
the government component. The distributive trade is also prominent
in the services sector, although declining in some cases. The
service dependent economies also possess relatively large tourism
sectors, evidenced in the size of the hotel and restaurants
activities.
Tables 6, 7, 8 and 9 which outline average percentage shares
of the various service activities in five year periods, attests to
the large size of the government sub-sector. In the case of
Antigua and Barbuda for instance, the contribution of government
activity to services output is large and rising. During the five
6 Calculated from data available in Appendix 1.
21
year period 1977 - 81, this sub-sector accounted for 17.2 per cent
of total services output, rising to 19.9 per cent in the third five
year period 1987 - 1991. The hotel and restaurant sub-sector is
second only to that of government in terms of its contribution to
services output in 1977 - 1991.
22
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Table 6 (Cont'd)
Activity Grenada
Av. % Share
77-81 82-86 87-91
St. Christopher/Nevis
Av. % Share
77-81 82-86 87-91
Montserrat
Av. % Share
77-81 82-86
St.
87-9177-81
Vincent & theGrenadines
Av. % Share
82-86 87-91
Electricity & Water - 3.21 4.21 1.43 1.73 1.67 3.86 4.44 - 4.03 5.24 7.03
Wholesale & Retail - 19.07 18.48 17.88 18.54 19.59 20.98 19.66 - 18.76 17.29 16.72
- 7.43 9.14 6.47 6.53 11.54 4.17 4.7 - 3.14 3.10 3.23
Transport - 14.01 15.29 9.81 11.76 11.32 8.57 8.43 - 20.21 20.92 20.59
Communication - 4.63 4.79 5.80 5.73 9.09 1.81 5.03 - 6.42 6.67 9.58
Banks & Insurance - 7.49 6.88 8.25 9.94 11.21 6.04 7.63 - 8.47 10.40 11.50
Real Estate & Housing - 9.46 8.19 11.05 7.57 5.17 24.28 19.6 - 7.18 5.90 4.17
Government - 28.17 28.32 31.44 30.19 25.25 11.53 10.44 - 27.07 26.39 24.29
Other Services - 6.54 4.70 7.87 7.41 5.17 18.76 20.07 - 4.73 4.09 2.88
Services - 100 100 100 100 • 100 100 100 - 100 100 100
Source: Calculated from data in Appendix 1.
24
Table 7
Percentage Shares Service Activities in OutputBarbados
1977-1981; 1982-1986; 1987-1991
Activity Average % Share Average % Share Average % Share1977-1981 1982-1986 1987-1991
Electricity & Water 2.57 4.04 4.08
Wholesale & Retail Trade 29.65 27.89 25.88
Tourism 16.06 13.54. 14.55
Transport, Storage & 8.84 11.00 10.75Communication
Finance, Insurance, Real 16.59 18.23 17.80Estate & Business Services
General Services 5.47 5.61 4.75
Government Services 20.82 19.70 22.17
SERVICES 100.00 100.00 100.00
Source: Calculated from data in Appendix 1.
25
Table 8
Percentage Shares Service Activities in Service OutputJamaica
1977-1981; 1982-1986; 1987-1991
Activity Average % Share Average % Share Average % Share1977-1981 1982-1986 1987-1991
Electricity & Water 3.36 4.59 5.23
Transport, Storage & 9.96 11.29 14.24Communication
Distributive Trade 29.02 32.68 35.07(Wholesale & Retail)
Financial Institutions 7.54 9.70 13.08
Real Estate & 15.70 14.35 10.70Business Services
Producers of Gov't Services 24.20 19.25 13.52
Miscellaneous Services 8.10 6.86 6.87
Household & Private 2.11 1.27 1.29Non-profit Inst.
SERVICES 100.00 100.00 100.00
Source: Calculated from data in Appendix 1.
Table 9
Percentage Shares Service Activities in Sur%ices OutputTrinidad and Tobago
1977-1981; 1982-1986; 1987-1991
Activity Average % Share Average % Share Average % Share1977-1981 1982-1986 1987-1991
Electricity & Water 3.24 3.97 3.47
Distributive Servicesincl. Restaurants
17.97 13.97 21.70
Hotel & Guest Houses 0.93 0.64 0.74
Transport, Storage & 25.38 21.19 19.35Communication
Finance, Insurance, Real 21.44 21.19 19.33Estate & Business Services
General Government 19.89 26.64 23.58
Education & Cultural 6.01 8.06 7.70Services
Personal Services 5.13 4.35 4.14
SERVICES 100.00 100.00 100.00
Source: Calculated from data in Appendix I.
27
Other significant activities are transport which adds approximately
14.5 per cent to services output and wholesale and retail whose share
declined from 13.7 per cent in 1977-1981 to 10.8 per cent in 1987 -
1991.
In the case of Dominica, the government sub-sector which is the
largest contributor to services sector output throughout 1977 and
1991, declined in percentage contribution from 41.3 per cent in 1977 -
1981 to 29.5 per cent in 1987 - 1991. Such a significant reduction
appears to have resulted from the austerity measures introduced during
the 1980s as part of an International Monetary Fund (IMF) assisted
structural adjustment programme. This programme had mandated that
wage increases be kept below the inflation rate and that expenditure
controls be implemented (Charles, 1989). The contribution of the
distributive trades which constitute a fairly large sub-sector,
declined from 18.1 per cent in 1977 - 1981 to 16.8 per cent in the
third five-year period. The major intra-sectoral shifts have been in
terms of the declining importance of government activity and the
rising shares of the transport sub-sector which moved from 9.9 per
cent in 1977 - 1981 to 14.7 per cent in 1987-1991 and the financial
sector which increased its contribution from 9.8 per cent in the first
five- year period to 15.1 per cent in the third five - year period.
In the case of St.Vincent and the Grenadines, the government sub-
sector accounts for the largest share of services output, although
declining somewhat over the period. The hotel and restaurant sub-
sector remained small throughout the period under review, while
banking and insurance increased its share of services output. The
28
transport and distributive sectors also accounted for large shares in
services output.
As indicated in Table 7 activity in the distributive trades
constitutes the largest component of the services sector output in the
case of Barbados. Its average percentage share has however declined
during the period under study. The government sub-sector, finance and
other activities, as well as tourism also constitute significant
components. The share of government in services declined slightly in
the second five year period and again rose in the third five year
period, exceeding its original percentage share. The contribution of
the tourist sector fell during the second five year period and rose
during the third period, remaining below its original share.
In the case of the British Virgin Islands (BVI), the tourist
sector narrowly defined here as the hotel and restaurant sub-sector,
accounts for the highest average percentage contribution to services
sector output during 1977 and 1986. This figure is understated in the
case of the BVI moreso than in most territories because of the large
component of water-based tourism in that economy. The real estate and
housing sub-sector is another significant activity within services
output. The government sub-sector, while not as large as the latter,
has increased its share during the second five year period.
The sub-sectors which in the case of Montserrat registered
significant shares in services sector output are the catch-all item
termed 'other services', wholesale and retail and real estate and
housing. As in the case of the BVI, the hotel and restaurant sub-
sector is a misleading indicator of tourism activity, given
29
Montserrat's heavy dependence on residential tourism. 7 This phenomenon
is reflected in the large size of real estate and housing activity.
The data in respect of Jamaica reveals that there have been
significant intra-sectoral movements in services during 1977 and 1991.
These shifts, which saw the government sub-sector's average percentage
contribution to services output declining from 24 to 13.5 per cent
and those of the distributive trades increasing from 29 to 35 per
cent, appear to have been the result of the stabilization and trade
liberation policies introduced as part of International Monetary Fund
and World Bank assisted adjustment programmes.
In the case of St.Christopher and Nevis, the government sub-
sector is the largest activity within total services, although
declining in terms of average percentage contribution. As in the case
of most of the countries under study, the share of the wholesale and
retail sector is large and rising. A noticeable shift has been in
terms of the increase in the share of the hotel and restaurant sub-
sector in total services.
Balance of Payments and Trade
An examination of balance of payments data shows that while the
countries under study exhibited negative current account balances
during most of the 1980s, they tended to record positive balances on
their international services transactions. More specifically, Antigua
7 Persons residing in the country for recreational purposesfor certain periods per year.
30
and Barbuda, Barbados, the British Virgin Islands, Grenada, St.
Christopher and Nevis and St.Lucia recorded positive services balances
throughout the period, due mainly to tourism receipts. The negative
balance which Jamaica experienced in 1982 and 1983 turned positive in
1984 and continued in that trend up to 1991. Dominica showed
fluctuations between negative and positive services balances during
the period 1981 to 1988. St. Vincent and the Grenadines and Trinidad
and Tobago were the only countries which recorded a negative services
balance throughout the period (See Table 10 and Appendix 3).
The performance of these countries with respect to trade in goods
contrasted that in services. For with the exception of Trinidad and
Tobago which recorded a positive balance of trade in six of eight
years, all countries consistently registered a negative visible trade
balance. The contrasting experiences of Trinidad and that of the
other countries can be explained chiefly in the dominance of the
petroleum sector in export earnings in the former.
It follows logically from the foregoing that services exports
constitute the bulk of the exports in countries with large tourist
sectors. Non-factor services exports as a percentage of total exports
of goods and services ranges from a low of 12.9 in Trinidad and Tobago
to 86 in Antigua and Barbuda. See Table 11 which illustrates the
significance of non-factor services exports in Caribbean countries.
It will be observed that the Antiguan economy experienced a marked
shift during 1980 and 1987 when non-factor services exports increased
from 40.7 per cent to 86 per cent of total exports, reflecting the
increased earnings from the tourist sector and a reduction in earnings
31
from the manufacturing sector. The BVI also relies heavily on non-
factor services exports which represented 82 per cent of exports in
1988. It will be noticed however that this represents a drop from its
1985 contribution of 89 per cent. This is probably associated with
the rising importance of international financial services which have
been described as the "growth sector" (BVI National Accounts
Statistics 1984-89 in BDDC, 1992).
The tourist industry is important as a foreign exchange earner.
It however tends to rely heavily on imported inputs (managerial,
capital and goods), giving rise to foreign exchange leakage. One
study has estimated that the tourist dollar experiences combined first
and second round leakages 8 of the order of 60 per cent (Seward and
Spinrad, 1982). In addition, tourism - agriculture linkages are found
to be generally weak, but relatively stronger in the agriculturally
dependent countries such as Dominica and St.Vincent and the Grenadines
(Horwath and Horwath, 1988).
This study which does not conduct an exhaustive investigation of
the question of leakages, examines one specific area, that of
tourism's demand for imports of goods. It hypothesizes that tourist
expenditure, while contributing substantially to the positive services
balance, has contributed substantially to the negative balance on
trade in goods.
8 First round leakages : payments repatriated overseas.Second round leakages : payments made overseas after beingcirculated within the economy.
32
££
-c xTpuaddv aas - squalltAPd JO aouPTee1 sopugxes go )(ups TuaqueD - soT4sT4P4S s4uatuAud go aouuTPS 3WI aoanoS
- .7PaA 4sagPT JO 686T 1 .1PaA gsaTTJPa JO 1861 0
X
X X obpqoj, pppTuTaI
sauTpuuaapX X 9144 '3 411apuTA'4S
X X rTorlq - qs
x x sTAaN '3. aagdogsT-q3•4s
x x x upTpulur
x x upeuaJD
X X X PoTuTuma
X X IAS
X X soppoJug
X X ppnqaps )3 prIbTquv
aoueTps aoupreg aoupTPg aouvTpsspoop 9AT4TS0d SaOTAJaS BAT4TS0d
spoop anT4pbaN seoTAJas anTqpbaN Aagunop
0686T-T86T'crO'a i seourTvg spoop put saoTAaas go uosTardwoo
OT eTcrea,
Table 11
Percentage Share Non-Factor Service Exports in Total ExportsSelected Caribbean Countries
Country 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
Antigua &Barbuda
Barbados 66.2
BVI
Dominica
Grenada
Jamaica
St. Christopher/Nevis
St. Lucia
St.Vincent/Grenadines
Trinidad &Tobago
64.9 68.6
40.7
67.0
48.0
68.8
13.3
46.4
46.9
64.8
20.2
46.2
38.0
32.7
41.5
30.9
13.1
58.8
59.0
22.0
45.3
43.4
34.0
43.3
27.5
16.3
76.3
56.0
29.7
51.0
45.7
45.7
45.4
22.5
12.7
82.8
60.3
89.0
25.7
55.6
52.0
49.3
45.7
21.6
12.3
83.3
64.9
89.2
19.4
55.4
57.7
47.5
40.7
20.3
10.7
85.8
77.7
89.0
19.3
57.4
60.6
50.7
46.2
25.6
16.1
78.8
82.2
18.1
59.0
60.3
53.2
45.9
19.5
12.4
80.8
52.9
52.8
50.2
24.5
12.9
80.5
49.7
80.5
51.2
Source: Calculated from data in Appendix 4.
