Barbados’ global business sector continued to perform well in 2023, contributing to increased business and an expansion in employees’ average earnings.
This upbeat report was part of the review of Barbados’ Economic Performance from January to December 2023, announced recently by Governor of the Central Bank of Barbados, Dr. Kevin Greenidge.
Emphasising the attraction of more global business during 2023, the economic report indicated that the sector saw a total of 2,519 foreign currency permits being issued, an increase of 219, when compared to the previous year. Additionally, employee earnings recorded a 5.7% expansion due to greater activity within the sector.
Overall, the Barbados economy recorded an estimated growth of 4.4%. This was fuelled by tourism, which continued to show a remarkable recovery since the COVID-19 pandemic, with increased airlift, leading to positive spin-offs in other sectors including construction and wholesale and retail, among others. The financial sector was also positively impacted during the reporting period, with improvements seen in credit quality, as well as in higher bank profits.
The Barbados economy is projected to grow by approximately 4% in 2024.