For the third consecutive year, the Barbados economy has expanded, surpassing the estimated global growth rate, according to the Central Bank of Barbados. In 2024, Barbados experienced real GDP growth of 4%, due mainly to a strong performance in sectors including tourism, business services, construction and retail trade.
Increased airlift and major events in Barbados such as cricket and Crop Over contributed to boosted tourism activity, while revenue in the global business sector continued to show buoyancy despite a slight decrease by 2.1% in new and renewed foreign currency permits.
In 2025, real GDP is forecast to increase by 3%, placing the Barbados economy on a sustained growth trajectory.
Click here to read the Central Bank of Barbados’ review of the Barbados economy for 2024.