2007 Semi-Annual Economic Report Released
"The 2007 Semi-Annual Economic Report compiles all available economic indicators as at end of June 2007"The 2007 Semi-Annual Economic Report compiles all available economic indicators as at end of June 2007 and shows their percentage change since end of June 2006. Among the significant changes are as follows:
Significant growth in merchandise imports by 17.8%;
Increase in credit from commercial banks to the private sector (households and businesses) by 15.3%; and
Growth in financial services sector (mutual funds registration by 14.4%; companies registration rose by 13.2%; insurance licenses by 2.2%).
The Report also highlights challenges in the following areas:
The rate of increase of total visitor arrivals which was recorded at 3.3%, lower than the 6.7% increase in the first quarter;
Decline in work permits by 4.6%; and
Declines in the number of building permits by 13.9% and project approvals by 10.3%.