Barbados’ economy grew for a third consecutive year in 2024 and Central Bank Governor Dr Kevin Greenidge expects this “good news” to continue this year.
However, negative fallout for prices and tourism, triggered by policies introduced by the new Donald Trump administration in the United States (US), are a potential shadow over Barbados’ economic prospects, he acknowledged.
Greenidge was speaking yesterday during a press conference at the Courtney Blackman Grande Salle, Tom Adams Financial Centre, The City, where he announced that the economy grew by four per cent last year and the outlook is for a further three per cent expansion of real gross domestic product (GDP) this year.
“Barbados achieved robust economic growth in 2024, marking three consecutive years of expansion and surpassing the estimated global growth rate,” the Governor reported.
Last year’s growth, he explained, was driven by strong performances in business services, tourism, construction and retail trade sectors.
Greenidge said inflation continued its downward trajectory due to stabilising price pressures to end the year at 1.4 per cent, unemployment declined to 7.1 per cent and the international reserves reached a record $3.2 billion due to inflows from higher tourism receipts and tax revenue generated by the global business sector.
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