According to the CDB, the main contributions to economic growth across the region came from tourism and construction activity, although growth in business services and in agricultural output was important in a few countries. In Trinidad & Tobago, petroleum-related activities were the main drivers, although non-petroleum operations expanded strongly as well.

The contribution from tourism came despite moderate rates of expansion in the number of long-stay arrivals and a decline in the number of cruise visitors, and reflected increases in visitor expenditure, the report stated.

Construction sector activity was driven by a combination of factors, including reconstruction from past hurricane damage, investor expectations of continuing growth in tourism, high domestic demand from prospective home-owners and from the business sector given a favourable medium-term outlook and active credit marketing by financial institutions, and by high levels of public sector investment. The increase in spending by the public sector in some countries was partly driven by the need to improve facilities and infrastructure – particularly in relation to transportation and competition sites - in anticipation of the cricket World Cup competition early in 2007, the bank explained.

This performance, however, took place within the context of generally higher prices owing to elevated oil prices, and in some countries, supply disruptions in the provision of agricultural commodities, and higher tariff levels.