34
The results of a two-variable regression model of imports on
tourist receipts (proxy for tourist expenditure) appear to support
this hypothesis.
The results contained in Table 12 show that the regression
equations explains much of the variation in imports in the case of
the countries with large tourist sectors. Conversely, there is
virtually no association between tourist expenditure and imports in
the case of countries with small tourist sectors. It can be
observed from the R-squared values that the equation provides good
fits for the data in the cases of Antigua and Barbuda, Barbados,
St.Lucia, Grenada and St.Christopher and Nevis. In addition the
calculated t-values are significant at the 5 per cent levels for
those countries as well as for Jamaica. As might be expected, the
results are not significant at the 5 per cent level in the cases of
Dominica, St.Vincent and the Grenadines and Trinidad and Tobago -
the countries with small tourist sectors. The values of the X-
coefficient suggest that a dollar of tourist expenditure generates
$.49 in imports in the case of St.Christopher and Nevis, $.52 in
the case of Grenada, $.53 in the case of Antigua and Barbuda, $.58
in the case of Barbados, $.64 in the case of Jamaica and $.65 in
the case of St.Lucia, thus implying a substantial leakage.
9 log y= a+ b log xwhere y = imports, x = tourist expenditure.
35
Table 12
Regres ,dim Output
Antigua &Barbuda
Barbados St. Lucia Jamaica
Constant 2.66 3.32 2.33 3.20
Std. Err. Y Est. 0.20 0.13 0.08 0.17
R-Squared 0.76 0.81 0.95 0.55
No. of Observations 8.00 15.00 8.00 10.00
Degrees of Freedom 6.00 13.00 6.00 8.00
X-Coefficient 0.53 0.58 0.65 0.64
Std. Err. of X Coefficient 0.12 0.08 0.06 0.21
T values 4.42 7.25 10.83 3.047
Source: Calculated from data in Appendix 1.
Regression Output (Cont'd)
Grenada St. Christopher& Nevis
Dominica Trinidad &Tobago
St. Vincent &Grenadines
Constant 2.54 2.54 3.33 4.30 -5.39
Std. Err. Y Est. 0.09 0.13 0.18 0.28 1.16
R-Squared 0.89 0.83 0.37 0.38 0.23
No. of Observations 8.00 8.00 8.00 8.00 8.00
Degrees of Freedom 6.00 6.00 6.00 6.00 6.00
X-Coefficient 0.52 0.49 0.29 0.65 3.24
Std. Err. of X Coefficient 0.07 0.09 0.15 0.34 2.41
T values 7.43 5.44 1.93 1.92 1.34
Source: Calculated from data in Appendix 3.
36
Employment
Because of data limitations this section of the study presents
information on four countries only. An examination of the data
with respect to Jamaica shows that services sector employment
varied between 46 and 49 per cent of total employment during 1982
and 1989 and just over 50 per cent in 1990. Within services,
employment in the government sub-sector increased between 1982 and
1983 and then declined during the years 1985 and 1987. It showed
some variability during the period 1988 to 1990, but generally
remained below its 1982 level. The reduction in the share of
government activity in employment conforms to the pattern
exhibited by the sub-sector in relation to services output.
Employment in the 'other services' sector, the catch-all
category which includes some tourism activities as well as data
processing, had increased during 1982 and 1990 (See Table 13).
This level of aggregation however does not permit detailed analysis
of the various components. Employment in this category increased
from 110,300 in April 1982 to 192,500 in April 1990, compared with
the performance of the government sector where employment declined
from 98,300 to 74,500. As is the case of most Caribbean countries,
the distributive sector is large. Moreover employment in this
category increased throughout the period 1982 to 1990. By April
1990, the sector which employed 140,300 perSons was second only to
the 'other services' sector in terms of services employment.
37
Table 13Employment by Activity
Jamaica (000s)
Sector 1982Apr. Oct.
1983Apr. Oct.
1984Apr. Oct.
1985Apr. Oct.
1986Apr. Oct.
1987Apr. Oct.
1988Apr. Oct.
1989Apr. Oct. Apr.
1990Oct.
Product Sectors: 371.0 364.8 371.4 384.6 395.8 394.6 416.7 420.3 417.8 424.2 446.4 451.4 450.4 447.3 446.6 449.5 442.4 435.1
Agriculture and Forestry 258.3* 252.0* 250.2* 255.2* 261.4 254.2 230.7 278.9 278.1 267.2 274.7 269.3 260.8 261.1 252.8 248.1 246.2 232.8
Manufacturing 82.5 80.6 86.3 94.4 95.4 98.7 96.6 100.6 104.6 115.3 124.5 138.2 6.3 6.2 6.6 5.5 6.6 7.2
Construction andinstallation
30.2 32.3 34.7 35.0 31.1 34.3 32.4 34.8 29.8 35.4 40.5 38.6 46.5 48.90 55.3 59.3 54.2 59.0
Mining. Quarrying & Refining 7.9 7.4 7.0 6.0 5.2 6.3 6.7 5.3 6.3 6.2 6.6 5.5 6.6 7.2
Services Sector: 340.6 341.1 352.8 358.5 381.3 383.6 363.5 358.3 375.4 393.4 385.7 401.6 429.4 417.6 421.8 427.9 44S.0 4 5 3.2
Transport. Communication 38.9 31.6 33.9 32.4 37.1 35.4 36.2 34.7 34.5 38.3 40.0 42.1 45.5 40.7 40.2 43.4 42.6 41.6& Public utilities
Commerce 93.1 100.0 105.1 106.8 107.1 111.7 112 115.3 123.3 125.1 119.2 128.1 140.2 135.0 135.5 134.6 1.0.3 144.6
Public Administration 98.3 97.9 99.1 101.0 100.4 100.5 . 82.6 81.1 75.7 79.9 75.2 72.8 .76.7 74.1 77.1 69.0 80.1 74.5
Other Services 110.3 111.6 114.7 118.3 136.7 136 132.7 127.2 141.9 150.1 151.3 158.6 167 167.8 169 180.9 185.0 192.5
Activity not Specified 6.3 4.8 2.3 2.0 1.4 1.3 2.1 2.4 3.2 3.0 3.7 2.0 2.9 6.9 3.3 3.7 3.4 5.2
To Employment 709.9 710.8 726.5 745.1 778.4 779.5 782.2 781.0 796.4 820.6 835.8 855.0 882.7 871.8 867.7 881.1 893.8 893.5
Services Sector 47.97 47.98 48.56 48.11 48.99 49.21 46.47 45.88 47.14 47.94 46.15 46.97 48.6 47.9 48.6 48.6 50.1 50.7Employment as (7) of Total
*includes MiningSource: Planning Institute of Jamaica. Economic and Social Survey
Jamaica 1983. 1985. 1987, 1988. 1989, 1990.
38
In the case of Barbados, a services dependent economy,
employment in the services sector accounted for 76 per cent of
total employment in 1991. As indicated in Table 14, the sector
contributed a minimum of 69.4 and a maximum of 76 per cent of total
employment. Within the sector, the government and other services
sub-group was the largest contributor, employing 37,000 in 1981 and
41,500 in 1991. As in the case of Jamaica, the data is highly
aggregated. One is therefore unable to determine the size of
government employment except for the years 1990 and 1991. From
this data the government sub-sector ranks as the largest
contributor to services sector employment. The miscellaneous
category, 'other services' is second only to government in its
contribution to services sector employment. Here again the data
needs to be disaggregated. The distributive sector is also a large
area, as indicated in the years 1990 and 1991. Once more the
aggregation of that component with tourism data for most of the
period prevents detailed analysis.
The employment data for St. Lucia is limited to the period
1985/1986 to 1989/1990 and is moreover sourced from the records of
the National Insurance Scheme. It therefore excludes those persons
who are not contributors (typically the agricultural sector and
informal services). The information is nonetheless a fair
indicator of the sectoral shares of the various activities. It
suggests that services sector employment averages 52.8 per cent of
total employment during the period under review (Table 15).
39
Table 14Employed Labour by Industry Group
Barbados
Sector 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990* 1991
INDUSTRY GROUPAgriculture & Fishinc, 9.4 8.4 7.7 8.4 7.8 7.9 7.8 7.7 N.A 6.6 5.9
Manufacturing 14.1 13.8 12.7 12.5 12.0 11.0 12.3 12.2 N.A. 11.9 10.1
Construction & Quarrying 6.3 7.6 7.8 6.8 7.1 8.2 7.7 9.2 N.A. 9.6 8.5
Electricity. Gas & Water 1.2 1.6 1.9 1.9 2.3 2.2 1.9 1.4 N.A. 1.6 1.6
Distributive Trades. 23.4 21.8 21.5 19.9 20.1 21.1 21.9 23.3 N.A. 27.1 24.5Restaurant & Hotels
Distributive Trade 13.9 N.A. 16.6 15.6Tourism 9.4 N.A. 10.5 8.9
Transport & Communication 4.8 4.9 5.4 5.1 5.1 5.5 6.2 4.3 N.A. 6.5 4.8
Financial Institutions 3.9 3.7 3.5 3.3 3.1 3.1 3.7 3.7 N.A. 3.7 3.9
Government & Other Services 37.1 35.5 35.2 35.2 34.6 37.2 36.4 38.4 N.A. 38.5 41.5Government N.A. 21.3 23.2Other Services N.A. 17.2 18.3
Total Services 70.4 67.5 67.5 65.4 65.2 69.1 70.1 71.1 N.A. 77.4 76.3
Total 100.2 97.3 95.7 93.1 92.1 96.2 97.9 100.2 N.A. 105.5 100.8
Services Employment as 70.26 69.37 70.53 70.25 70.79 71.83 71.60 76.44 N.A. 70.96 75.69% of Total
*Average for MO quarters onlySource: Barbados Statistical service. Labour Force report 1981- 1986. Bridgetown 1988.
Ministry of Labour and Community Development, Labour Market. InformationReport 1988. Central Bank of Barbados, Annual Statistical Digest 1992.
Table 15Employment by Industry
St. LuciaJuly 1986 - June 1990
Industry 85-86 86-87 87-88 88-89 89-90
Agriculture, Forestryand Fishing
1761 2461 2446 2283 2200
Mining and Quarrying 38 52 48 68 79
Manufacturing 1804 3165 3870 4145 4754
Construction 463 1582 987 2004 2659
Electricity, Gas & Water 623 615 720 681 721
Distributive Trades, 3143 5442 5612 5942 6210Restaurant & Hotels
Transport, Communication 1122 1826 1642 1727 1684
Finance, Insurance 1014 2754 2774 2991 ..3119& Real Estate
Services 5907 10637 10748 11341 11734
Total 11339 19360 19734 21586 23332
Services as % of Total 52 55 54 53 50
Note: Excludes the self-employed who do not make contributions to NIS.The agricultural sector's employment could be underestimated.
Source: The Ministry of Finance, Statistics and Negotiating, St. Lucia Economicand Social Review 1990, St. Lucia 1991.
41
Employment data, which in the case of Antigua is limited to
the period 1978 to 1982, shows that services sector employment
averaged 70 per cent of total employment (Table 16). It is
expected that the sector's share of employment would have increased
during the 1980s and 1990s, in line with the increases in output
experienced by it.
The analysis has shown that services sector employment share
follows closely the pattern of the sector's value added
contribution, with Antigua and Barbuda and Barbados - the countries
with large services sectors - deriving a substantial proportion of
employment from it. Jamaica and St.Lucia, with relatively more
diversified economies, rely to a lesser extent on the services
sector to generate employment.
Prices
The experience of some countries has shown that price
movements have influenced the size of the services sector (Summers
and Kravis in Inman, 1985). This section briefly compares the
price movements of selected services and the all items indices in
three English-speaking Caribbean territories - Barbados, the
British Virgin Islands and St.Lucia.
In the case of Barbados, two different trends emerge from the
data presented for the periods 1970 - 1979 and 1980 - 1991. Figure
A indicates for the earlier period that the indices of the three
services categories all fall below that of the "all items." In
addition, the fastest rising service index was that of
42
recreation, education, entertainment and culture. By contrast, in
the later period the education, recreation and other services index
falls below that of "all items," while the other service categories
- transportation and medical and personal care lie above it (Figure
B).
