The Central Bank of Barbados is reporting that the country’s economy grew by 2.5 per cent in the first half of this year.
This growth was fuelled by tourism, construction and business services.
Delivering the economic report on Friday, Governor Kevin Greenidge said the outlook remains positive.
“We expect to continue into the full year. We project growth of around 2.7 per cent,” he said.
“Again, that is broadly based on momentum in tourism, construction, business and other services, and wholesale and retail.”
He added that growth is expected to average about 3 per cent over the medium term, helped by tourism diversification, infrastructure upgrades and digital transformation.
Tourism remained a strong driver, with long-stay arrivals up 3.3 per cent.
Visitors from the United States increased by 9.8 per cent, while European arrivals were up 14.8 per cent.
Cruise passenger arrivals also surged by 34.8 per cent to 472,875.
International reserves reached a record $3.9 billion, or 37.4 weeks of import cover.
The Governor also reported that inflation slowed to 0.5 per cent, and the unemployment rate fell to 6.3 per cent in the first quarter.
The Government posted a fiscal surplus of $372.9 million and a primary surplus of $530.9 million, helping to bring the debt-to-GDP ratio down to 102 per cent.
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