Meanwhile, as is indicated by the consumption activity index, which is compiled by the Bank’s Research and Statistics Department based on sales- and supply-side statistics, the actual trend of private consumption may have stayed stable compared with private consumption in terms of preliminary GDP data, which reflects demand-side statistics such as the Family Income and Expenditure Survey.
Thirdly, the thrust towards technological solutions, which the pandemic fuelled over the last two and a half years, has gained momentum with the changing nature of the payments and settlement landscape. Disruptive technologies have emerged, facilitating the launch of central bank digital currencies, including within the Caribbean region.