For the period January to March 2022, Barbados experienced inflation of 4.2%, unemployment declined from 12.4% to 10.9% and net international reserves reaching US$3.019 B or 36.4 weeks of import cover.
According to the Central Bank of Barbados in its quarterly review, the economy grew by 11.8% during the reporting period. Activity in the tourism sector built on the performance of the last quarter of 2021, recorded the highest level of long-stay arrivals since the onset of the pandemic with arrivals being equivalent to 75% of 2019 levels.
Manufacturing output increased by 5.4% in the first quarter of 2022, agriculture production increased by almost 3%, with non-sugar agriculture output increasing by 4.8%. For FY2021/22, total revenue increased by 10%, recovering to 95% of the receipts in pre-COVID FY2019/20. Transaction taxes, rose by 26%, almost half of which occurred in the quarter. Most of the improved outturn (68%) was attributable to VAT. Total public sector debt stood at $13,357 million or 132% of GDP compared to 142% in 2021. (CBB)
Extract from CARICOM BUSINESS Newsletter Vol 5 No 18
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