The Barbados economy recorded GDP growth of 3.9% during the first nine months of 2024. This favourable performance was mainly driven by tourism, business services and construction.
Governor of the Central Bank, Dr. Kevin Greenidge, delivered this welcome news during the Review of Barbados’ Economic Performance: January to September 2024.
During the period under review, inflation eased, with the 12-month average inflation rate decreasing to 2.4%, while the unemployment rate fell to 7.7% at the end of June 2024, with 2,100 additional persons entering the workforce.
Despite business services contributing to GDP growth, the global business sector experienced some challenges during the 9-month period with a marginal reduction in new foreign currency permits. With the government’s ongoing thrust to enhance the business environment and continued attraction of foreign direct investment to Barbados, the sector is anticipated to revert to the favourable performance recently recorded.
According to Governor Greenidge, the Barbados economic outlook remains positive, despite external risks including global commodity price fluctuations and geopolitical uncertainties.
“We expect about 3.8% growth at the end of 2024… fuelled by continuing investment both from the private and public sector including major infrastructural projects both in tourism and utilities,” Governor Greenidge noted.