The Department of Economic Policy and Research hereby informs the general public that the 2009 Economic Indicators are available.
Brief Summary: Although an expansion in the economy was sustained in 2008, the rate of growth began its decline within the second half of the year; this was following the effects of the global economic recession. Annual economic growth slowed to an estimated 1.6% in 2008 down from 4.5% in 2007. The economic indicators in 2009 flagged a further moderation in growth and in some cases a contraction when compared to 2008, especially in the tourism sectors, Turnover tax and other government revenues.
According to the Central Bureau of Statistics (CBS), the inflation rate dropped considerably in 2009 to 0.7%, representing a sharp drop of 85% compared to the inflation rate of 4.6% in 2008. The CBS short-term prognosis is that inflation is likely to stabilise and/or continue to develop moderately.
CBS reports disclose a less favourable labour market in 2009 than in 2007, with the unemployment rate increasing to 12.2% from 10.6% respectively. Not a surprising development considering the change in the local economic environment during the review period. The number of unemployed persons increased by 21% in 2009 over 2007, when at that time this number had actually dropped by 13% compared to two years prior. Figures from the Island Labour Department are consistent with a rise in unemployed persons, as the department reported a total of 176 more registered jobseekers in 2009 than in 2008. Despite this fact however, the figures also show a 39% increase in the number of posted vacancies at the department; which according to preliminary indications is the result of an increase in the number of requested employment permits in the same period.
A full analyses is available from the department located at:
Vineyard Office Park
W.G. Buncamper Road #3
Philipsburg,
Tel: 542-2337
Documents may be during the hours of 9:00am to 4:00pm, Monday through Friday. The information is also available via email. Indicators are collected, analyzed and published quarterly and are available to the public.