Tourism Leads Cont’d B’dos Economic Rebound

The Barbados economy expanded by 4.4 percent in the first nine months of this year, led by the continued tourism rebound.

Central Bank Governor, Dr. Kevin Greenidge, delivering the economic review for the first three quarters of the year notes that this performance represents the tenth consecutive quarter of growth.

He highlighted tourism’s strong contribution including a massive rebound of the Caricom market helped by cricket and Crop Over.

Dr. Greenidge points out that broad-based growth boosted tax collections, improved the job market, reduced the debt-to-GDP ratio, narrowed the trade deficit and increased the foreign reserves.

And, he believes the consistent economic expansion over the past 10 quarters demonstrates that Barbados is on a sustainable growth path.

However, the growth rate is set to slow because after increasing by 13.8 percent in 2022, economic growth is projected to drop to around 4.5 percent for this year overall.