Upward onward: Bajan excellence 2030
Economic overview (continued)
Economic sectors:
Real economic activity expanded by an estimated 10.0% in 2022 from a recent low
of -13.5% in 2020. This expansion was attributed by output achieved in the following
key industries:
о
о
Fiscal balance:
•
.
Tourism output accelerated to an estimated 180.3% due to strong long-stay
arrivals from major markets like the United Kingdom in Q4, driven by a
significant arrival recovery following ease of travel restrictions. Arrivals for
other large markets remained depressed below 50% of 2019 levels. While
tourism has recovered well and largely inline with expectations, it is still
lower than pre-COVID levels with visitors for 2022 having reached 62% of
the 2019 arrivals.
Manufacturing output grew by 3.4% over prior year led by increased output
in the rum and other beverages and food sectors. These sectors benefited
from the recovery in tourism, and domestic and international demand.
Construction rose by approximately 5.3% due to infrastructural
development projects in both the public and private sector such as the
Government road rehabilitation project, Sam Lord's Castle development and
Ape's Hill Villas.
In the 2021/2022 period, the Government's fiscal deficit further deteriorated by
14.2%, over prior period, to -$490.6m. This was due to increased capital
expenditure, goods and services and interest expense. additional revenue generated
Increases in current expenditure were partially offset by revenue growth mainly from
VAT, personal income taxes, and excise taxes.
PwC | 2023/24 Budget review | Barbados
BD$ (Millions)
Nominal & Real GDP
11,000
15%
10%
10,500
10,000
9,500
9,000
8,500
17
5%
0%
-5%
-10%
-15%
2018
2019
2020
2021p
2022e
Nominal GDP ($Million)
Real GDP Growth Rate (%)
Source: Central Bank of Barbados,, p- provisional, e - estimated
18View entire presentation