Despite challenges, Barbados’ economy grew in early 2024, further strengthening key economic
aggregates like the current account balance and debt-to-GDP ratio.
Amidst challenges such as elevated foreign interest rates, geopolitical tensions, higher freight costs, and adverse local weather
conditions, the economy sustained its growth trajectory.
Real GDP increased by 4.1 percent during the first quarter of 2024, fuelled by visitor arrivals that surpassed the industry’s 2019 peak along with broadbased growth across various sectors.
This economic expansion contributed to achieving an external current account surplus and a further strengthening of financial sector’s resilience. Moreover, it helped to attain the 2023/24 fiscal year primary surplus target and further reduced the debt-to-GDP ratio.
(PR)