43
Table 16Employment by Industry
Antigua
Industry 1978 1979 1980 1981 1982
Agriculture and 1080 508 666 782 892Fishing
Mining & Quarrying 55 70 121 132 96
Manufacturing 1524 1972 2357 2287 2103
Construction 2777 3136 3437 3690 2824
Electricity & Water 586 552 452 454 450
Distributive Trade 1813 1705 1858 1971 1974
Hotel & Guest Houses 2032 2061 2312 2436 2653
Restaurant, Bar & 395 461 559 676 705Night Club
Transport & Communication 1485 1569 1627 1594 1485
Financial Institutions 332 342 452 468 496
Insurance, Real Estate 388 420 434 495 577Business Services
Public Administration 2473 2124 2411 2113 2177
Social & Community Serv. 3195 2950 2987 2872 2746
44
Antigua (Cont'd)
Industry 1978 1979 1980 1981 1982
Recreational & Cultural 325 395 279 355 340
Personal & Household 871 865 980 1085 1103
Int. Bodies 109 129 122 131 175
Services 14004 13573 14473 14650 14881Total 19440 19261 21054 21541 20796
Services as % of Total 72 71 69 68 72
Note: Refers to persons employed at any time during year.
Source: Department of Statistics, Antigua and Barbuda Statistical Yearbook 1988,November 1989.
In the later period then, except for the education and other items
component, services costs appear to be rising faster than those of
other items. The fact that education is heavily subsidized may
have contributed to this result. It is also possible that the
phenomenon alluded to by Summers and Kravis could be at work here.
It will be recalled that these writers had found that there was a
correlation between higher levels of income and higher priced
services. In the case of Barbados then, the second time period
might have been one of increased affluence.
Figure C which presents data on St.Lucia for the period 1985
- 1990, shows that the St. Lucian case contrasts with that of
Barbados in that the recreation, entertainment, education and
culture cost index rises sharply above theall items index after
1988. The medical and health care index rises above the latter
after 1987 and falls below it after 1989. Moreover it is
noticeable that all indices are fairly closely aligned up to 1987,
after which transportation and education and other services diverge
from the all items index.
The data with respect to the British Virgin Islands is
presented for the period 1984 to 1991 (Figure D). It shows that
all indices are closely aligned between 1984 and 1987. After then
there is a clear disparity between the transportation index and the
all items index, with the former rising much more sharply than the
latter. The services index on the other hand moves closely in line
with the all items index up to 1989, rises sharply in the year 1990
and then falls back to the level of the latter in 1991.
46
Figure A: Comparison of Selected Services & All Items Price indices, Barbados, 1970 — 1979October I966 I0(1).
450
400
350
200
150
1001970 1971 1972 1973 1974 1975 1976 1977 1978 1979
_ Medical & health care • Transport & communication
_4_ Recreation, entertainment, education & cu 0 .. All items
Source : Central Bank of Barbados, Annual Statistical l)ijest 1992.
46A
/_--a,-* - -rie------'-_----
,--
--- ---- ____-13,..//____.---, __-0---- - --ik --z------A----A
--A -------A-- ----A--___n-""_,- a __—B-----
fi------ ----- ---,--4
----A-
1 I 1 I I 1 1 1 1
Figure B: Comparison of Selected Services & All Hems Price Indices, Barbados.March 1980 = 100
240
220
200
180
160
7.4140
120
100
801980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
_ Medical & health care _ 'Transport & communication
_A._ Recreation, entertainment, education & cu All items
Source : Central Bank of Barbados, Annual Statistical Dijest 1992.
1991
1 6B
Igure C: Comparison of Selected Services & All Items Price Indices, St.Lucia, 1985 — 1990April 1q84 --,, 100
150
140
v, 130on
4;f4'. 120
110
100
901985
1986
1987
1988
1989
1990
_ Medical & health care _♦_ Transport & communication
_ _ Recreation, entertainment, education & cu Ej All items
Source : The Ministry of Finance, Statistics and Negotiating,Economic & Social Review 1990, SLLucia.
46C
Figure D: Comparison of Services & All Items Price Indices, British Virgin Is.(!larch 1985 IOU)
170
160
c'd 1302e\_
120/
- A110
100
901984 1985 19861987 1988 1989 1990 1991..__N . Transpoi la I ion • Services
• All ItemsSour cc : 13VI COMA MCI 1 ) 1 icc Index No.3 1991In
BDDC, Feasibility Study of The British Virgin Islands Community College. Bridgetown 1992.
180
46D
Apart from the Barbadian case which shows two different trends
in the periods examined, no clear pattern on price movements
emerges. Longer time series are needed if more definitive
statements are to be made.
Some Development and Management Issues
The previous section which presented a statistical profile of
the services sector in selected Caribbean countries indicates that
services represent a large and growing share of economic activity
in most countries. The statistics are however confined to those
services offered by the services-producing sectors. Meanwhile
services which are embodied in the activities of the goods-
producing sectors do not enter the computations. It follows that
the sector, while already accounting for large shares of the
economic activity, is nonetheless underestimated. It therefore
seems relevant that some consideration be given to the development
and management issues relating to a sector of such prominence.
One of the critical issues related to the further development
and management of the services sector is that of measurement. In
general, measurement problems abound in services, given their
peculiar characteristics. These are compounded in the Caribbean
situation, by the highly aggregated nature of the data. There
appears to be no justifiable reason for lumping the activities of
government and other services, or for combining the distributive
trades with hotel and restaurant activities. Moreover the presence
of the residual category 'other services' limits meaningful
47
analysis, since data on a number of activities of interest, for
example the non-traditional services, are not readily available.
In addition there are several unknowns in relation to activities,
for example off-shore banking, which for the most part are not
included in data sets.
Another concern thrown up by the data analysis is that of the
current composition of the services sector, that is, the relatively
large size of the government and distributive sectors, compared
with that of the tradeable sectors. The sometimes conflicting
objectives of employment creation and foreign exchange generation
come into focus. For it is known that government has
traditionally played the role of major employer in Caribbean
economies. The distributive sector, which also creates significant
employment, is a user of foreign exchange, rather than a
contributor. This raises the question of how to transform the
services sector so as to create more foreign exchange earning
activities.
It will be noted in this regard that the tourism sector
fulfills the dual role of employment creation and foreign exchange
generation. Indeed this sector can be contrasted with that of the
off-shore banking which has been identified as having great
potential for earning foreign exchange, but a limited capacity for
creating jobs (Loehr and Emery). It will however be recalled that
the tourist sector has also been identified as a user of foreign
exchange, viz its heavy import dependence. A major concern then
has to do with designing mechanisms for internalizing the supply of
43
products demanded by the tourist sector. Creative ways would need
to be found for encouraging a greater linkage between the tourism
and goods producing sectors.
The foregoing recognizes the need for creating links at the
level of final demand products, that is tourism creating a backward
linkage with the goods-producing sectors. Another area which
requires attention is that of interactive development of services
and goods at the level of producer services. The importance of
producer services in the development of manufacturing in particular
has been discussed (recall section on defining services). Indeed
services such as design and engineering, management, accounting and
transportation are critical to manufacturing success. In addition
knowledge intensive services are critical to new manufacturing
techniques such as Just-in -time (JIT) which reduces the need for
inventorying, Flexible Manufacturing Systems (FMS) and Computer
Assisted Designs (CAD).
It is important when considering the development and
management implications in relation to services to recognize that
there are many "first movers" in the area of services exports.
Porter (1990) notes that the Swiss are leaders in banking, trading
and logistical services, while British firms have strengths in
insurance and auctioneering, money management and consulting.
Swedish firms are leaders in specialized shipping and environmental
engineering. Singaporean firms are competent in shipping, ship
repairs, airlines, port and terminal services, while American firms
are leaders in hotel management, accounting, and advertising.
49
Italian firms are leading world designers. In terms of non-
industrialized countries which have developed some competence in
international service demand, Korea has had some success in the
export of labour services in the construction industry, while India
has had some success in the area of software development.
Caribbean countries have also had some success with tourism
development.
An important point to note in the case of these service
leaders is the value of a vibrant, sophisticated home market in
assisting them in developing a competitive edge (Porter, 1990).
Specialized education and training, favourable geographic and
climatic conditions as well as international demand are also felt
to be critical in creating competitive advantage. The Caribbean
countries for instance have successfully exploited favourable
geographic conditions in the development of tourism.
On the question of the determinants of comparative advantage,
Sapir and Lutz (in Sapir, 1985) offer valuable insights. Using
cross-country regressions to estimate the performance of trade in
services, they found that countries which are abundant in physical
and human capital have comparative advantage in services.
- International differences in physical capital, they argue,
influence transport while the availability of human capital affects
insurance transactions. Sapir is left to conclude that this may
help explain why industrial countries enjoy a trade surplus in
services with developing countries.
Mention needs to be made of the notion of dynamic comparative
50
advantage; that is, there may be a relationship between the
accumulation of factors of production and changes in the
comparative advantage. Sapir notes the validity of this in
relation to services. He also holds that since a number of
services, especially professional and technical, embody technology,
their acquisition from abroad represents technology transfer. This
can affect the future pattern of trade.
This should be of interest to developing countries which may
find it advantageous to import certain key services, such as
telecommunications, which might in turn enhance the tradeability of
other services in which they may possess a comparative advantage,
eg. data processing, accounting and business services. Moreover,
even if resource endowments suggest that developing countries such
as the Caribbean are in a disadvantageous position vis-a-vis the
developed, this should not deter them from pursuing export
opportunities from among the heterogeneous bunch of activities
which together make up the services sector.
In conclusion it may be stated that the future development of
Caribbean services sectors requires that efforts be geared towards
identifying international demand trends and conditions, in order to
formulate a supply response to available opportunities.
Recognizing that international capital seeks to maximize returns on
a global basis, there may be competitive' niches for Caribbean
countries. In particular, these countries may wish to capitalize
on their telecommunications links for exporting services.
51
Findings and Conclusions
The first section of the study set out elements in a
definition of services, making the important distinction between
producer and consumer services. It also focused on the issue of
trade in services, examining the extent to which conventional trade
theory can be applied to an analysis of services trade. It
concludes that while certain assumptions of trade theory may not be
applicable to services, the basic philosophy of comparative
advantage can be taken as relevant. It recognized however that
given the peculiar nature of services, in a number of cases the
issue revolves around investment rather than trade.
The brief outline of developments in world services suggests
that in terms of value added, employment and trade, the services
sector constitutes a large and growing activity in the
international economy, with the so-called "industrialized"
countries leading in the production and export of services.
The empirical analysis of Caribbean services sectors indicated
that services represent a large and growing sector in Caribbean
economies. While the latter, in terms of scale, cannot be
classified among the world leaders in services production and
trade, services bulge in the individual economies, accounting in
some cases for contributions in excess of 80 per cent to GDP and
exports.
A noticeable feature of Caribbean services sectors is the
large size of government and the distributive trades, which are
essentially non-tradeables. The tourist sector on the other hand
52
is noted as a significant foreign exchange earner. The study
nevertheless confirms earlier findings of substantial leakage from
this industry.
The final section, which discussed development and management
issues, called for mechanisms to internalize the supply of products
required by the tourist sector and recognized the importance of
interactive development between services and goods at the level of
producer services. It also highlighted factors which appear to be
critical in creating comparative and competitive advantage in
services production and trade.
53
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e ort 1981 - 1986
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Nicolaides, Phedon. Liberalizing Service Trade : Strategies forSuccess, Routledge 1989.
"Trade Policies for Services : Options for theACP Countries," (eds) Christopher Stevens and Doeke C. Faber.Uruguay Round Europe 1992 : Implications for Future ACP/ECCooperation Maastricht ECDPM, 1990.
Porter, Michael. The Competitive Advantage of Nations LondonMcMillan Press, 1990.
55
Planning Institute of Jamaica, Economic and Social Survey 1991, 1987, 1984, 1983.
Riddle, Dorothy I. "The Role of Service Sector in EconomicDevelopment : Similarities and Differences by DevelopmentCategories" in (ed) Orio Giarini, (for the Services WorldForum Geneva) Oxford Pergamon Press, 1986.
Roach, Stephen S. "Services Under Siege - The RestructuringImperative" Harvard Business Review, September - October,1986.
Sampson, Gary P and Richard II Snape. "Identifying Issues in Tradein Services" The World Economy, Vol 8, No 2, June 1985.
Sapir, Andre. "North-South Issues in Trade in Services", The WorldEconomy Vol 8, No. 1, March 1985.
Seward, S. B and B. K Spinrad (eds), Tourism in the Caribbean : The Economic Impact, Ottawa IDRC 1982.
Shelp, Ronald Kent. "Service Technology and Economic Development"Economic Impact No 52, 1985/4.
Summers, Robert. "Services in the International Economy" (ed)Robert P Inman, Managing the Service Economy : Prospects andProblems Cambridge, 1985.
The Economist, February 20-26 1993.
The Economist, October 28 - November 3 1989.
The International Monetary Fund, Balance of Payments StatisticsYearbook Vol 41, 1990.
