Most of the Caribbean economies expanded their gross domestic product (GDP) in 2014, averaging at 1.3%, according to estimates by the Caribbean Development Bank. Although this is down on 2013’s 1.7% average, sustained growth in the region is good news after the catastrophic economic downturn saw the regional GDP shrink by 3.6% in 2009. The prospects for 2015 are already looking positive, too.
The strongest growth rates in 2014 were witnessed in the most tourism-dependent economies in the region. Saint Kitts and Nevis and the Turks and Caicos Islands, for example, experienced GDP growth of 4.2% and 4%, respectively, thanks largely to their tourism industries.