Barbados grows by 10.1%; earns $508.2M from tourism – CARICOM Business

(Image via Barbados Government Information Service)

Tourism is leading the way as the Barbados economy recovers from the COVID-19 pandemic with the sector contributing an estimated $508.2 million to economic activity for the first nine months of 2022.

In delivering his quarter economic review, Central Bank Governor Cleviston Haynes also advised that the economy grew by 10.1% in the first 9 months of this year, including 9.8% growth between July and September. The forecast is for the economy to grow by 10% this year overall, followed by growth between 3.5% and 5% in 2023.

In addition to expanded Gross Domestic Product (GDP), Barbados main economic indicators were inflation of 7.8%, unemployment of 9.3%, international reserves of $2.8 billion, a primary surplus of about $368 million, and Gross Public Sector Debt of 126.6% of GDP. Tourism arrivals as at September 30, reached 302 863, some 58% of 2019 levels relative to the 239 639 visitors recorded for the first 9 months of 2021. Occupancy levels averaging 59% for the first 9 months of 2022, and was 9.5% less than the same period in 2019. The UK accounted for 71% of 2019 arrivals, USA (56%)
and Canada (49%) over the 9-month period.

Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 44

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