Review of Barbados’ Economic Performance for the First Quarter of 2015

Tourism GDP expanded by 4 percent in the first quarter, leading to an estimated growth rate of almost 1 percent in the economy as a whole. Long stay arrivals grew by 12 percent to reach the highest level since 2008, and expenditure is estimated to have risen 6 percent. Canadian, US and UK arrivals rose […]

By Central Bank of Barbados

April 15, 2015

barbados economic performance

Tourism GDP expanded by 4 percent in the first quarter, leading to an estimated growth rate of almost 1 percent in the economy as a whole. Long stay arrivals grew by 12 percent to reach the highest level since 2008, and expenditure is estimated to have risen 6 percent. Canadian, US and UK arrivals rose by 28 percent, 24 percent and 9 percent, respectively. Increases in seating capacity were a key factor. There were also improvements in the German (10 percent) and Brazilian (14 percent) markets and a turnaround in the Caricom market, which rose 8 percent.

The hotel room stock rose by 160 rooms, or about 2.5 percent, while the average length of stay of visitors dipped by 6 percent, a reflection of a higher proportion of North American tourists.

International reserves rose by $83 million in the first quarter, thanks largely to grant funding for Government and higher private capital inflows. At the end of March, the reserves stood at $1,135 million, representing 16 weeks of imports of goods and services, up from 14.7 weeks at the end of 2014.

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Central Bank of Barbados

The Central Bank of Barbados is responsible for promoting monetary stability, promoting a sound financial structure, fostering development of the money and capital markets, channeling commercial bank credit into productive activities and fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados.

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