The World Bank. World Development Report 1987, Washington 1987.
Walker, Richard. "Is There a Service Economy? The ChangingCapitalist Division of Labor", Science and Society Vol 49,No 1, Spring 1985.
56
Appendix 1
Sectoial Composition of Gross Dooestic Productat Factor Cost and Current Prices - EC$ MILLION
ANTIGUA and BARBUDA
Activity 1977 1978 1979 1980 1981 1982 1983 1984 1985 1936 1987 1908 1989 1 990 1991
Electricity t Water 5.70 3.60 4.90 0.20 9.40 7.60 10.30 12.49 17.22 23.51 20.92 27.36 31.08 72.79 71.10
Wholesale 1. Retail Trade 17.10 19.20 24.30 30.60 33.40 36.40 38.70 43.10 48.20 52.62 60.24 67.70 77.86 85.65 90.89
Hotel t Restaurant 10.50 22.20 29.30 35.60 37.30 40.80 45.50 50.70 73.49 89.11 104.09 124.38 135.48 - .69 118.00
Transport 19.10 21.20 27.10 29.60 33.30 36.20 40.40 42.85 56.20 69.88 84.11 9 1.. .51 101.56 128.11
oPAunicalion 6.10 8.20 12.31 11.99 14.09 20.66 23.10 27.06 28.61 32.77 38.47 42.57 co 01 .-, 5:.80
Fan. !, Insurance 10.20 11.10 13.60 15.70 18.70 22.30 23.80 22.72 31.32 37.99 07 5..1° r-J • n',2.0
Seal Estate i Housing 19.10 70.70 22.40 26.50 29.90 34.40 41.50 45.80 48.52 Y '1 7 56.82 :2.00 :. - .70
Goiernment 5er ,:ices 21.51 25.66 30.61 35.63 42.10 53.84 59.50 2.40 67.25 78.07 90.70 128.55 157.26 1 7 C.40
Other Services 12.04 13.29 14.42 16.74 19.87 23.41 28.09 33.24 39.15 43.94 46.62 4 9 .50 57.46 r.,.(!4 0'.70
SERVICES 129.35 145.15 178.94 210.76 238.86 275.61 310.89 356.36 410.70 479.42 545.80 647.79 ,. 71.61 82: . 0
AGRICULTURE 17.40 10.20 17.90 10.30 19.60 19.70 21.00 19.32 22.17 24.61 29.26 2.,1 el 7;.02 77.72 79.00
MINING & OUARRYING 0.80 0.40 1.20 1.50 1.70 1.50 2.30 3.03 4.60 9.85 14.44 16.80 19.51 17.58 1:• '2
MANUFACTURING 6.90 8.70 10.70 13.70 14.60 16.00 17.60 19.29 20.25 21.50 23.03 24.10 26.70 38.21 32.50
CONSTRUCTION 10.90 11.80 17.50 23.20 27.70 20.40 20.50 27.34 35.66 50.55 73.13 95.87 112.21 100.99 95.90
TOTAL 165.35 184.25 226.24 267.46 302.46 334.01 373.09 425.34 494.38 585.93 685.66 616.66 927.22 977.75 1007.60
SERVICES 1 OF TOTAL 78.23 78.78 79.09 78.80 78.97 82.52 83.33 83.78 83.07 81.82 79.60 79.32 79.34 80.97 81.60
Source: Organization of East Caribbean States - Economic Affairs Secretariat
Sectoral Composition of Gross Domestic Productat Factor Cost and Current Prices - BOSS Million
Barbados
Activity 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991Electricity L Water 14.07 15.67 18.32 33.11 38.56 44.70 52.89 68.00 72.72 72.21 80.65 84.76 91.56 91.70 99.77Wholesale 1, Retail Trade 182.01 204.80 259.40 318.98 368.84 397.98 378.45 412.28 451.05 485.70 529.94 547.84 596.21 589.06 575.51Tourist 87.73 109.67 143.97 182.95 206.52 18].08 186.50 206.76 224.99 233.88 269.99 315.06 . 361.87 338.50 315.39Transport, 5tora9e 1
Communication60.05 64.23 70.10 86.92 112.96 134.78 154.06 171.02 185.00 197.45 225.37 226.61 227.83 244.47 254 2:s
Finance, lhsurance, RealEstate t Business Services
110.19 115.59 135.01 172.63 210.1 7 250.15 258.90 270.89 297.85 311.05 712.97 358.52 424.85 472.92 435.52
General Services 34.97 37.77 46.12 57.65 69.41 76.74 80.88 85.73 89.59 94.07 97.26 99.21 106.15 102.34 709.67Government Services 142.21 150.57 179.56 218.21 229.72 233.01 264.26 295.50 343.96 379.04 424.83 435.11 503.43 546.77 570.K;SERVICES, 631.23 690.30 852.50 1070.44 1236.17 1312.43 1375.94 1510.17 1665.15 1773.39 1941.01 2067.11 2311.90 2751.71 2320.17AGRICULTURE 91.71 91.69 109.85 152.27 128.88 122.10 135.53 139.22 139.01 146.35 171.57 172.91 150.27 159.55 161.0jMINING / OARRYING 4.36 6.92 9.32 11.48 13.14 16.08 16.26 31.14 27.91 16.93 18.40 17.15 17.46 19.52 16.60MANUFACTURING 102.62 112.39 136.34 183.45 189.67 205.55 238.68 264.06 231.70 229.26 223.62 240.24 237.19 237.63 230.41CONSTRUCTION
TOTAL
60.12
890.04
75.11 88.12
984.41 1196.13
118.22 138.35 122.06 132.55 130.00 117.91 131.35 144.28 170.29 196.68 1" " 161.93
SERVICES :OF TOTAL 70.92 70.94 71.27
1535.86
69.70
1706.21
72.45
1784.22
73.89
1898.94
72.46
2074.58
72.79
2181.67
76.32
2297.28
77.20
2490.88
77.68
2667.69
77.49
2909.50
79.46
2965.34
79.41
2897.5;
L 80.21
Source: Central Bank of Barbados, Annual Statistical Dijest 1987, 1992.
Sectoral Composition of Gross Domestic Productat Factor Cost and Current Prices - EC$Million
British Virgin Islands
Activity 1977 1978 1979 1980 1 921 1982 1903 1904 1905 1986 1YU7
electricity E Water 2.05 1.09 2.00 2.13 2.24 3.35 6.10 5.54 6.10 7.72 9.77
Wholesale E Retail Trade , -I 8.72 9.86 11.50 12.37 13.3S 16.01 13.50 19.28 21.28 22.92
Hotel t Restaurant 14.99 19.41 26.33 34.99 33.40 30.29 44.20 45.87 40.71 52.63 66.23
Transport 4.83 5.66 6.54 6.97 7.55 10.17 10.32 11.47 11.70 10.02 10.96
Communication .̀. 02 4.u4 6.64 3.10 0.45 2.51 2.48 9.56 11.93 12.6t. 17.98
Bank t Insuro,ce 3.16 5.02 9.37 13.39 16.17 16.47 17.77 19.52 21.71 25.03 20.01
Real Estate E Housing 15.3 17.25 19.01 20.52 24.62 31.48 77.72 7,i• n7 38.56 40.37 42.20
Government Services 7.67 7.40 8.96 13.53 17.44 19.92 22.36 30.46 .17 'o4:.130 31.9: •I
Other Services 3.92 4.73 5.03 6.72 2.56 9 .7 7 10.83 12.23 12.99 13.39 14.99
SERVICES 64.73 74.72 94.54 117.85 131.46 151.90 169.79 189.32 193.66 215.06 239.75
AGRICULTURE 5.72 6.10 6.59 7.18 7.03 2.67 9.15 9.61 9.82 10.04 7.7V
MININ3 31 OUARRYING 0.02 0.11 0.11 0.11 0.14 0.14 0.16 0.30 0.43 0.43 i) . 57
MANUFACTURING 2.27 2.35 2.73 3.73 4.37 5,27 5.70 6.13 6.24 7.75 9.32
CONSTRUCTION 4.24 5.18 6.26 7.24 2.34 13.31 17.09 18.44 15.96 14.66 12.60
TOTAL 77.04 88.46 110.23 136.11 152.19 179.29 201.89 224.30 231.17 247.94 278.28
SERVICES 1 OF TOTAL 84.02 84.47 25.77 86.58 86.38 04.72 84.10 84.63 85.94 06.74 86.15
Source: Organization of East Caribbean States - Economic Affairs Secretariat.
Appendix 1
Sectoral Composition of Gross Domestic Productat Factor Cost and Current Prices - EC$ MILLION
Dominica
Activity 1977 1978 1979 1920 1921 1982 1983 1984 1985 1986 1987 1980 1989 191 19'1
Electricity & Water 1.80 2.51 1.92 3.47 4.88 5.00 5.23 5.92 6.24 6.60 7.39 8. 9 7 10 (X.! III? 12.°7
Wholesale E Ret)ii 'rade 9.21 12.91 2.12 13.16 13.39 13.79 14.12 14.62 21.08 25.80 30.24 33.21 7:..5 -.' 11.77 4'.
Hotel E Restaurant 1.15 1.41 1.00 1 AM:..., 1.31 1.56 1.26 2.21 2.62 3.05 3.81 1.77 5 07 .,1
Transport 4.34 4.99 6.10 9.00 0.27 10.11 15.03 17.64 19.94 23.50 26.10 30.11 30 1: 7,.1r.
7.ormuni ,,4 ion 1.09 1.35 1.87 1.49 3.14 4.59 7.23 8.88 9.40 10.85 15.36 11.41 27.77
Emil. L Insurance 3.01 5.08 5.27 0.19 9.22 9.68 11.73 :6.70 18.33 19.03 22.06 28.56 31./..: , I I` 1
Real EstateL lic ,E.i^g 4. 90 6.52 4.95 ,-,..,... 8.05 8.61 9.13 1.41 1.71 10.10 10.99 11.54 12.t.: , 14.7
Government Service: 16.26 19.26 31.27 33.74 35.41 37.05 40.63 47.05 50.12 54.36 57.63 51.52 66.1:7 60Jr 7: • 1
"thee Services 1.08 1.17 1.21 1.62 1.91 2.10 2.31 2.40 2.49 2.66 2.91 3.08 3.,,..7 7 r 6.21
SERVICES 44.84 55.20 62.31 79.37 85.54 92.57 107.27 124.89 139.93 156.9] - 176.79 199 .17 225.52 24., ."1 265.Y..
4GEICULTURE 71.93 41.44 34.78 44.05 48.48 49.78 52:50 56.80 62.39 76.64 82.59 95.90 01.!', T: 9,.t1.2 101.•1
MINING $ QUARRYING 1.04 1.14 0.92 1.17 1.30 1.40 1.33 1.50 1.46 1.38 1.76 2.57 291 3.E 3.1
MANUFACTURING 4.24 5.98 5.02 6.93 10.23 13.39 14.12 12.36 14.37 16.88 12.25 20.99 24,57 26.E 27.43
CONSTRUCTION 5.43 5.34 7.71 18.48 14.56 13.69 12.53 17.17 15.00 11.82 14.42 21.05 24.97 Mk 29 . 10
TOTAL 87.48 109.10 110.74 150.50 160.11 170.83 187.80 212.72 233.15 263.63 293.81 339.68 367.1.* 402.3 427.41
SERVICES X OF TOTAL 51.26 50.60 56.27 53.07 53.43 54.19 57.12 58.71 60.02 59.52 60.17 58.63 61.35 61.2 62.11
Source: Organization of East Caribbean States - Economic Affairs Secretariat
Sectoral Composition of Gross Domestic Productat Factor Cost and Current Prices - EC$ MILLION
Grenada
Activity 1900 1901 1932 1983 1984 1905 1906 1987 1 9 80 1929 1990 1 901
Electricity & Water 3.40 3.10 4.40 4.40 4.00 6.40 7.50 2.•0 9.90 11.50 13.00 14.30
Wholesale t Retail Trade 26.70 22.10 23.40 27.30 2'., .30 33.50 3•.20 42.00 45.90 50.10 51.50 57.20
Hotol t Restaurant 6.80 8.10 8.40 9 .20 11.70 15.30 17.70 IC.70 21.30 24.00 27.70 33.20
Trasport 16.00 17.10 19.00 19.90 22.30 24.70 29.30 32.32 77.45 41.72 45.27
fsmr.lunitin 5.50 5.40 6.40 7.50 7.80 6.80 0.20 10.10 11.72 12.00 11.7 7 15.00
Rank .:. 1. Insurance 7.60 9.50 10.10 10.40 22.20 17.. 9 0 15.00 16.20 17.40 12.57 19. 9 0 20.7?
