Press Release
September 2013
Overview
The fiscal adjustment package passed
recently by Government provides a
platform for ...
Tourism value-added is estimated to have
declined by 2.1 percent, with long-stay
arrivals down 6.2 percent, partly offset ...
The Outlook
targeted marketing,
infrastructure.
and
upgrades
of
The Central Bank forecasts that the impact
of the fis...
Table 1 - Economic Indicators
2006
Real growth (%)
Tradables (%)
Non-tradables (%)
Inflation (%)
Avg. Unemployment (%)
20...
Table 2 - GDP by Sector and Activity (BDS $Millions, Constant Prices)
Tradables
Tourism
Manufacturing
Of which:
Rum & Oth...
Table 3 - Balance of Payments (BDS $Millions)
2012 Q3 (p)
2013 Q3#
-427.3
5,091.1
1,814.2
625.7
82.4
10.3
63.6
22.3
128....
Table 4 - Summary of Government Operations (BDS$ Millions)
2,340.7
2,193.7
847.5
346.7
261.4
138.6
100.8
AprSep-12
1119....
Table 5-Public Debt Outstanding (BDS$ Millions)
2005
2006
2007
2008
2009
2010
2011
2012
Sep-12
Sep-13
Government...
Table 6-Government Financing (BDS$ Millions)
Total Financing
(129.8)
(144.5)
AprSep-12
(274.3)
Domestic Financing
Cen...
Table 7–Key FSIs for the Domestic Commercial Banking System
2006
2009
2010
2011
2012
2013a
16.4
16.1
17.5
17.1
1...
of 10

Press release.september2013

Published on: Mar 4, 2016
Published in: Economy & Finance      Business      
Source: www.slideshare.net


Transcripts - Press release.september2013

  • 1. Press Release September 2013 Overview The fiscal adjustment package passed recently by Government provides a platform for the restoration of economic growth through incentives and business facilitation for the foreign exchange sectors, and through investment in infrastructure that will further strengthen the quality of Barbados' tourism products. These measures include a reduction in the VAT for tourism services, additional financing for small and medium-sized hotels, support for two major hotel investments (Almond Resorts and Silver Sands Hotel), and promoting the Cruise Pier and Pierhead Marina projects. The budgetary tightening is intended to improve the external accounts in the coming months, as economic agents adjust their expenditures downwards. In the interim, the foreign exchange reserves declined to $1 billion, a fall of $447 million since December 2012. However, reserve levels were adequate to cover contingencies such as this and the foreign reserve cover was 13 weeks of imports as at the end of September. The main contributing factor to the foreign exchange weakness has been the decline in private foreign investment, from $473 million at September 2012 to $147 million at September this year (see Appendix Table 3). In addition, there were declines in foreign earnings from tourism, other services, sugar, beverages and chemicals. Retained imports rose by 8 percent, primarily the result of increases in the imports of consumer and some capital goods. Figure 2 – Capital and Financial Account (January-September) BDS$M 1000 800 600 400 200 0 -200 -400 -600 2005 24.2 