we do need to have balanced growth, and i am a great advocate of that approach, we should not be apologetic about the fact that the tourism sector has outperformed all others. foreign exchange earnings the foreign exchange earning capacity of the sector has helped to offset some of the downside risks of the country ’ s debt levels. earning as it did about $ 1. 3 billion in foreign exchange in 2003 ( expected to rise to $ 1. 4 billion in 2004 ) contributing to close to 16 % of gross domestic product, and employing over 11 % of the labour force ; the sector has contributed handsomely to the economic performance of the barbadian economy even when international developments have presented tremendous challenges. i think it is a credit to the hard work of the officials in the sector and to government ’ s willingness to provide support, that this outcome has been possible. the sector was able in 2003 to register output growth of 7. 3 % ( 6. 7 % in long stay arrivals ) against a global decline of 1 %. this compared with an annual average of 3 % between the period 1994 - 2003. however, in 2004 growth has been particularly robust, reaching as high as a real value added of 10 % in january to june. satellite accounting for tourism i read with interest the recent report of the private sector trade team ’ s sectoral profile on the tourism industry - an excellent document. the tourism satellite accounting approach which measures the indirect contribution of the sector to output and which puts this at 52 %, is and interesting statistic. statisticians have always known that tourism ’ s overall contribution to gdp is much greater than 15 - 16 % of gdp, when indirect effects are taken into account, but the double counting that results has hindered that approach. how, for example can we say that the construction of - say hilton hotel should not be included in statistics for the construction sector, but rather be included in the output of the tourism sector. these are the statistical challenges, and they are governed by international standards which, for international comparability, require standard measurements. however the satellite approach is a very useful one for giving us a more precise and measurable appreciation of the indirect impact of the sector on the barbados economy, and can assist in strategising on the intersectoral linkages between tourism and other sectors, thus allowing allied sectors to spot opportunities. the growth rates predicted for tourism and its anticipated continuing expansion, and are dependent on specific conditions, such as a growing world

delisle worrell : introduction of new banknotes in barbados address by dr delisle worrell, governor of the central bank of barbados, at the launch of the new family of currency notes, bridgetown, 2 may 2013. * * * this is a very special occasion for the central bank and for barbados. as i reminded everyone in my first press conference after being appointed governor, the enduring worth of our currency is a source of national pride for all barbadians. understandably so, because maintaining the value of the currency is what has distinguished between the more successful small economies the world over, and those that have fallen behind in the race to improve living standards. in the caribbean the contrast is obvious, where small poorly endowed islands, barbados among them, have moved far ahead of their larger more richly endowed neighbours. the caribbean is not unique in this regard. singapore is a country held in high regard by many ; the value of the singapore currency is carefully managed by their monetary authority, albeit with the use of a basket of currencies rather than the us dollar, as in our case. today we preview the introduction of new currency notes, for the first time since the barbados currency was first introduced in 1973. the new notes are grounded in the past stability of our money. the personalities featured on each value note remain the same, and the general look of the note will be familiar. but barbados has come a long way since 1973, and we are now considered a developed country, as evidenced by our very high levels of purchasing power, health and education, when compared with countries around the world. as a symbol of our new status, we are now introducing notes that are as modern as the latest technology can make them. these notes are our declaration of intent ; we recognise that, having reached this advanced level of human development, we must cross swords with the best in the world and prevail, in order to maintain our forward momentum. that is why we have spared no effort in making our new notes the best they can be : the design is appealing, yet classy, the security features incorporate the most up - to - date technologies, and the notes include special aids for the visually impaired. our mandate to our banknote printer, de la rue, was to provide us with a secure, userfriendly series, and we are happy that we have accomplished this. the new notes have a contemporary layout and design that mirrors our status as a modern nation, but that