Barbados Records Double Digit Growth For First Half Of 2022

• Published date: 29 July 2022
• Subject Matter: Strategy, Investment Strategy, Economic Analysis
• Law Firm: Invest Barbados
• Author: Invest Barbados

Barbados has recorded double digit economic growth of an estimated 10.5% over the first six months of 2022.

This was revealed during the Review of Barbados' Economic Performance, January - June 2022, by Governor of the Central Bank of Barbados, Cleviston Haynes. Governor Haynes noted that this growth was buttressed by a rebound in the tourism sector, which although not fully back to pre-pandemic levels, performed marginally better than expected. Manufacturing exports and domestic spending also contributed to Barbados' economic growth.

Barbados' unemployment rate continued a steady decline, falling from 17.2% in early 2021 to 9.0% for the first quarter of 2022, as pandemic restrictions eased. Employment was spurred by both the private and public sectors in areas including tourism, wholesale and retail, transport and communications.

While the Barbados economy showed consecutive growth over five quarters, Governor Haynes stated that the external economic environment remained 'extremely challenging' due in part to the Ukraine-Russian conflict...