26.0 2,000 16.8 16.0 16.4 18.4 19.5 17.7 2009 2010 2011 2012 2013 Net Long-term Private Flows Capital and Financial A/C Balance % 15 21.1 20.9 2008 Figure 3 – Inflation Rate (2009-2013) BDS$M 24.3 2007 Real economic activity fell by an estimated 0.7 percent, reflecting the decreases in output of both the traded and non-traded sectors. Inflation was 2.1 percent at end July and the average unemployment rate was estimated to be 11.1 percent for the first half of the year. Figure 1 - International Reserves (2002-2013) 2,500 2006 Net Long-term Public Flows Short-term Flows Real Estate Flows 18.4 16.4 15.4 10 13.3 1,500 5 500 0 0 Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May July Sep Nov Jan Mar May July Sep Nov Jan Mar May July 1,000 - 2009 International Reserves (Quarterly) International Reserves Weeks of Imports of Goods and Services 2010 Food Transport Moving Average 2011 2012 2013 Housing Other 1
  • 2. Tourism value-added is estimated to have declined by 2.1 percent, with long-stay arrivals down 6.2 percent, partly offset by an approximate increase of 2 percent in the average length of stay. There were declines in visitor numbers from all major source markets, the UK, the US, Canada and the Caribbean. However, cruise passenger arrivals were up 12.3 percent to the end of September. Figure 4 - Arrivals By Major Source Markets (January to September) MAJOR MARKETS 2012 U.S.A 101,298 Canada 54,152 U.K 126,602 Germany 5,759 Other Europe 19,872 Trinidad & Tobago 30,753 Other CARICOM 46,242 Other 20,405 TOTAL LONG-STAY 405,083 TOTAL CRUISE 356,705 PASSENGERS TOTAL CRUISE SHIP 245 CALLS Source: Barbados Statistical Service 91,532 50,311 123,333 6,828 21,787 25,436 43,045 17,593 379,865 Actual Change -9,766 -3,841 -3,269 1,069 1,915 -5,317 -3,197 -2,812 -25,218 % CHG -9.6 -7.1 -2.6 18.6 9.6 -17.3 -6.9 -13.8 -6.2 400,569 43,864 12.3 259 14 5.7 2013 (p) At the end of September, the total number of active entities in the international business and financial services (IBFS) sector was estimated to be 3,990. During this period, new registrations totaled 334, on par with the corresponding figure for the same nine-month period last year. Output of energy generated from alternative sources is gathering momentum, with approximately 4 megawatts of electricity currently being generated by solar power, double last year’s level. This level of energy output represents an estimated $3 million in foreign exchange savings so far this year. The main expenditure reductions were in grants to individuals ($13 million) and grants to public corporations ($12 million). The net public sector debt-to-GDP ratio was 62 percent at end-September. Against the gross debt of $8.9 billion, the public sector holds financial assets of $3.5 billion, including $1.5 billion of deposits with the Central Bank and commercial banks, sinking funds and cash; $0.3 billion of external assets of the NIS, and $1.8 billion of foreign reserves and other foreign assets (see Table 5 of the Appendix.) An