EL-%..1 !.7.t:te t Housin9 12.20 12.70 12. 9 0 12.90 15.70 17.50 18.70 19.90 21.70 22.20 '2. 27.0
Governt::t ServilJes 27.10 32.70 33.90 .41.00 4 ,..60 51.50 52.60 60.20 67.10 82.00 22. 9 0 9 1 -1
Othe! Services 8.50 9 .00 9.70 10.20 10.60 11.00 11.50 12.00 12.50 12.60 12.00 12.00
SERYHES 117.00 117.30 137.50 143.70 150.80 180.60 204.70 220.20 210.60 275.62 2 99.00 319.60
AGRICULTURE 41.40 44.80 42.70 41.30 41.90 44.20 52.90 60.50 72.00 73.70 72.70 ..., ,7,o.t . ,
MINING t QUARRYING 0.50 0.60 0.20 0.60 0.50 0.20 1.10 1.20 1.20 1.40 1.70 1.90
MANUFACTURING 6.60 0.70 10.20 10.50 9.80 12.50 13.20 16.00 18.40 20.80 22.60 24.30
CONSTRUCTION 11.30 17.30 20.30 17.30 12.40 19.40 23.40 28.30 33.90 40.50 44.50 42.20
TOTAL 173.60 188.70 205.30 213.40 233.40 257.50 295.30 335.20 366.10 412.02 440.00 462.70
SERVICES X OF TOTAL 65.55 62.16 65.03 67.34 68.47 70.14 69.32 65.69 65.72 66.29 68.16 69.07
Source: Organization of East Caribbean States - Econosic Affairs Secretariat
Appendix 1
$r. toral Composition of Gross Domestic Productat FaCtr Cost and Current Prices - J$ Million
Jamaica
PActivity 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1 , 91
Electricity & Rater 58.50 84.20 89.60 75.20 91.30 109.10 163.50 287.70 346.40 569.10 612.10 600.80 682.30 952.60 12'9.40
Transport, Storage &Communication
192.10 227.80 250.90 243.90 267.80 324.50 386.70 693.60 931.30 1232.20 1475.60 1639.70 183".70 2429.80
f:stributive Tradet;tolesale & Retail)
472.00 411.90 759.00 213.00 1094.90 1228.80 1370.70 1948.10 2456.80 2794.20 3471.10 3967.00 4707.60 0221.40 :'65.70
Financial Institutions 114.99 115.70 165.60 209.80 309.00 726.90 457.00 564.40 650.60 931.70 1153.40 1484.00 1251.'1.1 2472.60 7: ''.1 1
E?:1 Estate Liusiness Serves
229.02 319.80 360.80 407.60 505.30 596.50 675.60 834.40 991.70 1091.00 1216.10 1326.80 1472.10 17 9 4.60
Producers of Gov't Services 436.52 509.20 565.50 665.60 754.20 894.30 1001.40 1108.90 1163.20 1280.00 1423.50 1660.70 1813.00 2120.80 2:':.60
!!.s.to11anetis Servitor 151.70 182.80 191.90 207.70 240.30 266.90 299.50 386.80 499.20 596.70 712.60 766.80 ':- 28.2 121.10 1 -
H'•fAo1d & Private 53.20 50.40 47.10 44.20 47.40 52.60 56.80 70.00 84.50 111.30 117.90 148.20 101.50 222 . 2 0 72.50Non-profit In t.
51- PICES 1777.20 1931.80 2438.40 2763.00 3310.20 3799.60 4411.20 5893.90 7123.70 8606.20 10182.30 11594.00 17581.70 176'.....1t1
Arl71201.TURE, F0RESTRY & 263.02 296.10 310.00 384.80 395.80 396.00 450.50 544.20 671.50 849.40 992.10 1086.80 122':, .3n 15,-301- :':HING
MINING & QUARRYING 308.00 510.40 622.50 678.00 543.50 339.30 278.70 664.30 569.30 901.80 1146.70 1727.30 2096.50 2831.30 4816.60
MANUFACTURING 544.10 636.70 694.40 764.80 851.80 1009.30 1273.80 1731.50 2237.00 2946.70 3460.20 3780.60 4541.40 5866.90 77';.20
CONSTRUCTION 181.20 252.10 311.30 279.10 365.90 470.90 566.80 841.60 953.00 1086.10 1405.00 2021.10 2672.40 3586.80 5564.70
TOTAL 3074.20 3627.10 4376.60 4869.70 5467.90 6015.10 6981.00 9675.50 11554.50 14390.20 17186.30 20209.80 24123.90 31560.40 41352.90. .,., .
SERVICES I OF TOTAL ,-4,641**4,.,,,, ,,4 ,,,,...
, 57.83: ...; .,:..,
:
53.26..•;:,„..,...
......,..
55.71 56.74 60.55 63.17 63.19 60.92 61.65 59.81 59.25 57.37 56.31 56.05 53.78
p = proviSiOnal: .' ..• - '..,.''',.,.. :: . • . ik..W . .
Source: Planning Institute of Jamaica, Economic and Social Survey Jamaica,1283. 1984, 1985, 1987, 1991.
Pppench x 1
SAoral Composition of Gross Domestic Productat Factor Cost and Current Frices - ECS MILLION
MONTSERRAT
Activity 1977 1978 1979 1980 1901 1202 1903 1904 1905 1906 ! - !:.7
Electricity 1 Water 0.91 1.08 0.99 1.06 2.03 2.12 2.97 3.34 3.29 7.76 3.80
Wholesale & Retail Trade ' 9 ' 5.84 5.23 8.92 12.65 17.47 13.15 12.75 12.64 15.41 21.72
Notc, 1 t Restaurant 0.98 0.97 1.37 1.75 2.40 2.67 2.99 3.22 7.59 7.80 4.18
Transport 1.52 2.64 7.04 7.51 4.37 1.93 5.53 5.55 6.01 7.16 8.27
Communication 0.46 9.42 12.5E 0.75 0.80 1.60 2.95 4.17 4.44 4.65 ,,4 . ,,.
Ban!: I Insurance 1.29 1.44 1. 27 2.67 7 .4 9 4.05 5.14 5.11 5.71 6.1 ,_ 6 :!?
'Real Estate t Hou:in3 r.,.75 '. :' 7 .42 11.20 11.26 11.44 17.43 13.86 11.18 11.6 - 1 II^
Government Services 2.02 3.11 . nc4.,.,0 4.85 4.06 5.76 ,-...64 7.68 7 . 7 2
tithe! Services 7.81 4.54 5.50 2.44 10.99 11.91 12.57 14.53 15.91 15 ..T 16.08
SERVICES 22.57 26.04 2 9 .09 13.07 52.09 57.25 65.77 70.51 72.52 ,-: 7.1.i.r.
AGRICULTURE 1.37 1.51 2.03 2.40 n *:, .1...... 7.71 7 26 3.95 4.71 . 4.4 4.89
MIMING t OUARRYING 0.24 0.35 0.35 0.36 0.45 1.11 0 . 69 1.10 1.20 1.12 1.54
MANUFACTURING 1.79 2.20 7.02 7.48 4.10 1.03 5.30 5.60 5.12 5.77 6.78
CONSTRUCTION 2.01 2.95 4.91 5.23 6.39 0.4e''' 5.75 6.17 7.09 11.56 13.13
TOTAL 20.70 33.13 39.40 . 59.50 66.02 74.66 80.37 87.33 90.31 112.47 112.44
SERVICES •% OF TOTAL 78.50 78.60 77.03 80.72 79.15 77.62 01.34 00.74 00.30 77.37 f. ;8
Source: Organization of East Caribbean States - Economic Affairs Secretariat
Activity 1977 1978 1979 1980 1981 1982
Sectoral Composition of Gross Domestic Product - EC$Millionat Factor Cost and Current Prices - ECS MILLION
St. Christopher & Nevis
1983 1984 1985 1986 1987 1988 1989 1990
Electricity & Water 0.61 0.71 0.81 0.88 1.11 1.43 1.36 1.60 1.78 4.40 2.96 2.71 3.56 4.76
Wholesale & Retail Trade 7.01 8.25 9.80 12.99 14.09 16.53 18.27 20.69 23.95 27.96 32.99 35.36 48.33 51.02
Hotel & Restaurant 1.42 3.28 4.79 4.49 5.39 4.30 4.35 7.35 11.82 16.15 21.73 21.93 24.06 27.45 .+4 -
Transport 3.81 4.60 5.06 6.54 8.89 10.35 11.63 13.65 14.98 17.41 19.98 22.03 24.42 29.14
Communication 2.05 2.72 2.78 3.46 6.53 7.10 4.79 5.89 6.16 8.88 9.84 18.48 21.40 25.98 2
Bank & Insurance 3.79 4.01 4.58 5.25 5.84 8.56 8.18 11.09 11.89 19.29 17.18 22.50 20.09 28.66
Real Estate & Housing 5.26 5.31 6.51 6.66 7.48 7.82 8.13 8.45 8.98 9.52 10.00 10.61 11.44 12.28
Government Services 11.75 15.97 18.25 19.20 26.64 28.55 29.93 36.08 37.33 41.23 44.64 49.54 56.21 o3.20
Other Services 3.55 3.53 3.97 5.20 6.57 7.30 7.83 8.40 9.01 9.65 10.13 10.53 11.42 12.26 1j
SERVICES 39.25 48.38 56.55 64.67 82.54 91.94 94.47 113.20 125.90 154.49 169.45 193.69 228.93 254.75 2i -.;1
AGRICULTURE 13.10 12.28 13.64 16.51 13.83 20.31 16.19 19.22 16.44 22.87 25.94 28.05 24.85 23.26
MINING & QUARRYING 0.20 0.16 0.24 0.32 0.33 0.41 0.45 0.38 0.45 0.50 0.64 1.37 1.54 2.57
MANUFACTURING 12.54 13.24 12.79 15.74 17.88 18.66 17.55 22.62 21.94 32.83 35.37 44.25 45.79 46.24 50.
CONSTRUCTION 6.59 5.49 8.12 10.58 10.85 13.60 14.96 12.82 15.05 16.68 21.32 34.16 38.38 51.73 5..
TOTAL 71.68 79.55 91.34 107.82 125.43 144.92 143.62 168.24 179.78 227.37 252.72 301.52 339.49 378.55 418.
SERVICES Z OF TOTAL 54.76 60.82 61.91 59.98 65.81 63.44 65.78 67.28 70.03 67.95 67.05 64.24 67.43 67.30 62.
Source: Organization of East Caribbean States - Econosic Affairs Secretariat
Appendix 1
Sectoral Composition of Gross Domestic ProductAt Factor in Current Prices
EC:MillionSt.Lucia
Activity 1985 1986 1987 1988 1989 1990 1'.'91
Electricity I.- Water 16.20 15.50 16.80 17.30 20.00 23.80 24.20
Wholesale & Retail 72.80 94.70 105.20 114.00 126.00 146.20 160.'0
Hotels /. Restaurant 34.90 45.80 56.70 57.10 68.80 77.40 2:9.00
Transportation 65.50 72.40 88.10 94.30 98.30 104.00 Il• 0
Communications 19.00 24.80 29.00 34.40 34.80 41.20 45.20
Banks I, Insurance 36.60 38.60 45.20 52.80 66.70 72.90 7/.99
Real Estate & Housing 26.90 29.70 32.50 35.70 39.40 45.50 51.30
Government Services 86.70 90.80 98.90 99.90 127.10 123.00 132.09
Other Services 19.00 21.50 23.10 25.10 27.20 29.70 32.00
SERVICES 377.60 433.80 495.50 530.60 608.30 663.70 721A
AGRICULTURE 76.60 104.60 82.20 114.70 107.20 125.60 119.70
MINING & QUARRYING 2.60 2.70 2.60 3.60 6.20 5.10 5.40
MANUFACTURING 43.40 50.00 55.50 62.20 69.50 73.00 72.80
CONSTRUCTION 32.00 36.70 40.00 53.60 73.50 61.00 73.80
TOTAL 532.20 627.80 675.80 764.70 864.70 928.40 993.30
Services as 1 Total 70.95 69.10 73.32 69.39 70.35 71.49 72.65
Source: Organization of East Caribbean StatesEconomic Affairs Secretariat.
Appendix 1
Sectoral Composition of Gross Domestic Productat Factor Cost and Curremt Prices - ECS Million
St.Vincent and the Grenadines
Activity 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1007 1908 1989 1990 1 - 91
Electricity I, Nate! 2.44 2.56 3.03 3.36 4.62 5.50 6.98 7.63 6.97 11.03 13.52 17.70 19.03 21.56 23.72
VholesaIe & Retail 11.11 12.80 13.90 17.66 18.39 22.61 24.36 26.09 28.70 31.61 35.50 30.85 43.63 51.70 5. .1!
