Barbados Economy Performs Favourably In Q1 2022

• Published date: 02 May 2022
• Subject Matter: Finance and Banking, Strategy, Financial Services, Investment Strategy, Economic Analysis
• Law Firm: Invest Barbados
• Author: Invest Barbados

Barbados has recorded 11.8% growth in Gross Domestic Product (GDP) for the first quarter of 2022.

This is according to Governor of the Central Bank of Barbados, Cleviston Haynes, who recently presented the country's economic review for January to March 2022.

Barbados' economic growth was bolstered mainly by tourism, which recorded the highest levels of long-stay arrivals to the country since the beginning of the pandemic, although not yet back to pre-COVID levels. The production of goods for export markets also contributed to the increased GDP. Other sectors that experienced growth during the first quarter of this year included the manufacturing and agriculture sectors, which experienced increased growth of 5.4% and 3% respectively.

Although the Barbados economy is currently on a positive trajectory, uncertainty associated with external developments remains a concern.
Making reference to the ongoing Russian-Ukraine war, Governor Haynes explained, 'The longer the conflict and the more severe the sanctions, etc., on Russia, the more likely it is that prices, whether for oil or for international foods, could increase and if that happens, that obviously has a domestic impact because'being a small open economy that imports a lot of what we consume, we would then be importing those elevated prices'

Another concern continues to be the COVID-19 pandemic, which although its spread and severity has diminished somewhat, the risk of any upsurge can still...