On Wednesday 31 January 2024, Barbados Central Bank Governor Dr. Kevin Greenidge delivered the Bank’s review of Barbados’ economic performance for the period January to December 2023. Below is a summary of key messages:
Overview
Despite facing global and local headwinds, the Barbados economy sustained its growth trajectory, driven by the robust performance of the tourism sector. Amidst challenges such as elevated foreign interest rates, geopolitical tensions, and local climatic events affecting agricultural output and local prices, the Barbadian economy demonstrated resilience and continued its upward growth path in 2023. Anchored by thriving tourism, the economy registered an estimated growth of 4.4 percent. This robust expansion not only bolstered transaction-based tax revenues but also contributed significantly to reducing the debt-to-GDP ratio, narrowing the external current account deficit, and enhancing the profitability of the financial sector.