Note _ t Restaurants 1.93 1.97 2.21 2.66 3.69 4.13 4.49 4.67 4. 9' 5.61 i, .07 7.38 I_L21 :7.10 11.77
Transport 10.90 13.46 15.98 10.30 21.01 25.79 28.88 72.80 35.51 70.92 47.25 C.40 51.57 67.56 73. '0
Colunications 3.10 4.06 5.02 5.4? 7.40 0.77 9.05 8.54 10.94 14.4 9 17.97 22.47 2' . 97 -- 07 72.27
Banks I Insurance 3.45 5.45 7.13 8.32 10.33 12.30 14.06 17.92 16.56 19.77 22.06 2 .44 31.'5 7'.11 1:.:)
Eta': Estate & Hnsing 4.17 4.45 5.22 6.61 8.01 8.18 8.79 9.16 9.41 9.58 10.03 10.37 16.87 12.02 12.46
Goverment Services 14.90 10.96 21.56 22.60 29 .37 32.89 39 .55 41.50 42.93 46.51 55.55 5 9 .67 67.57 73.16
Other Services 2.63 3.07 3.33 4.57 5.31 5.68 6.10 6.36 6.53 6.65 6.97 .21 7.46 0.25 0.55
SERVICES 54.71 66.78, 78.18 89.77 106.93 125.65 142.24 154.63 165.52 . 184.17 211.60 27c.49 267.91. 707.98 734.44
AGRICULTURE 14.70 20.71 19.75 19.63 27.40 31.93 36.56 43.20 49.54 54.7? 54.16 65.09 67.89 03.89 05.81
MINING I QUARRYING 0.27 0.29 0.39 0.50 0.56 0.59 0.63 0.45 0.52 0.76 0.94 0.96 1.04 1.22 '.'3
MANUFACTURING 6.03 10.53 13.39 14.49 10.03 21.18 21.74 29.54 29.29 29.35 32.72 36.21 42.99 32.51 43.35
CONSTRUCTION 10.08 10.79 14.38 18.36 20.5$ 21.82 23.17 16.62 19.44 28.53 31.53 33.25 35.89 42.26
TOTAL 05.79 109.10 126.09 142.95 176.38 201.37 224.34 244.44 264.31 297.58 331.03 374.00 415.77 469.08 510.68
SERVICES AS I TOTAL 63.77 61.21 62.00 62.80 61.76 62.50 63.40 63.26 62.62 61.89 63.95 63.23 64.45 64.69 65.19
Source: Organization of East Caribbean States - Economic Affairs Secretariat
rstdrclt$ 1
Sectoral Composition of Gross Domestic Productat Factor Cost and Current Prices - TT$ MILLION
Trinidad and Tobago
Activity 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 i
Electricity Water 99.30 124.40 168.90 207.20 240.10 384.50 376.90 423.30 457.40 402.90 390.60 340.00 293.40 344.50 390.30
Distribution Servicesincl. Restaurants
510.40 796.60 820.80 1035.60 1466.20 1714.60 1508.10 1267.40 1083.30 1679.00 1774.70 2014.30 2100.80 2266.90 2966 .80
Hotel L Guest Houses 31.70 37.10 46.70 56.00 66.10 72.30 76.70 69.00 61.90 51.60 51.90 56.60 73 . 10 72.30 106.60
Transportation, Storageand Communication
806.20 847.70 1200.60 1092.10 1933.80 2506.30 2460.80 2111.00 1980.90 1925.10 1970.30 1914.40 1825.00 2031.30 21 0k,. 10
Finance, insurance, Real 595.70 772.80 1074.10 1431.60 1837.80 2163.00 2271.30 2175.00 2184.10 2155.60 2045.00 1945.30 1880.20 192c..20 ;026.40Estate & Business Services
;eneral Gov't 635.60 763.50 1064.40 1173.50 1475.20 2868.20 2617.30 2775.60 2741.40 2765.30 2552.20 2441.30 2194.40 22.20
Education & Cultural 207.10 252.20 226.70 380.30 383.10 012.60 808.70 856.40 853.30 830.20 818.00 015.00 733.20 73;.50Community Services
Personal Services 165.90 188.20 274.90 308.60 386.70 437.70 454.80 507.70 430.50 414.20 317.00 351.60 464.00 482.70 4 "..-J
SERVICES 3051.90 3782.50 4939.10 6534.90 7789.00 10959.70 10574.60 10185.40 9792.80 10223.90 9919.70 9886.50 9564.10 10160.60 1141. 1 .5
PETROLEU`! INDUSTRIES 3169.30 3041.80 4392.40 6664.40 6286.00 5411.10 4645.70 4972.00 4819.40 3831.10 4246.20 3951.30 4755.10 6161.60 4702.70
AGRICULTURE 193.80 225.80 239.80 278.10 369.00 453.80 454.60 349.40 344.50 335.70 356.80 322.40 306.00 351.80 344.20
SUGAR INDUSTRY 113.70 102.90 193.50 221.00 204.90 173.50 312.70 238.20 361.20 264.90 271.70 302.40 273.90 296.20 290.90
CONSTRUCTION & QUARRYING 638.50 1088.48 1316.30 1702.30 2419.90 2992.30 2698.50 2365.80 2013.60 1634.40 1544.20 1596.10 1622.20 1655.20 1928.0
MANUFACTURING 567.00 634.70 772.00 911.70 980.10 1174.30 1358.70 1320.00 1197.10 1282.70 1249.60 1243.10 1527.10 1682.60 1854.60
TOTAL 7734.20 8876.18 11853.10 16312.40 18048.90 21164.70 20044.80 19430.80 18528.60 17572.70 17588.20 17301.80 18048.40 20317.00 20543.60
SERVICES : OF TOTAL 39.46 42.61 41.67 40.06 43.15 51.78 52.75 52.42 52.85 58.18 56.40 57.14 52.99 50.04 55.58
Source: Republic of Trinidad and Tobago, Central Statistical Office,The National Income of Trinidad and Tobago, 1966-1985 CSO, P.O.S. 1987Other C.S.O. data.
S (62.1%)
C (6.8%)
M (6.4%)_M & Q (0.9%)
A (23.8%)
APPENDIX 2
Figure 7: Sectoral Shares GDP, Dominica1977
S (51.3%)
S= Services A= Agriculture C= ConstructionM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
Figure 8: Sectoral Shares GDP, Dominica1991
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
S (65.6%)
C (6.5%)
AINT03%)
A (23.8%)
C (10.4%)
A (140 3(U 1%)
APPENDIX 2
Figure 9: Sectoral Shares GDP, Grenada1980
S= Services A= Agriculture M=ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
Figure 10: Sectoral Shares GDP, Grenada1991
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
M (17.7%)(8.6%)
M Sz. Q (10.0%)
C (5.9%)
APPENDIX 2
Figure 11: Sectoral Shares GDP, Jamaica1977
S = Services A & F = Agriculture ect. M = ManufM & Q = Mining and Quarrying C = Construction
Source: Planning Institute of JamaicaEconomic and Social Survey 1983
Figure 12: Sectoral Shares GDP, Jamaica1990
S (56.0%)
S = Services A & F = Agriculture ect. M = ManufM & Q = Mining and Quarrying C = Construction
Source: Planning Institute of JamaicaEconomic and Social Survey 1991
S (78.5%
C (9.8%)
(V6%)A (4.6%)
S (77.4%
C (11.5%)
M i\g, (?")
A (4.1%)
APPENDIX 2
Figure 13: Sectoral Shares GDP, Montserrat1977
S = Services A = Agriculture M = ManufacturingM Q = Mining and Quarrying C = Construction
Source: OECS/EAS
Figure 14: Sectoral Shares GDP, Montserrat1987
S = Services A = Agriculture M = ManufacturingM & Q = Mining and Quarrying C = Construction
Source: OECS/EAS
S (54.8%)
C (9.2%)
A (18.3%)M & Q (0.3%) M (17.5%)
S (67.8%)
C (12.7%)
• 1A _(6.7%) M (12.1%)
ro&Q (0.6%)
APPENDIX 2
Figure 15: Sectoral Shares GDP, St.Christopher & Nevis1977
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
Figure 16: Sectoral Shares GDP, St.Christopher & Nevis1991
S= Services A= Agriculture M= ManufacturingM & Q= Mining and Quarrying C= Construction
Source: OECS/EAS
S (72.6%)
C (7.4%)
M (7.3%)M1% Q (0.5%)
A (12.1%)
S (71.0%)
C (6.0%)
M (8.2%)M & Q (0.5%)
A (14.4%)
APPENDIX 2
6
Figure 17: Sectoral Shares GDP, St. Lucia1991
S = Services A = Agriculture M = ManufacturingM & Q = Mining and Quarrying C = Construction
Source: OECS/EAS
Figure 18: Sectoral Shares GDP, St. Lucia1985
S = Services A = Agriculture M = ManufacturingM & Q = Mining and Quarrying C = Construction
Source: OECS/EAS
APPENDIX 2
Figure 19: Sectoral Shares GDP, St. Vincent1977
S = Services A = Agriculture M = ManufacturingM & Q = Mining and Quarrying C = Construction
Source: OECS/EAS
Figure 20: Sectoral Shares GDP, St. Vincent1991
S = Services A = Agriculture M = ManufacturingM & Q = Mining and Quarrying C = Construction
Source: OECS/EAS
M (7.3%)
C & Q (8.3%)(1.5%)
A (2.5%)
P (41.0%)
S (39.5%)
S (55.6%)
M (9.0%)
P (22.9%)C & Q (9.4%)
S (1.4 %)A (1.7%)
APPENDIX 2
4
Figure 21: Sectoral Shares GDP, Trinidad and Tobago1977
S= Services P= Petroleum M= ManufacturingS= Sugar Industry C= Construction A= Agriculture
Source: Republic of Trinidad and Tobago, Central Statistical Office,The National Income of Trinidad & Tobago, 1965-1985 CSO, P.O.S. 1987Other C.S.O. data.
Figure 22: Sectoral Shares GDP, Trinidad and Tobago1991
S= Services P= Petroleum M= ManufacturingS= Sugar Industry A= Agriculture C= Construction
Source: Republic of Trinidad and Tobago, Central Statistical Office,The National Income of Trinidad & Tobago, 1965-1985 CSO, P.O.S. 1987Other C.S.O. data
Appendix 3
Balance of Payments, US$ MillionDosinica
Activities 1981 1982 1983 1984 1985 1986 1987 1938
Goods Balance -25.48 -18.08 -15.01 -25.12 -23.60 -7.24 -12.27 -23.95Exports (fob) 19.70 25.10 27.80 25.60 28.40 43.40 48.00 55.60'sports (fob) -45.18 -43.18 -42.81 -50.72 -52.00 -50.64 -60.27 -79.55
ServicesShip.ent and Other
Transportation: -4.52 -4.32 -4.29 -5.08 -5.20 -5.06 -6.03 -7.95
Travel:Credit 3.30 6.60 8.20 10.80 9.00 10.40 11.50 12.30Debit -1.90 -2.30 -2.20 -2.30 -2.50 -2.90 -3.00 -3.20
InvestilentCredit 1.00 1.00 1.26Debit -0.50 -0.80 -1.70 -1.90 -1.90 - 1.90 - 1.69 -1.70
Other GoodsServices & Income
Credit 0.40 1.00 0.40 0.40 0.30 1.20Debit -0.50 -0.30 -0.40 -2.10 -4.10 -4.90 - 4.00 - 3.30
Transfers 15.40 10.39 12.39 17.60 20.80 17.48 16.99 12.28
Current Account Balance -12.80 -7.81 -1.75 -7.10 -6.30 6.28 1.80 -9.32
CAPITAL ACCOUNT 11.87 8.57 5.74 5.67 6.99 -0.25 -5.98 0.01
Source: International Monetary Fund, Balance of Paysents StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 3
Balance of Payments, US$ MillionAntigua and Barbuda
Activities 1980 1981 1982 1983 1984 1985 1986 1987
Goods Balance - 55.21 - 73.86 - 77.41 -63.22 -114.97 - 146.50 -253.25 -229.75Exports (fob) 59.50 51.40 49.30 36.50 35.20 28.30 30.90 28.50Imports (fob) - 114.71 - 125.26 -126.71 -99.72 - 150.17 -174.80 -284.15 -258.25
ServicesShipment and Other
Transportation: -11.49 -12.54 -12.69 -9.92 -15.03 -17.50 -28.45 -25.85
Travel:Credit 42.80 5040 49.40 59.10 129.70 147.80 166.70 108.40Debit -3.10 -4.40 -5.00 -0.20 -15.30 -13.40 -14.10 -14.80
"InvestmentCredit 2.80 3.20 6.60 5.00 5.10 2.40 2.50 2.60Debit - 6.90 - 9.30 -17.90 -11.20 -9.70 -7.20 - 9.40 -26.50
Other GoodsServices t Income
Credit 1.80 2.10 2.30 3.70 2.40 2.50 3.00 3.30Debit -2.50 -2.80 -3.10 -2.10 -2.30 -7.50 -13.00 -10.00
Transfers (Net) 10.10 10.40 9.40 10.60 14.50 14.20 17.20 18.70
Current Account Balance - 18.80 - 32.70 -41.60 - 9.10 0.60 -23.10 -126.60 -83.30
CAPITAL. ACCOUNT 26.10 38.83 38.60 2.30 -0.50 23.10 108.60 74.51
Note: Discrepancy between current account balance and MI of the various components
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol 41 Part 1, 1990.
