The Barbados economy experienced a 4.5% growth during the first half of 2024, according to the recent report from the Central Bank of Barbados.
Governor of the Central Bank, Dr. Kevin Greenidge, presented the review of Barbados’ economic performance from January to June of this year.
The country’s economic growth was attributed to significant expansions in the tourism and construction sectors, with the recent International Cricket Council Men’s T-20 World Cup contributing to the favourable economic performance. Dr. Greenidge noted that Barbados’ performance “represents a second quarter growth that was only eclipsed back in 1998 and in the first half, growth that outside of the pandemic period, was one of the strongest we’ve ever had.”
He also emphasised that it was also “the largest first-half tourism performance that we have on record”, with the sector growing by 17.9% year-on-year, leading to broad-based growth in all other sectors including wholesale and retail, agriculture, manufacturing, business and other services.
During the period, inflation moderated to 2.7% while unemployment experienced a further reduction by 2% to 6.9%. Reserves “remained very buoyant and at high levels” at $3.2 billion, representing 32.2 weeks of import cover.
Reports for Barbados’ economic outlook indicated that during the second half of 2024, the Barbados economy is anticipated to maintain favourable growth of approximately 3.9%. This growth is projected to be driven by continuing expansion in the tourism sector, as well as private and public investment, particularly with regard to infrastructural development in industries such as travel, renewable energy and the digitisation of public sector services.