assessment of the financial system over the first six months of this year, revealed the sector to be generally stable, with wellcapitalised institutions. Liquidity continued to be high, and entities were generally profitable, though with lower profit margins. While credit quality declined further at banks, credit unions and nonbank financial institutions experienced no increase in their non-performing loans. For banks, the deterioration was mainly in the personal mortgage and real estate portfolios. Assets of insurance companies continued to expand gradually, even though both life and general insurance premiums have been falling. In June 2013, the Judicial Manager presented his final recommendations to the Barbados High Court in respect of a resolution of the CLICO insolvency. Figure 5 – Bank Profitability and Capital Adequacy (2005-2013) % 25 $ Mil 200 With the fiscal measures announced in the Budget not yet in effect, third quarter government revenues continued to be weak. Revenues are estimated to have been $140 million lower than for the April-toSeptember period of 2012. Corporation tax receipts were down $59 million, and collections of VAT and personal income taxes each fell by $35 million. Expenditure was reduced, but by only $23 million, and the fiscal deficit widened by $117 million. 20 150 15 100 10 50 5 0 0 2005 2006 Annual 2007 2008 2009 Jan-Jun 2010 2011 2012 Jun-13 Capital Adequacy (RHS) 2
  • 3. The Outlook targeted marketing, infrastructure. and upgrades of The Central Bank forecasts that the impact of the fiscal contraction will depress consumer demand for imports next year below this year's level. Current forecasts also indicate a moderate increase in foreign exchange earnings, based on the planned intensification of marketing, product enrichment, fiscal incentives and other government support. These measures include the Port Ferdinand marina, joint public-private sector marketing of IBFS products and services in Latin America, and the reduction of the VAT on tourism services. On the basis of market intelligence on investment projects in the tourism sector, most with a major foreign financing component, Central Bank forecasts increased inflows of foreign direct investment (FDI). The combination of the anticipated increase in earnings from tourism, increased FDI, and the dampening of imports, is expected to result in a recovery of the foreign exchange reserves in 2014. The construction sector is expected to recover in 2014, as new tourism-related projects, a cruise pier and other government infrastructure get underway. Modest real output increases are also forecast for tourism. On the other hand, the government sector is expected to decline. Overall, growth of less than one percent is forecasted for next year. The growth rate of economic activity is expected to pick up in 2015 and beyond, as major projects come fully on stream, and initiatives to boost international competitiveness begin to bear fruit. These initiatives include increases in labour productivity, improvements in service quality, hotel upgrades, development of cultural, sporting and health services related to tourism, market diversification, 3
