* Barbados Issued More Business Licences In 2005Barbados saw an increase in the number of licences issued to companies in both the international business and financial services sector last year, according to a report by the country's central bank, which is anticipating growth in the non-traded economic sector in 2006.
The central bank's economic review noted that 428 new business licences were issued last year, 67 more than were granted in 2004. Some 372 licences were granted to international business companies, an increase of 11 over the previous year.
Forty-two licences were approved for societies with restricted liability, 22 fewer than the number permitted in 2004. Additionally, approval was granted for 14 new Exempt companies – 11 for exempt insurance and 3 for exempt management firms. No new licences were offered to offshore banks.
The Central Bank of Barbados is forecasting economic activity to grow between 4 per cent and 4.5 per cent during 2006 on the strength of the non-traded sectors and a rebound in tourism.
Construction, transport, storage and communications and business and other services are projected to drive non-traded sector growth, owing to both private and public projects associated with the Cricket World Cup.
The fiscal deficit for calendar year 2005 was an estimated $180.7 million, approximately 2.9 per cent of GDP, compared to 2.2 per cent of GDP for 2004.