APPendix 3
Activities 1902 1983
Balance of Payments, US$ MillionSt. Lucia
1984 1905 1986 1987 1988 1989
Goods Balance -65.75 -49.58 -59.91 -61.63 -57.81 -84.59 -81.88 -123.27Exports (fob) 41.60 47.50 47.80 52.00 02.90 77.30 119.10 111.90Imports (fob) -107.35 -97.08 -107.71 -113.63 -140.71 -161.89 -200.98 -235.17
ServicesShipment and Other
Transportation: - 10.75 -9.72 -10.79 -11.37 -14.09 -16.21 -20.12 -26.13
Travel:Credit 29.50 36.20 39.80 43.70 56.80 66.40 101.50 113.00Debit -9.40 -10.40 -14.60 -14.60 -14.90 -15.30 -20.60 -21.20
Investment IncomeCredit 0.40 0.30Debit -0.70 -1.50 -1.60 -1.70 -1.70 -1.70 -2.60 -2.60
Other GoodsServices & Income
Credit 15.20 18.69 24.20 25.80 26.50 28.10 22.50 22.50Debit -8.10 -9.90 -14.50 -13.60 -14.30 -14.30 -16.60 -16.60
Transfers (Net) 19.20 21.30 24.00 20.90 21.20 24.70 14.80 12.40
Current Account Balance -30.80 -4.91 -13.40 -12.50 1.70 -12.90 -2.60 -41.60
CAPITAL ACCOUNT 30.52 7.10 14.51 12.77 -3.04 11.45 2.20 41.70
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 3
Activities 1982 1983 1984
Balance of Payments, US$ MillionSt. kitts
1985 1986 1987 1988 19U9
Goods Balance -20.92 -20.31 -27.08 -26.33 -28.18 -40.16 - 52.47 -56.87
Exports (fob) 12.24 18.43 20.15 20.37 27.17 29.80 29.10imports (fob) - 39.82 -46.74 -47.23 -46.70 -55.35 -69.96 -81.57 -89.67
ServicesShipment and Other
Transportation: -3.94 -4.62 -4.67 -4.62 -8.45 -10.95 -12.66 -13.67
Travel:Credit 9.80 10.40 17.72 20.10 26.50 33.50 37.60 40.30
Debit - 3.10 -3.10 -1.60 - 1.70 - 1.81 -2.59 - 3.00 -3.40
Investment IncomeCredit 1.30 1.80 0.90 0.30 2.10 2.80 4.00 3.20
Debit -0.40 - 0.40 -0.50 - 0.90 - 2.89 -3.76 -4.24 -4.:9
Other GoodsServices 6 Income
Credit 3.40 2.60 2.60 2.70 2.42 2.67 3.00 3.54
Debit -5.90 - 3.40 - 3.20 -4.70 - 2.30 -2.37 - 2.82 - 11.12
Transfers (Net) 11.10 10.30 11.50 8.47 10.89 12.23 13.58 15.20
Current Account Balance -8.72 -14.74 -4.34 -o.68 -1.72 -8.64 -17.61 -2820
CAPITAL ACCOUNT 5.54 14.35 5.55 7.21 0.06 6.37 17.02 36.16
Source: international Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 3
Activities 1982 1983 1984
Balance of Payments, US$ MillionSt. Vincent and the Grenadines
1985 1986 1987 1988 1989
Goods Balance -26.40 -22.26 -15.34 -8.08 -10.30 -37.17 -24.68 -40.15Exports (fob) 32.19 41.10 53.60 63.20 68.00 52.30 85.30 74.60Imports (fob) -58.59 -63.36 -68.94 -71.28 -72.30 -89.47 -109.98 -114.75
ServicesShipment and Other
Transportation: -6.51 -7.04 -7.66 -7.92 -10.60 -11.00 - 12.22 -14.05
Travel:Credit 14.50 15.70 15.60 17.50 18.10 18.90 21.30 25.20Debit -5.60 -6.40 -6.40 -7.40 -3.80 -3.50 -3.70 -5.10
Investment IncomeCredit 0.20 0.20 0.20 3.10 2.60 2.90 3.20Debit -2.90 -2.50 -3.00 -3.10 -6.60 -7.30 -10.40 -10.18
Other GoodsServices & Income
Credit 1.20 2.10 3.50 1.70 3.20 4.80 5.70 5.70Debit -2.90 -1.80 -3.20 -2.60 -2.40 -4.10 -4.40 -4.60
Transfers 17.00 19.40 15.50 13.40 20.00 24.40 26.30 30.40
Current Account Balance -10.81 -2.60 -1.00 3.70 11.30 -12.37 0.80 -9.98
CAPITAL ACCOUNT 10.35 3.24 0.96 -5.56 -6.07 14.61 1.40 10.90
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 3
Balance of Payments, USE MillionBritish Virgin Islands
Activities 1985 1986 1987 1988
Goods Balance -71.60 -78.00 -87.60 -94.80
Exports 6.00 6.80 7.50 8.70Imports -77.60 -84.80 -95.10 -103.50
Services Balance 27.80 43.40 63.40 75.90
Exports: 74.30 97.40 122.20 142.40Foreign Travel 67.80 88.80 110.80 120.00
Investment Income 2.40 4.00 6.30 17.30
Other 4.10 4.60 5.10 5.10
Imports: 46.50 54.00 58.80 64.40Foreign Travel 15.20 17.10 18.70 22.00Investment Income 17.40 21.50 23.10 24.00
Other 13.90 15.40 17.00 18.40
Goods and Services -43.80 -34.60 -24.20 -18.90
Transfers 1.60 0.90 1.60 1.70
CURRENT ACCOUNT BALANCE -42.20 -33.70 -22.60 -17.20
Source: Development and Planning Unit in British Developmentin the Caribbean Feanbility Study of the British VirginIslands Community College, Bridgetown, December 1992.
Appendix 3Balance of Payments, US$ Million
Trinidad and Tobago
Activities 1981 1982 1983 1984 1985 1986 1987 1988
Goods Balance 848.80 -258.10 -206.80 405.90 756.10 153.60 339.30 389.20Exports (fob) 2612.30 2228.60 2026.50 2110.80 2110.70 1363.10 1396.90 1453.30imports (fob) - 1763.50 -2486.80 -2233.30 -1704.90 -1354.60 -1209.40 - 1057.60 - 106i.20
ServicesShipment E. Other Transportation
Credit 236.70 235.90 206.40 196.10 154.90 178.20 104.20 123.30Debit - 326.70 -436.70 -406.30 -342.00 -305.80 -245.00 -215.90 -193.70
Travel:Credit 155.30 197.00 87.00 98.50 97.10 83.30 93.70 91.90Debit - 167.30 -225.00 -261.40 - 276.20 -218.70 -165.30 -157.50 -168.40
Investment incomeCreditDebit -421.10 -200.30 -160.40 -237.10 -290.20 -121.30 - 114.70 - 130.60
Other GoodsServices E. Income
Credit 472.80 503.00 339.30 279.40 328.80 253.70 109.10 165.20Debit -669.S0 -739.10 -843.00 -802.30 -761.70 -634.40 - 510.40 -515.10
Transfers -92.30 - 140.00 -86.60 -83.20 -59.40 -49.90 -36.80 -29.60
Current Account Balance 374.50 -644.90 -1002.90 -522.50 -90.30 -441.70 -242.20 -161.00
CAPITAL ACCOUNT - 265.50 645.80 1253.50 570.10 321.70 525.20 334.00 231.50
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 3
Balance of Payments, US$ MillionJamaica
Activities 1902 1903 1984 1985 1986 1987 1988 1989 1990
GoodsExports (fob) 768.50 685.70 702.40 568.50 589.70 709.20 833.10 998.10 1157.50Imports (cif) 1204.40 1124.20 1183.20 1143.70 969.20 1234.30 1449.40 1820.10 1942.40
Balance of Trade -435.90 - 430.50 -480.80 - - -525.10 -566.30 -822.00 - 784.90
Services (net) - 102.90 - 12.00 7.40 38.30 198.10 216.60 360.20 241.30 180.20Exports: 626.70 646.50 624.90 689.60 828.30 1105.20 1369.10 1143.40 1170.90
Foreign Travel 336.20 399.30 406.60 406.80 516.10 594.90 527.10 593.00 740.00Investment Income 97.10 63.80 18.80 34.90 10.50 5.70 10.10 11.70 14.50Other 193.40 176.30 199.50 247.90 301.70 504.60 831.90 538.70 416.40
Imports: 729.60 664.50 617.50 651.30 630.20 888.60 1008.90 902.10 990.70Foreign Travel 30.10 25.00 21.30 31.50 35.10 43.70 56.50 54.30 54.20Investment Income 280.60 248.90 320.60 340.60 332.20 404.70 417.50 453.00 532.10Other 418.90 390.60 275.60 279.20 262.90 440.20 534.90 394.80 404.40
Goods and Services - 530.80 -456.50 -473.40 -536.90 -181.40 - 308.50 -206.10 -500.70 -604.70
Transfers (net) 150.40 101.50 120.60 221.20 142.10 171.60 205.50 322.90 264.60
Current Account Balance -388.40 - 355.00 -352.80 -315.70 -33.30 -136.90 -0.60 - 257.80 -340.10
Net Capital Movement 471.70 65.90 578.50 243.10 9.30 360.10 180.60 87.40 432.80
Change in Reserves(minus : increase)
-83.30 289.10 - 225.70 72.60 24.00 -223.20 -180.00 170.40 -92.70
preliminary
Source: Planning Institute of Jamaica Economic andSocial Survey 1991, 1987, 1985, 1984, 1983
Appendix 3
Balance of Payments, BOSS MillionBarbados
Activities 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
Visible Trade (374.40) (406.50) (566.00) (687.30) (025.00) (689.60) (701.90) (641.90) (618.10) (720.10) (807.20) (915.10) (1104.20) (1146.90) (1138.10)
Exports 171.30 223.10 264.50 363.60 327.40 418.80 547.40 683.30 604.30 491.30 264.30 291.30 295.50 303.80 288.90Imports 545.60 629.60 830.50 1050.90 1152.40 1108.40 1249.30 1325.20 1222.50 1211.40 1071.60 1206.40 1399.70 1450.70 1427.60
. Services (Het) 239.30 310.00 453.10 590.00 538.20 558.80 561.70 635.00 608.00 664.90 686.90 884.40 1087.30 986.30 980.30
Transfers (4et) 31.90 33.60 43.90 43.00 36.10 46.50 41.60 29.40 11.10 23.50 13.30 35.40 11.70 85.50 66.40
Current Balance (103.20) (62.90) (68.90) (54.30) (250.70) (84.30) (90.60) 22.40 81.00 (31.80) (107.00) 4.70 (5.30) (75.10) (91.10)
Capital Account 59.90 61.00 16.80 102.70 242.60 74.70 103.60 (30.20) (10.50) 31.70 184.90 85.10 23.40 91.90 (2.30)
long-tern Capital 38.90 24.20 (15.80) 46.70 155.10 17.80 44.30 (35.60) 23.10 25.50 141.10 62.60 1.20 63.20 (5A)
Errors 6 Omission 37.40 60.30 74.30 (8.40) (70.70) 23.90 8.30 9.90 18.00 6.30 (37.30) (18.10) (09.60) (110.10) (24.80)
Basic Balance (64.30) (38.80) (84.70) (7.60) (96.60) (66.40) (54.20) (13.20) 104.10 (o.30) 34.10 67.30 (4.00) (11.90) (97.10)
Balance for OfficialFinancing (6.00) 58.30 22.10 40.10 (78.70) 14.40 13.30 2.10 88.60 6.20 40.50 71.70 (71.50) (93.30) (118.50)
Official FinancingTransactions 35.10 0.00 (4.00) (15.00) 33.°0 47.40 29.30 7.30 (6.70) (27.10) (46.10) (22.50) (13.10) 4.10 22.70
Change in ReservesCBE Basis (29.20) (58.30) (18.10) (25.10) 44.90 (61.80) (42.6) (9.30) (81.00) 20.90 5.60 (49.20) 84.60 09.20 95.80
Decrease/- Increase)
Source: Central Bank of Barbados, Balance of Payments 1992
Appendix 3Balance of Payments, US$ Million
Grenada
Activities 1981 1982 1983 1984 1985 1986 1987 1988
Goods Balance -37.07 -59.03 -57.88 -32.92 -43.26 -57.17 -61.20 -61.69
Exports (fob) 19.00 18.50 19.30 18.20 22.30 28.80 31.60 32.81
imports (fob) -56.07 -59.03 -57.88 -51.12 -65.56 -85.97 -92.80 -94.50
ServicesShipment and Other
Transportation:Credit 0.60 0.80 0.80 0.90 1.00 1.00 1.81 1.81
Debit -7.43 -8.27 -9.02 -8.48 -10.16 -12.75 -14.11 -14.69
Travel:Credit 17.00 16.40 16.60 19.50 28.39 36.69 42.71 47.49
Debit -3.16 -2.40 -2.50 -2.70 3.10 -3.50 -4.10 -4.52
InvestmentCredit 1.30 1.50 1.70 1.40 1.20 1.60 1.50 1.52
Debit -1.10 -1.40 -1.80 -2.90 -3.10 -3.40 -3.90 -4.30
Other GoodsServices & Income
Credit 1.10 1.10 1.20 1.20 1.20 1.20 2.41 1.52
Debit -8.00 -11.80 -8.60 -7.20 -7.81 -9.81 -9.52 -8.00
Transfers 22.89 26.90 25.30 35.00 38.22 35.90 19.99 21.59
Current Account Balance -13.87 -17.70 -14.90 3.80 2.58 -10.24 -24.40 -19.25
CAPITAL ACCOUNT 11.03 19.01 12.14 7.85 -0.80 12.03 22.84 21.08
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 4
Exports of Goods and Services, US$ MillionGrenada
Activities 1981 1982 1983 1984 1985 1986 1987 1T(38
GoodsExports 19.00 18.50 19.30 10.20 22.30 28.20 31.60 32.81
Non-Factor Services Exports 12.60 17.20 17.40 20.40 29.39 37.69 44.52 49.30
Exports of Goods andNon-factor Services 36.60 35.70 36.70 38.60 51.69 66.49 76.12 82.11
Factor Services Exports 1.30 1.50 1.70 1.40 1.20 1.60 1.50 1.52
Exports of Goods Services 37.90 37.20 38.40 40.00 52.89 68.09 77.62 83.63
Non-factor Services Exportas Z of Goods & Non-factorServices Exports 48.09 48.18 47.41 52.85 56.80 56.69 58.49 60.04
Non-Factor Services Exportsas a : of Goods & Services 46.44 40.24 45.31 51.00 55.57 55.35 57.36 58.95
Note: Excludes catch-all item - 'other goods, services and income.'
