Barbados records 10% economic in 3rd quarter of 2021

CARICOM Business | Barbados registered 10 percent economic growth of during July-September 2021 period, relative to the corresponding period in 2020.

However, for the first 9 months of the year, economic activity is estimated to have been approximately 3.2 percent below the corresponding period in 2020. Indeed at end-September, the gross international reserves totaled US$2.9 billion, covering approximately 42 weeks of imports. Tourism continued its recovery during the third quarter with long-stay arrivals totaling 43,019 visitors compared to 13,247 during the similar period in 2020.

Unemployment declined to 15.9 percent while the labor force participation rate increased to 62.1 percent.

Revenue increased by 3 percent as taxes on consumption improved from the slump in the previous year, however taxes on incomes declined by 12 percent. Non-interest expenditure rose by 15 percent principally because of rising expenditures to address the on-going impact of COVID-19 and recent unexpected climatic events. While the debt stock reached US$13.1 billion, up from US$12.9 billion in March, the debt ratio fell by 5 percentage points to 146.1 percent of GDP at the end of September 2021.