Despite global economic uncertainties and the impact of hurricane Beryl, Barbados has maintained a steady economic growth path, demonstrating resilience in the face of challenges.
The nation’s real GDP grew by 3.9% from January to September 2024, driven by key sectors such as tourism, business services, and construction.
Inflation has moderated, unemployment has decreased, and Barbados’ external position remains robust, with international reserves at their highest end-September level, covering 31.2 weeks of imports.
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Strategic investments and fiscal discipline have been instrumental in stabilizing the economy. Increased revenues from corporation and property taxes, along with higher VAT receipts, have enabled the government to enhance public transfers and invest in critical sectors like education and digitalization to improve public services. Prioritizing innovation, Barbados has also allocated resources to establish a new digital innovation and health center, supporting future economic growth.
Government fiscal operations have led to a surplus and reduced the debt-to-GDP ratio. A primary surplus of $581.9 million (4% of GDP) from April to September contributed to a declining debt-to-GDP ratio, now at 105.6%. This accomplishment underscores Barbados’ ability to manage external pressures while gradually reducing its dependency on new debt. By controlling expenses and investing in long-term growth initiatives, the country has fortified its resilience against global challenges, supporting sustainable development.
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The economic outlook remains positive, with continued growth expected in tourism, construction, and business services, despite potential risks from geopolitical uncertainty and commodity price fluctuations. Barbados’ commitment to strategic investment and fiscal prudence is projected to support further stability and resilience in the months ahead.
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