  • 4. Table 1 - Economic Indicators 2006 Real growth (%) Tradables (%) Non-tradables (%) Inflation (%) Avg. Unemployment (%) 2007 2008 2009 2010 2011 2012 (p) Sep-12 (p) Sep-13 (p) 5.7 8.1 5.0 7.3 8.7 1.7 (7.3) 4.5 4.0 7.4 0.3 (0.3) 0.5 8.1 8.1 (4.1) (4.3) (4.1) 3.6 10.0 0.3 (0.4) 0.4 5.8 10.8 0.8 (2.5) 1.7 9.4 11.2 0.0 (4.3) 1.2 4.5 11.6 0.1 (4.0) 1.2 7.8# 12.2* (0.7) (1.5) (0.5) 2.1# 11.1* 1,194.1 1,549.9 1,359.3 1,488.7 1,435.2 1,423.3 1,457.3 1,307.4 1,010.5 16.0 (8.2) 709.9 20.9 (5.4) 1,020.2 16.4 (10.7) 546.1 21.1 (6.8) 731.7 18.4 (5.8) 512.1 17.7 (11.4) 767.1 19.5 (5.1) 688.9 17.3 (4.8) 394.1 13.3 (9.3) 104.2 Net Public Sector Debt/GDP External debt service to BoP current account credits 29.6 6.6 27.2 5.3 28.0 5.7 38.5 7.0 46.4 16.7 52.1 6.6 57.7 6.9 55.0 5.6 62.2 6.6 Treasury-bill rate US treasury-bill rate Average deposit rate Average loan rate 6.6 4.8 5.1 10.9 4.9 3.0 4.8 10.6 4.8 4.1 10.3 3.4 0.1 2.7 9.7 3.4 0.1 2.7 9.4 3.4 2.7 9.3 3.6 0.1 2.6 8.3 3.5 0.1 2.5* 8.6* 3.1 0.0 2.5* 8.5* 2006/07 (2.7) 1.4 25.7 28.3 14.7 2007/08 (3.4) (0.2) 27.4 30.6 13.9 2008/09 (4.9) (2.1) 28.6 33.4 15.3 2009/10 (7.3) (5.4) 25.3 32.9 18.8 2010/11 (8.8) (7.3) 25.7 34.8 22.3 2011/12 (4.4) (3.1) 29.2 33.7 20.7 2012/13 (8.0) (6.6) 27.7 35.8 23.9 Foreign Exchange Reserves ($ Million) Foreign Exchange Reserves cover, weeks BoP current account (as % GDP) Net capital inflows Fiscal Year Fiscal deficit (% of GDP) Fiscal Current Account (as % of GDP) Revenue (as % of GDP) Expenditure (as % of GDP) Govt interest payments (as % of revenue) (p) - Provisional (e) - Estimate n.a.- Not Available * - Data to June # - Data to July 4 - -
  • 5. Table 2 - GDP by Sector and Activity (BDS $Millions, Constant Prices) Tradables Tourism Manufacturing Of which: Rum & Other beverages Food Furniture Chemicals Electronics Other manufacturing Sugar Other agriculture Avg contribution to GDP (%) 19.9 11.7 4.2 2006 2007 2008 2009 2010 2011 2012 (p) Sep-12 (p) Sep-13 (e) 261.0 150.0 62.8 242.0 130.7 62.1 241.3 131.4 60.7 230.9 126.9 53.3 230.0 131.4 51.0 224.1 131.2 48.3 214.5 126.3 45.0 163.6 94.1 33.0 161.1 92.2 33.4 0.6 1.1 0.1 0.3 0.3 1.9 1.0 3.0 8.7 16.0 1.7 3.8 4.7 27.8 14.5 33.7 8.6 15.8 1.7 3.7 4.7 27.5 14.6 34.7 8.4 15.4 1.7 3.7 4.6 26.9 13.6 35.7 7.4 13.5 1.5 3.2 4.0 23.6 13.7 37.0 7.1 13.0 1.4 3.1 3.9 22.6 11.0 36.6 6.7 12.3 1.3 2.9 3.7 21.4 10.1 34.5 6.3 11.4 1.2 2.7 3.4 20.0 10.5 32.6 4.6 8.4 0.9 2.0 2.5 14.7 9.5 26.9 4.6 8.5 0.9 2.0 2.5 14.8 6.8 28.7 80.1 0.4 4.1 6.6 22.2 9.8 20.3 16.7 828.1 9.7 42.6 98.9 230.9 96.4 197.1 152.6 1,089.1 8,628.1 865.4 9.1 43.1 98.9 246.0 102.2 208.9 157.1 1,107.5 9,026.5 869.8 8.4 43.0 93.8 244.0 105.3 213.5 161.8 1,111.2 9,083.1 834.2 5.3 43.3 76.7 232.5 102.4 207.4 166.7 1,065.1 9,185.3 837.9 5.8 44.2 69.4 237.9 102.6 209.6 168.4 1,067.8 8,867.4 851.9 5.0 43.5 76.7 238.0 103.3 212.0 