Source: international Monetary Fund, Balance of Payments - StatisticsYearbook Vol 41 Part 1, 1990
Appendix 4
Exports of Goods and Services, USt MillionDominica
Activities 1981 1982 1983 1984 1985 1986 1987 1908
GoodsExports (fob) 19.70 25.10 27.80 25.60 28.40 43.40 48.00 55.60
Non-Factor Services Exports 3.30 6.60 8.20 10.80 9.80 10.40 11.50 12.30
Goods & Non - factor ServicesExport 23.00 31.70 36.00 36.40 38.20 53.60 59.50 67.90
Factor Services Exports 1.00 1.00 1.26
Exports of Goods and Services 24.00 32.70 37.26 36.40 38.20 53.60 59.50 67.90
Exports of Non-factor Servicesas 1 of Goods Non-factorServices 14.35 20.82 22.78 29.67 25.65 19.40 19.33 12.11
Exports of Non-Factor Servicesas a 1 of Total Goods Services 13.75 20.18 22.01 29.67 25.65 19.40 19.33 18.11
Note: Excludes catch-all item - 'other goods, services and income."
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 4Exports of Goods and Services, USt Million
Antigua and Barbuda
Activities 1980 1981 1982 1983 1984 1985 1986 1981
GoodsExports 59.50 51.40 49.30 36.50 35.20 28.30 30.90 20.50
Non-Factor Services Exports 42.80 50.40 49.40 59.10 129.70 147.80 166.70 188.40
Goods & Non-factor ServicesExport 102.30 101.80 98.70 95.60 164.90 176.10 197.60 216.90
Exports of Factor Services 2.80 3.20 6.60 5.00 5.10 2.40 2.50 2.60
Exports of Goods L Services 105.10 105.00 105.30 100.60 170.00 170.50 200.10 .219.50
Exports of Non-factor Servicesas I of Goods & Non-factorServices 41.84 49.51 50.05 61.82 10.65 03.93 04.36 06.06
Exports of Non-Factor Servicesas a : of Total Goods & Services 40.72 48.00 46.91 58.75 76.29 02.80 03.31 85.03
Note: Excludes catch-all item - 'other goods, services and income.'
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol 41 Part 1, 1990.
Appendix 4Exports of Goods and Services, US$ Million
St. Lucia
Activities 1982 1983 1984 1985 1986 1987 1988 1989
GoodsExports 41.60 47.50 47.80 52.00 82.90 77.30 119.10 111.90
Non-Factor Services Exports 29.50 36.20 39.80 43.70 56.80 66.40 101.50 113.00
Export of Goods & Non-factor ServicesServices 71.10 83.70 87.60 95.70 139.70 143.70 220.60 224.90
Factor Services Exports 0.40 0.30
Exports of Goods & Services 71.10 83.70 87.60 95.70 139.70 143.20 221.00 225.20
Non7factor Services Exportsas I of Goods & Non-factorServices 41.49 43.25 45.43 45.66 40.66 46.21 46.01 50.24
Exports of Non-Factor Servicesas a Z of Total Goods Services 41.49 43.25 45.43 45.66 40.66 46.21 45.93 50.18
Note: Excludes catch-all item - 'other goods, services and income."
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 4
Activities
Goods
1982 1983 1984
Exports of Goods and Services, US$ MillionSt. Christopher & Nevis
1985 1986 1987 1982 1989
Exports 18.84 18.43 20.15 20.37 27.17 29.80 29.10 32.80
Non-Factor Services Exports 9.80 10.40 17.72 20.10 26.50 33.50 37.60 40-50
Export of Goods & Hon-factorServices 28.64 28.83 37.87 40.47 53.67 63.30 66.70 73.10
Factor Services Exports 1.30 1.80 0.90 0.30 2.10 2.80 4.00 ..20
Exports of Goods & Services 29.94 30.63 38.77 40.77 55.77 66.10 70.70 76.30
Non-factor Services Exportsas 1 of Goods & Non-factorServices 34.22 36.07 46.79 49.67 49.38 52.92 56.37 55.13
Exports of Non-Factor Servicesas a : of Total Goods & Services 32.73 33.95 45.71 49.30 47.52 50.68 53.18 52.22
Note: Excludes catch-all item - 'other goods, services and income.'
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 4
Export of Goods and Services, US$ MillionSt. Vincent and the Grenadines
Activities 1982 1983 1984 1985 1986 1987 1988 1989
GoodsExports 32.19 41.10 53.60 63.20 68.00 52.30 85.30 74.60
Non'.-actor Services Exports 14.50 15.70 15.60 17.50 18.10 18.90 21.30 25.20
Export of Goods & Non-factorServices 46.69 56.80 69.20 80.70 86.10 71.20 106.60 99.80
Factor Services Exports 0.20 0.20 0.20 3.10 2.60 2.90 3.20
Exports of Goods & Services 46.89 57.00 69.20 80.90 89.20 73.80 109.50 103.00
Non-factor Services Exportsas X of Goods & Non-factorServices 31.06 27.64 22.54 21.69 21.02 26.54 19.98 25.25
Exports of Non-Factor Servicesas a X of Total Goods t Services 30.92 27.54 22.54 21.63 20.29 25.61 19.45 24.47
Note: Excludes catch-all item - 'other goods, services and income.'
Source: International Monetary Fund, Balance of Payments StatisticsYearbook Vol. 41 Part 1, 1990.
Appendix 4
Exports of Goods and Services, USE HillionTrinidad and Tobago
Activities 1981 1982 1983 1984 1985 1986 1987 198
GoodsExports 2612.30 2228.60 2026.50 2110.80 2110.70 1363.10 1396.90 1453.30
Non-factor Services Exports 392.00 432.90 293.40 294.60 252.00 261.50 197.90 215.20
Factor Services Exports - - - - -
Export of Goods 6 Non - factorServices 3004.30 2661.50 2319.90 2405.40 2362.70 1624.60 1594.80 1668.50
Exports of Goods & Services 3004.30 2661.50 2319.90 2405.40 2362.70 1624.60 1594.00 1668.50
Non-factor Services Exportsas X of Goods & Hon-factorServices 13.05 16.27 12.65 12.25 10.67 16.10 12.41 12.90
Exports of Non-Factor Servicesas a I of Total Goods fl Services 13.05 16.27 12.65 12.25 10.67 16.10 12.41 12.90
Note: Excludes catch - all item - 'other goods, services and income.'
Source: IHF Balance of Payments StatisticsYearbook Yol. 41 Part 1, 1990.
Appendix 4Exports of Goods and Services, US$ Million
Jamaica
Activities 1982 1983 1984 1985 1986 1987 1988 1989 1990
GoodsExports 768.50 685.70 702.40 568.50 589.70 709.20 883.10 998.10 1157.50
Non-Factor Services Exports 529.60 575.60 606.10 654.70 817.80 1099.50 1359.00 1131.70 1156.40
Factor Services Exports 97.10 63.80 18.80 34.90 10.50 5.70 10.10 11.70 14.50
Export of Goods & Non-factorServices 1298.10 1261.30 1308.50 1223.20 1407.50 1808.70 2242.10 2129.80 2313.90
Exports of Goods & Services 1395.20 1325.10 1327.30 1258.10 1418.00 1814.40 2252.20 2141.50 2328.40
. Non - factor Services Exportsas 1 of Goods & Non-factorServices 40.80 45.64 46.32 53.52 58.10 60.79 60.61 53.14 49.98
Exports of Non-Factor Servicesas a 1 of Total Goods & Services 37.96 43.44 45.66 52.04 57.67 60.60 60.34 52.85 49.67
Source: Planning Institute of Jamaica Economic andSocial Survey 1991, 1987, 1985, 1984, 1903
Appendix 4
Exports of Goods and Services, USt MillionBritish Virgin Islands
Activities 1985 1986 1987 1980
GoodsExports 6.00 6.80 7.50 8.70
Non-Factor Services Exports 67.80 88.80 110.80 120.00
Export of Goods 6 Non-factorServices 73.80 95.60 118.20 128.70
Factor Services Exports 2.40 4.00 6.30 17.30
Exports of Goods & Services 76.20 99.60 124.50 146.00
Non-factor Services Exportsas .1; of Goods d Non-factorServices 91.87 92.89 93.74 93.24
Exports of Non-Factor Servicesas a % of Total Goods d Services 80.98 89.16 09.00 82.1?
Source: Planning Unit in BDDC, Feasibility Study of the BYICosaunity College, Bridgetown 1992.
Appendix 4
Exports of Goods and Services, BDS$Million
Barbados
Activities 1977 1978 1979 1980 1981 1902 1903 1984 1925 1986 1987 1983 1989 1990 1991
Goods exports 171.30 223.10 264.50 363.60 327.40 412.70 547.40 683.30 604.30 491.30 264.30 291.30 295.50 303.80 2)38.90
Non-factor Services
Exports 346.80 434.30 616.90 704.90 768.60 216.10 825.00 912.80 972.50 994.70 1075.20 1235.80 1446.20 1407.30 1354.30
Exports of GoodsNon - factor Services 512.10 657.40 881.40 1148.50 1096.00 1234.80 1372.40 1596.10 1576.80 1486.00 1339.50 1527.10 1741.70 1711.10 1643.20
Factor Services Exports 5.40 11.90 17.40 21.60 21.90 23.90 22.60 34.10 36.40 47.60 43.40 41.80 48.30 36.30 40.10
Exports of Goods 8 Services 523.50 669.30 898.80 1170.10 1117.90 1258.70 1395.00 1630.20 1613.20 1533.60 1302.90 1562.90 1790.00 1747.40 1603.32
Non-factor Services Exports
as Z Goods Services 66.25 64.89 60.64 67.00 68.75 64.84 59.14 55.99 60.20 64.86 77.75 70.77 80.79 80.54 00.46
Source: Central Bank of Barbados, Balance of Faymeats 1992.