Central Bank releases 1997 statistics

The Central Bank has released its annual report for the year 1997… and aside from the fact that politicians will selectively use the figures to support their various claims, the seventy five page booklet does offer a comprehensive look at the state of the nation’s economy. A quick look at the statistics shows for example, that the rate of unemployment, which went down from thirteen point eight percent in 1996 to twelve point seven in 1997, is still significantly higher than it was in 1992 or 1993. Likewise while last year’s rate of economic growth is a respectable four point four percent, it follows three years with an average growth rate of only half that amount. Similarly, while the rate of inflation — that is the rise in the price of goods and services — was a remarkably low one percent in 1997, it came on the heels of the year in which VAT was introduced, when consumer prices increased by six point four percent. Speaking of prices, at twenty dollars, the report is not exactly a bargain, but for people who are looking for facts and figures to put against the slogans and slander, it’s probably money well spent. The Central Bank report is available at the bank’s office on Albert Street West.