173.4 1,076.0 8,737.8 861.8 4.6 43.7 71.0 239.1 105.5 218.4 179.4 1,076.2 8,449.7 632.2 3.5 32.5 54.9 164.8 79.7 161.1 135.7 795.8 6,247.1 629.0 3.1 32.3 47.6 165.8 80.8 163.6 135.8 790.0 6,203.1 Real growth rate 5.7 1.7 0.3 Tradables 8.1 -7.3 -0.3 Nontradables 5.0 4.5 0.5 Sources: Accountant General, Ministry of Finance and Central Bank of Barbados (p) - Provisional (e) - Estimate -4.1 -4.3 -4.1 0.3 -0.4 0.4 0.8 -2.5 1.7 0.0 -4.3 1.2 0.1 -4.0 1.2 -0.7 -1.5 -0.5 Non-tradables Mining and Quarrying Electricity, etc. Construction Distribution Transport, etc. Finance, other svcs Government Total Nominal GDP 5
  • 6. Table 3 - Balance of Payments (BDS $Millions) 2012 Q3 (p) 2013 Q3# -427.3 5,091.1 1,814.2 625.7 82.4 10.3 63.6 22.3 128.3 17.1 64.0 152.9 275.6 297.2 -302.9 3853.0 1,380.8 454.4 63.6 7.2 47.4 22.3 102.1 14.5 42.5 118 199.0 214.4 -579.1 3578.8 1,350.3 444.7 43.0 * 5.7* 31.8* 0.8 70.1 9.7 36.0* 76* 191.6 206.6 5,957.1 3,456.3 1,139.3 974.4 387.1 5,518.4 3,167.8 1,068.2 925.7 356.6 4155.9 2290.1 856.8 730.6 278.3 4157.9 2297.2 857.6 720.4 282.7 512.1 767.1 688.9 394.0 104.2 925.1 408.6 516.5 -193.4 741.5 306.6 435.0 -229.5 775.6 90.8 684.8 -8.5 681.0 29.3 651.7 7.9 383.6 -89.5 473.1 10.4 93.6 -53.9 147.4 10.6 -70.9 -497.8 -32.5 78.8 198.4 194.4 739.4 510.9 112.8 374.4 105.4 196.5 159.0 -316.0 -558.4 497.8 -78.8 -194.4 -510.9 -374.4 -196.5 316 42.3 -355.8 190.6 -129.3 53.5 11.8 -33.9 116.0 446.8 125.1 202.6 -307.2 -50.5 247.9 522.7 340.5 312.5 130.8 2005 2006 2007 2008 2009 2010 2011 Current Account Inflows Travel Other services Rum Other beverages Food Sugar Chemicals Electronics Crude Other manufacturing Income Transfers (830.5) 4,235.1 1,792.2 1,215.0 50.7 17.9 42.0 45.4 56.1 28.7 33.4 136.7 239.8 265.2 (703.5) 4,732.9 2,113.3 1,093.5 44.3 9.8 46.2 44.6 60.2 37.6 46.3 190.8 222.1 283.8 (490.6) 5,228.8 2,377.3 1,070.1 67.5 11.8 55.5 46.2 74.6 21.6 52.3 173.0 396.5 331.6 (972.5) 5,200.5 2,388.7 1,234.6 66.0 15.3 62.8 45.1 66.8 23.8 49.6 183.6 357.1 241.1 (620.2) 4,511.6 2,136.0 911.7 57.2 14.2 50.7 40.7 58.2 16.3 37.4 173.3 514.5 187.1 -516.1 4,804.8 2,069.4 1,179.4 66.8 13.1 50.0 22.5 124.0 19.4 47.2 171.2 472.4 222.3 -995.6 4,961.5 1,926.5 561.6 70.9 36.8 55.9 21.2 140.7 21.5 73.6 162.4 279.3 297.5 Outflows Merchandise Imports Services Income Transfers 5,066.7 3,031.2 1,311.4 589.8 134.3 5,441.8 3,204.8 1,384.0 734.9 118.1 5,728.2 3,403.5 1,333.1 772.1 219.5 6,173.6 3,665.0 1,472.1 849.0 187.5 5,131.8 2,732.6 1,358.1 894.6 146.5 5,320.9 3,014.7 1,465.4 696.2 144.5 Capital & Financial Account Long term Public Private Short term 661.9 709.9 1,020.2 546.1 731.7 488.6 217.5 271.0 173.4 1301.1 66.9 1234.2 -591.2 1190.3 28.9 1161.4 -170.0 830.4 -122.5 952.9 -284.2 Errors & Omissions Overall balance 30.2 -138.3 76.3 82.8 28.8 558.4 138.3 -82.8 -45.9 -184.2 Change in FXR: (+ increase/- decrease) IMF Basis ( - increase/+ decrease) Commercial banks: (+ increase/- decrease) (p) - Provisional # - Forecast * - Data to July 6 2012 (p)
