Governor of the Central Bank of Barbados Dr DeLisle Worrell reported yesterday also that tourism – the island’s main economic engine – had declined 3.7 per cent in its contribution to economic activity.
“Long-stay arrivals have declined by five per cent for the period January to August, a reflection generally of the weak consumer demand across source markets. The number of tourists travelling from the UK declined by ten per cent,” Worrell disclosed.
The Governor revealed the tourism industry’s decline had contributed significantly to job losses so far this year.
The island’s unemployment rate continued its upward trajectory, according to the report climbing to 12.5 per cent at the end of June.