BUSINESS MONDAY: Positive review
THIS country earned some $1.23 billion from travel and tourism services during the first six months of this year on account of strong visitor arrivals.
In addition, inflows from the country’s International Business and Financial Services amounted to more than $485 million while some $244 million came from domestic export manufacturing during the same period.
The figures were compiled by the Central Bank of Barbados, which more than a week ago reviewed the economy for the first six months of 2017.
Data revealed that spending by visitors to the country netted $1.23 billion, which surpassed the $1.17 billion for the same period to June 2016. The figures also marked an increase in the spending in light of the $980.0 million the country earned during the first half-year of 2014.
Tourism value added increased 8.5 per cent between January and June this year, compared to about four per cent one year earlier. This stemmed from the double-digit increases in US and Canadian arrivals and the four per cent from the UK. Acting Governor of the Central Bank, Cleviston Haynes, had reported however that while provisional estimates indicated that the average length of stay of long-stay visitors was down 1.6 per cent, “this negative impact was offset by a 24 per cent rise in cruise passenger arrivals”.
Earnings by the International Business (Other Services) and Financial Services sector have remained steady. Revenue was $486.4 million, slightly higher than the amount of $482.0 million for the same period in 2016, as well as the inflows in the first quarter of 2014 and 2015.
Domestic exports accounted for inflows of some $244.1 million into the economy, compared to about $250 million a year earlier. Rum exports were slightly higher, as was the case with food exports. Sugar exports totalled $5.8 million while Electronics sales amounted to $8.7 million.
Exports of Chemicals, Construction Materials, Printed Paper Labels and re-exports were lower as at June this year.
Overall, the economy expanded 2.2 per cent.