  • 7. Table 4 - Summary of Government Operations (BDS$ Millions) 2,340.7 2,193.7 847.5 346.7 261.4 138.6 100.8 AprSep-12 1119.9 1052.5 377.9 172.8 105.0 53.4 46.7 AprSep-13 (e) 980.0 936.0 293.5 137.9 46.1 54.9 54.7 1,420.6 11.7 939.9 161.0 195.6 112.3 1,346.2 11.3 878.2 149.5 198.2 108.9 674.6 6.2 444.5 73.5 92.5 57.9 642.5 5.1 410.0 68.5 96.8 62.1 110.5 84.1 3.8 22.6 204.8 165.0 14.3 25.5 147.0 95.2 31.9 20.0 67.4 52.9 4.6 9.9 44.0 35.0 0.0 9.1 2,809.9 861.1 417.3 435.8 153.7 282.1 1,095.7 278.4 757.1 23.3 37.0 2,919.8 860.2 378.4 507.2 147.4 359.8 1,174.0 304.0 808.4 25.9 35.7 2,816.7 867.4 399.5 527.4 148.4 379.0 1,022.4 299.0 659.3 24.1 39.9 2,895.2 870.4 391.8 559.5 146.6 412.9 1,073.5 311.5 697.4 26.5 42.2 1352.9 433.1 162.8 276.6 61.2 215.4 480.4 160.1 288.9 11.4 20.2 1328.7 435.7 154.1 286.8 62.9 223.9 452.2 147.3 276.7 9.1 19.0 253.7 232.0 21.7 178.3 167.7 10.6 134.7 108.3 26.4 118.2 91.8 26.4 122.8 96.4 26.4 41.3 31.8 9.5 42.4 33.9 8.5 -180.3 -233.5 -306.9 -443.0 Fiscal Balance -2.3 -2.7 -3.4 -4.9 Fiscal Balance to GDP (%) Sources: Accountant General, Ministry of Finance and Central Bank of Barbados (p) - Provisional (e) - Estimate -664.5 -7.3 -775.6 -8.8 -384.4 -4.4 -677.3 -8.0 -274.3 - -391.1 - 2005/06 Total Revenue Tax Revenue Direct Taxes Personal Corporate Property Other Indirect Taxes Stamp VAT Excises Import Duties Other NonTax Revenue Grants Nontax Revenue Grants Post Office-Revenue Current Expenditure Wages & Salaries Goods & Services Interest External Domestic Transfers & Subsidies Grants to Individuals Grants to Public Institutions Scriptions and Contributions Non-Profit Agencies Capital Expenditure&NetLending Capital Expenditure Net Lending 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 (p) 2012/13 (e) 2,161.5 2,042.3 859.2 306.3 359.9 137.4 55.6 2,236.5 2,130.8 976.5 306.7 445.5 151.4 73.0 2,471.6 2,337.0 1,050.0 334.9 521.0 103.1 91.0 2,597.4 2,396.1 1,038.4 375.5 447.2 120.9 94.8 2,323.7 2,156.3 951.1 386.3 372.8 113.3 78.7 2,278.9 2,168.4 883.8 395.4 294.2 118.2 76.0 2,550.5 2,345.7 925.1 420.1 286.1 133.9 85.0 1,183.1 22.0 682.7 172.2 180.5 125.8 1,154.2 26.9 674.8 145.3 186.5 120.8 1,286.9 22.0 789.6 164.3 197.3 113.7 1,357.7 18.7 800.1 165.1 219.4 154.4 1,205.2 11.3 703.8 147.0 178.4 164.7 1,284.5 11.8 764.8 146.0 191.3 170.6 119.2 97.0 0.0 22.2 105.7 87.7 0.0 18.0 134.7 111.4 4.0 19.3 201.3 180.8 7.5 13.0 167.4 111.1 35.6 20.7 2,001.6 687.5 233.2 298.9 105.7 193.1 782.1 2,112.4 698.6 263.3 329.9 119.2 210.7 820.6 2,492.2 809.0 361.9 343.6 140.5 202.2 977.7 2,786.7 832.7 420.6 396.4 148.9 247.5 1,137.0 257.8 824.7 19.9 34.6 340.1 252.4 87.8 357.6 249.5 108.1 286.3 238.2 48.1 7
