The Barbados economy posts lacklustre growth despite a record tourism performance last year.
According to the Central Bank’s 2015 economic review released today growth was estimated at a mere 0.5 per cent.
This was largely driven by tourism – the only sector to record measurable growth.
“The tourism outturn was the best on record since 2007, with activity in the sector rebounding to pre-crisis levels. Tourism receipts grew by an estimated five per cent, with arrivals up by 14 per cent, and all major markets recorded double digit increase,” reported Central Bank Governor Dr Delisle Worrell.
The other key economic sectors – retail, business, services and construction struggled, with the latter posting a three per cent decline.
The Central Bank has estimated that the economy will expand by 1.7 per cent on average over the next five years, peaking at about two per cent in 2017.