During this period owner-occupied dwellings rose by 24% whilst the private rented sector contracted by 10%.

But despite such lackluster growth - and some sectors like housing are contracting - most analysts contend that a general downturn remains unlikely.

The decline was even more severe than last December, when the sector contracted by 0.6pc after the snow chaos.

As the global recession hit in 2001, the offshore sector in Barbados slightly contracted further thereby making Tourism as the new chief money maker, after having earlier eclipsed manufacturing and sugar cane.

The damage in October to services industries, which account for three-quarters of national production, was even more severe than last December, when the sector contracted by 0.6pc due to the transport freeze caused by deep snow.

The buildings also started expanding around the city as the agricultural sector contracted and became confined to the coasts of Kaslik and some orchards in Ghadir, Harat Sakhr and the coast of 'Alma.

Different sectors of the economy are contracting all the time, and the economy as a whole may periodically contract, too.

A reading above 50 means the sector is expanding; a reading below 50 means the sector is contracting.

All sectors of Chilean agriculture except fruit export and forestry contracted during the crisis but recovery was fast after 1984.

Closer to home there was downbeat PMI data from the UK's manufacturing sector - which, even if it was slightly better than expected, showed that the sector contracted for the second consecutive month.