  • 8. Table 5-Public Debt Outstanding (BDS$ Millions) 2005 2006 2007 2008 2009 2010 2011 2012 Sep-12 Sep-13 Government External Debt (of which) SDRs (+) PPP-Prison Domestic Debt (of which) PPP-Justice Improvement PPP-Coast Guard PPP-ABC Highway Debentures T-bills Gross General Government Debt* 1,554.6 0.2 2,315.9 12.9 1,225.3 622.7 3,870.5 1,915.8 0.1 288.0 2,343.2 43.4 61.9 1,261.4 488.7 4,259.0 1,993.4 0.2 288.0 2,644.5 73.3 59.5 135.0 1,418.2 569.6 4,637.9 1,978.2 0.1 285.2 2,861.8 103.0 52.6 135.0 1,585.4 529.4 4,840.0 2,395.3 170.2 282.2 3,405.3 127.1 47.9 161.7 1,820.1 735.2 5,800.6 2,718.7 171.6 278.8 3,661.4 132.3 43.3 155.2 1,962.7 890.8 6,380.1 2,764.5 184.0 275.1 4,162.0 132.9 38.7 148.6 2,279.7 953.4 6,926.6 2,649.0 176.2 271.0 4,587.9 34.1 142.1 2,566.3 1,238.0 7,236.9 2661.1 175.6 271.0 4,539.4 38.7 142.1 2,516.8 1,104.9 7,200.5 2,519.5 171.5 266.5 5,513.3 34.1 135.6 2,658.8 1,944.3 8,038.9 General Government Assets (-) Government Assets Deposits Central bank Commercial Banks Sinking Fund Sinking funds for dom. debt Sinking funds for fgn. debt Other General Government Assets** Liquid NIS Assets Cash Due From Banks and Fin. Inst External Assets of NIS Net Government Debt 1,454.6 853.9 424.7 295.5 129.1 429.2 306.0 123.2 600.7 424.8 10.6 414.2 175.9 2,416.0 1,269.0 701.3 212.2 112.8 99.4 489.1 329.6 159.5 567.8 400.9 16.3 384.6 166.9 2,990.0 1,486.1 765.2 213.7 97.0 116.7 551.6 355.3 196.3 720.8 505.8 16.1 489.7 215.0 3,151.8 1,644.4 825.9 219.4 61.2 158.3 606.5 371.3 235.2 818.5 525.7 13.1 512.6 266.9 3,195.5 1,633.0 872.3 239.8 90.2 149.6 632.5 409.2 223.3 760.8 468.0 10.8 457.2 292.7 4,167.6 1,728.8 968.0 351.3 233.1 118.3 613.3 425.6 187.7 760.8 468.0 10.8 457.2 292.7 4,651.3 1,835.0 1,074.2 363.2 263.6 99.6 711.0 470.9 240.1 760.8 468.0 10.8 457.2 292.7 5,240.3 1,769.8 1,009.1 198.8 79.3 119.5 810.3 537.0 273.3 760.8 468.0 10.8 457.2 292.7 5,610.0 1,758.3 997.5 204.8 84.7 120.0 792.7 522.9 269.8 760.8 468.1 10.8 457.2 292.7 5,442.2 1,750.3 989.5 181.8 66.8 115.0 807.7 524.3 283.4 760.8 468.1 10.8 457.2 292.7 6288.6 Public Sector Gross General Government Debt Debt Held By Central Bank (-) T-Bills Debentures Public Corporations' Debt (+) Domestic External Gross Public Sector Debt 3,870.5 74.7 74.1 0.6 863.6 716.1 147.5 4,659.4 4,259.0 0.6 0.6 871.3 734.5 136.7 5,129.7 4,637.9 20.5 19.9 0.6 975.6 762.0 213.5 5,592.9 4,840.0 1,000.7 796.6 204.0 5,840.6 5,800.6 101.8 26.8 75.0 1,295.0 1,067.2 227.8 6,993.8 6,380.1 95.0 20.0 75.0 1,377.6 1,062.8 314.8 7,662.7 7,075.2 223.7 148.7 75.0 1,395.0 1,090.1 304.8 8,246.5 7,379.9 235.9 160.9 75.0 1,295.0 1,000.1 294.9 8,438.9 7,200.5 141.7 66.7 75.0 1,246.6 948.7 297.9 8,304.4 8,038.9 385.0 310.0 75.0 1,289.0 999.8 289.2 8,942.9 Net General Government Debt Other Central Bank Assets (-) Foreign Assets Other Foreign Assets SDRs Domestic Assets Public Corporations' Deposits Net Public Sector Debt 2,416.0 1,082.3 833.4 833.2 0.2 248.8 212.9 1,909.7 2,990.0 1,141.2 888.5 888.5 0.1 252.7 162.5 2,556.9 3,151.8 1,464.2 1,244.9 1,244.7 0.2 219.3 185.4 2,457.2 3,195.5 1,442.4 1,045.2 1,045.0 0.1 397.2 213.8 2,540.0 4,167.6 1,535.9 1,126.1 955.9 170.2 409.8 289.4 3,535.5 4,651.3 1,513.3 1,150.2 978.5 171.6 363.1 306.6 4,114.0 5,240.3 1,551.2 1,174.1 990.1 184.0 377.1 311.7 4,548.6 5,610.0 1,612.5 1,262.8 1,086.6 176.2 349.7 182.6 4,784.0 5,442.2 1,661.9 1,088.9 913.3 175.6 373.5 199.5 