The economy has recorded a robust 4.5 per cent real growth in the first half of 2024, with a $300 million year-on-year increase in total production and record employment levels, the Central Bank of Barbados announced on Monday.Presenting the bank’s six-month economic review during a press conference at its Spry Street headquarters, governor Dr Kevin Greenidge attributed economic expansion primarily to “strong” growth in tourism, describing it as “one of the strongest we have ever had” outside the pandemic period.“This was the largest first-half tourism performance that we have on record. The sector grew by 18 per cent. All markets performed strongly,” Dr Greenidge stated. He highlighted significant increases across various markets, with the US market showing the largest growth of 45 per cent, rising from 82 000 to 120 000 tourists.The economic growth has had positive ripple effects across various sectors. Construction grew by 7.1 per cent, benefiting from increased hotel activity and public sector projects. Manufacturing showed positive growth, with increases in food and beverage, furniture, and chemicals production. Agriculture recorded a 5.4 per cent growth, driven by chicken and fish production.
