4.4% B’dos Economic Growth in ’23/ Up to 4% Expected for ’24

The Barbados Central Bank reports economic growth of 4.4 percent last year over 2022 driven by a strong performance from the tourism sector and predicts growth of 3.5 to four percent for 2024.

Central Bank Governor, Dr. Kevin Greenidge, delivering a review of the economic performance for 2023 noted that the economic growth was achieved despite challenges in the international environment.

Dr. Greenidge stresses the strong contribution of tourism to the economic performance.

Dr. Greenidge cites a number of positives including the foreign reserves increasing to 3 billion US dollars, the second highest on record, while the debt to GDP ratio declined.

But on the downside the unemployment rate and therefore unemployment claims edged upward due to some job losses, particularly in agriculture.

The Central Bank Governor expects the Barbados economy to grow by up to four percent this year, again driven by tourism and assisted by events like the Cricket World Cup and Crop Over.