分类： business

The Barbados economy demonstrated robust growth in the first nine months of 2025, expanding by 2.7%, as reported by the Central Bank on Wednesday. This growth was fueled by significant contributions from tourism, agriculture, construction, and business services, while unemployment reached a historic low of 6.1%. Central Bank Governor Dr. Kevin Greenidge highlighted these achievements during a press conference at the Courtney Blackman Grande Salle, emphasizing the resilience of the economy despite global trade tensions and slowing growth in advanced economies. Key sectors such as tourism and agriculture drove real GDP growth, while construction and business services bolstered the non-traded sector. Inflation remained subdued, with a 12-month moving average of 0.5% by August, as import costs declined. The external position of the country remained strong, supported by robust tourism receipts and increased long-term financing. International reserves stood at $3.3 billion at the end of September, offsetting a wider merchandise deficit. Fiscal performance also improved, with a primary surplus of $574.1 million (3.8% of GDP) and a fiscal surplus of $227.1 million (1.5% of GDP). The debt-to-GDP ratio decreased by 2.9 percentage points to 100.1%. Tourism played a pivotal role, with long-stay arrivals rising by 5.5% to 537,897, driven by increased airlift and marketing campaigns. The United States led visitor growth, contributing 36% of arrivals, while Europe and CARICOM markets also saw significant increases. Cruise arrivals surged by 31.5%, reflecting higher vessel occupancy rates. The labor market saw continued improvement, with unemployment hitting a record low of 6.1% in June, marking the fifth consecutive quarterly decline. Sectors such as agriculture, utilities, tourism, and construction drove job creation, while jobless claims remained below historical averages. The Central Bank’s report underscores the broad-based economic recovery and the pivotal role of tourism in sustaining growth and employment.

Barbados is set to transform its public debt unit into an investor relations agency as part of a broader initiative to enhance debt management and make government securities accessible to ordinary citizens. Finance Minister Ryan Straughn announced the plan during the 20th Annual Meeting of the LAC Debt Group 2025, held at the Hilton Barbados. The restructuring aims to emphasize citizen participation in debt management, with the revamped unit handling front, middle, and back-office functions. Currently, the Central Bank acts as the fiscal agent, but the new unit will proactively manage the debt portfolio, treating it as a productive sector of the economy. Additionally, the government has approved a Public-Private Partnership (PPP) framework under its procurement law to share risks with the private sector while maximizing value for citizens. The investor relations unit will focus on extracting value from PPPs, shifting risks to the private sector, and fostering economic growth. Digital platforms like BIMPay will facilitate broader participation in the domestic capital market, enabling real-time payments and reducing costs for financial institutions and merchants. The government also plans to introduce smaller investment lots, allowing individuals to invest as little as $50 in treasury bills, with digital notifications streamlining the process. The ultimate goal is to democratize access to government debt returns, ensuring that average citizens can earn returns comparable to larger investors. Minister Straughn emphasized that this initiative will reduce reliance on banks as brokers, enabling direct citizen participation in the debt market.

The Barbados government has issued a stern reminder to taxpayers to settle their personal income tax obligations, originally due in April, to avoid forfeiting a promised $1300 rebate scheduled for December. Ryan Straughn, Minister in the Ministry of Finance, revealed on Tuesday that thousands of low-income Barbadians are set to receive their 2024 reverse tax credits in early December. However, he emphasized that this financial relief is contingent upon taxpayers clearing any outstanding balances.

Straughn cautioned that individuals who fail to file their taxes will not qualify for a refund, and those who have filed but still owe money will remain in debt. He urged prompt payment to prevent accumulating penalties. Under normal circumstances, Barbadians are required to pay half of their owed taxes by April and the remainder by September. Missing these deadlines disqualifies taxpayers from automatically receiving the rebate, though the Barbados Revenue Authority may, in certain cases, offset previous refunds against unpaid amounts.

The Minister reiterated that all 2024 refunds are being processed in October, but eligibility hinges on full compliance with tax obligations. The reverse tax credit scheme is specifically designed to assist individuals earning below the standard personal tax allowance. To qualify, applicants must be Barbados residents with an annual gross income of $25,000 or less, employed for at least four months during the income year, paid at least $1300 in National Insurance Scheme (NIS) contributions, and less than $500 in income tax for the year.

Straughn encouraged taxpayers to act swiftly, highlighting that timely payments to the Barbados Revenue Authority not only avoid penalties but also ensure eligibility for the December rebate.