4,685.6 6,288.6 1,751.2 948.6 777.1 171.5 614.0 188.7 5252.8 Gross Government Debt/GDP 49.7 49.4 51.4 53.3 63.2 72.0 Gross Public Sector Debt/GDP 59.9 59.5 62.0 64.3 76.1 86.4 Net Government Debt/GDP 31.0 34.7 34.9 35.2 45.4 52.5 Net Public Sector Debt/GDP 24.5 29.6 27.2 28.0 38.5 46.4 Memo Debt Held by NIS (-) 1,100.9 1,253.9 1,404.0 1,673.0 1,867.3 2,213.8 T-Bills 30.4 125.4 120.8 128.5 122.8 185.3 Debentures 1,070.5 1,128.5 1,283.3 1,544.6 1,744.5 2,028.5 * Equivalent to Central Government debt based on the IMF's Public Sector Statistics: Guide for Compilers and Users ** Due to data unavailability, balances have been kept at 2009 levels 81.0 94.4 60.0 52.1 2,380.9 270.9 2,110.0 87.3 99.9 66.4 57.7 2,601.9 303.4 2,298.4 84.5 97.5 63.9 55.0 2,558.3 294.3 2,264.0 95.1 105.8 74.4 62.2 2,861.0 241.0 2,620.0 8
  • 9. Table 6-Government Financing (BDS$ Millions) Total Financing (129.8) (144.5) AprSep-12 (274.3) Domestic Financing Central Bank Commercial Banks National Insurance Board Private Non-Bank Other Public Sector Other Divestment 163.4 35.3 66.0 77.7 87.9 (103.6) - 171.4 109.9 92.7 63.7 69.8 (164.7) - Foreign Financing (net) Capital Markets Project Funds Policy Loans Amortisation Divestment (33.6) 2.4 (36.0) - (26.9) 4.0 (30.8) - Jun-12 (174.5) 228.6 89.6 47.7 45.2 74.2 (28.1) - 169.8 103.4 187.8 14.6 6.0 (142.0) - 398.4 193.0 235.5 59.8 80.2 (170.1) - (60.5) 6.4 (66.9) - 9 (205.0) AprSep-13 (379.5) 334.8 145.2 158.7 141.4 157.8 (268.2) - Sep-12 (23.6) 0.6 (24.2) - 4.7 44.2 (39.5) - (18.9) 44.8 (63.7) - Jun-13 Sep-13
  • 10. Table 7–Key FSIs for the Domestic Commercial Banking System 2006 2009 2010 2011 2012 2013a 16.4 16.1 17.5 17.1 19.3 21.0 21.5 65 35.9 31.4 7.7 56.1 36.4 32.9 9.5 63.7 34.8 32.1 9 65.5 36.6 27.9 10.8 67.2 35.2 27.1 11.5 70.9 32.1 27.6 12 73.6 29.3 26.8 14.6 71.9 29.3 26.6 17.0 10.9 9.8 18.9 4.5 3.5 0.3 0.7 34.1 23.4 11.4 5 2.9 2.1 0.3 0.5 52 4.2 9.2 12.4 3.4 2.5 0.4 0.6 63.4 -5.6 2.3 0.9 7.9 6.7 0.4 0.9 41.5 -1.5 0.6 0.6 10.8 9.1 1 0.7 37.4 -4.7 -6.1 -0.5 11.1 8.7 1.8 0.6 32.9 11.5* 6.1* -1.1* 12.9 9.9 2.3 0.8 33.9 0.5 1.9 -2.6 13.9 10.0 3.3 0.6 36.2 14.2 18.9 14.8 13.3 12.9 6.6 4.9 4.8 2 10 2008 14.6 Solvency Indicators Capital Adequacy Ratio (CAR) Liquidity Indicators# Loan to deposit ratio (%) Demand deposits to total deposits (%) Domestic demand deposits to total domestic deposits Liquid assets, % of total assets Credit Risk Indicators Total assets (growth rate, %) Domestic assets (growth rate, %) Loans and advances (growth rate, %) Non-performing loans ratio (%) Substandard loans/ Total loans (%) Doubtful loans/ Total loans (%) Loss Loans / Total loans Provisions to non-performing loans (%) Foreign Exchange Risk Indicators Deposits in Foreign Exchange (% of total deposits) Profitability Indicators Return on Assets (ROA) * - Reflects removal of financial consolidation. # - Includes foreign components unless otherwise stated. a - Data to June 2013 2007 1.8 1.4 1.6 1.1 1.0 1.1 1.0

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