caribbean business

  • Photo of Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS

    Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS

    Jamaica’s tourism continues to rebound strongly amid the coronavirus pandemic as is reflected in the US$1.7 billion in earnings since the reopening of the country’s borders in June 2020. Since that time, Jamaica has received 1,285,368 visitors — including 8,381 cruise passengers. According to Tourism Minister Edmund Bartlett, the forecast for 2021 is for a total of 1,578,743 visitors and…

    Read More »
  • Photo of T&T removes taxes and import duties on electric vehicles: CARICOM BUSINESS

    T&T removes taxes and import duties on electric vehicles: CARICOM BUSINESS

    Effective January 1, 2022, Trinidad and Tobago will be removing all custom duties, motor vehicle tax and value-added tax on the importation of battery-powered electric vehicles with an age limit on imported used battery-powered electric vehicles of two years. This policy will be subject to review after 2 years have elapsed. In August, the government said plans were underway to…

    Read More »
  • Photo of Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS

    Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS

    The Bank of Jamaica (BOJ) has raised its policy interest rate by 100 basis points to 1.50% as inflation breached the upper limit of the bank’s target range in August. However the action will “moderate” the economy’s growth potential. The policy interest rate has stood at a historic low of 0.5% since August 2019. Currently inflation is tracking at 6.1%.…

    Read More »
  • Photo of Amidst rating downgrade, Bahamas set to grow by 8% in 2021: CARICOM BUSINESS

    Amidst rating downgrade, Bahamas set to grow by 8% in 2021: CARICOM BUSINESS

    The US-based rating agency Moody’s downgraded the sovereign creditworthiness of The Bahamas slashed the country’s long-term issuer and senior unsecured ratings to ‘Ba3’ from ‘Ba2, a day after the general election. Moody’s, in maintaining a “negative outlook” on The Bahamas, justified the downgrade by saying “the downgrade to Ba3 reflects the significant erosion of The Bahamas’ economic and fiscal strength”…

    Read More »
  • Photo of Jamaica’s exports record growth of 24.6%: CARICOM BUSINESS

    Jamaica’s exports record growth of 24.6%: CARICOM BUSINESS

    Jamaica’s total spending on Imports for January – May 2021 amounted to US$2,249.3 million, an increase of 12.0% relative to the same period in 2020. This increase was mainly attributable to higher imports of Fuels and Lubricants (42.7%) and Raw Materials / Intermediate Goods (13.8%). Total exports for the review period were valued at US$655.1 million, 24.6% above the US$525.7…

    Read More »
  • Photo of Caribbean expected to grow 4.1% in 2021, ECLAC says: CARICOM BUSINESS

    Caribbean expected to grow 4.1% in 2021, ECLAC says: CARICOM BUSINESS

    A new “Economic Survey of Latin America and the Caribbean” report released by ECLAC raised its growth forecast for the Region from 5.2% in July to 5.9%. Despite the encouraging improvement, these figures remain below par to bounce back from 2019’s Gross Domestic Product (GDP) with the Caribbean posited to grow by 4.1%. The growth in 2021, according to the…

    Read More »
  • Photo of CCRIF to pay out US$40 million to Haiti after earthquake: CARICOM BUSINESS

    CCRIF to pay out US$40 million to Haiti after earthquake: CARICOM BUSINESS

    Catastrophe Risk Financing Facility (CCRIF) SPC will make a payout of approximately US$40 million to the government of Haiti following the devastating magnitude 7.2 earthquake that struck Haiti on August 14th, 2021, significantly impacting the city of Les Cayes. This payout represents the full coverage limit under the country’s parametric insurance policy for earthquakes for the 2021/22 policy year. As…

    Read More »
  • Photo of Grenada fiscal revenues exceed target by 10.6%:  CARICOM BUSINESS

    Grenada fiscal revenues exceed target by 10.6%: CARICOM BUSINESS

    The Fiscal Reports for the months of April, May and June have shown that the Government of Grenada earned more than the targeted revenue as projected in the 2021 Estimate of Revenue. For the 3-month period total revenue collections equalled EC$175.9 million, $18.6 million above target or $32.7 million more than revenues collected for the comparable 3-month period in 2020.…

    Read More »
  • Photo of Barbados records growth of 5.5%: CARICOM BUSINESS

    Barbados records growth of 5.5%: CARICOM BUSINESS

    Barbados has recorded growth of 5.5% during the April to June quarter of 2021. That’s the word from Governor of the Central Bank of Barbados Cleviston Haynes who is predicting growth of 1 to 3% for calendar 2021. Haynes said the performance of the economy continued to be constrained by the protracted COVID-19 pandemic, which resulted in a dramatic falloff…

    Read More »
  • Photo of Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS

    Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS

    The Cayman Islands has announced a five-phase approach to reopening its tourism sector. During the first phase or ‘reduced quarantine period’, which began in June, fully vaccinated travellers are subject to a mandatory 5-day quarantine while the unvaccinated undergo 14-days isolation. In the second phase, or “reduced reparations restrictions”, effective August 9, additional travel restrictions will be eased, including the…

    Read More »
Back to top button
Close