Caribbean economic growth

Four months after Hurricane Beryl, Caribbean recovery exceeds expectations: Jamaica tourism at 98% of prior year, Grenada rebuilding with CDB aid, and Guyana’s oil output surpasses 600,000 bpd.

Three months after Hurricane Beryl, the Caribbean property market shows resilience: CCRIF pays US$52M to governments, insured losses total US$2.5-3B, and winter tourism bookings track ahead of 2023.

Caribbean investors navigate peak hurricane season post-Beryl while Guyana’s ExxonMobil commits US$4.6B capex, Jamaica property values hold, and the Dominican Republic breaks tourism records.

Our Mid-Year 2024 Six-Month Special Edition reviews Caribbean property and investment from January to July 2024 — covering the post-COVID tourism recovery completing, record hotel investment, Guyana approaching 600k bpd, the peak US rate environment, Caribbean housing supply deficits, Barbados luxury market, Jamaica infrastructure, Dominican Republic construction boom, and CBI demand.

Hurricane Beryl makes historic landfall on Carriacou, Grenada on 1 July 2024 as the earliest Category 5 Atlantic storm on record, devastating the Windward Islands and tracking toward Jamaica.

Q1 2024 Caribbean FDI runs 18% ahead of 2023 as Jamaica’s Caymanas SEZ gains anchor tenants, DR’s Caucedo expands by US$120M, Barbados posts 3.8% growth and luxury villa markets hit record volumes.

Caribbean destinations record their strongest Q1 2024 visitor arrivals ever as hotel investment accelerates across Jamaica, the Dominican Republic and the Eastern Caribbean.

Trinidad Carnival 2024 drew 40,000 international visitors with TT$1.2 billion economic impact as the Caribbean’s February peak tourism season delivered record occupancy across Jamaica, Barbados and St Lucia.

Caribbean tourism surpassed 2019 pre-pandemic records in 2023 as Guyana’s oil production reached 400,000 bpd. As 2024 begins, the region’s property markets balance strong tourism-driven demand against high interest rate headwinds.

Caribbean property markets head into year-end with luxury segments performing strongly across Barbados, Cayman and Jamaica, while Christmas tourism bookings run 10-15 percent ahead of 2022 as housing affordability pressures intensify.

The 2023 Atlantic hurricane season, featuring Category 5 Lee and Tammy’s Leeward Islands impacts, approaches its close as Caribbean property insurance costs rise 15-25 percent and winter tourism forward bookings signal a record season.

Caribbean tourism set Q3 2023 records across all major destinations with the Dominican Republic on track for 9 million annual arrivals, as FDI into regional hotel and resort development reached US$3.2 billion in commitments through September.

Guyana’s oil output surpasses 350,000 barrels per day as Barbados champions the Bridgetown Initiative for climate finance and the Caribbean Development Bank approves US$120 million in green energy financing for six member countries.

Caribbean hotel investment commitments reached US$2.1 billion through May 2023 as St Kitts CBI records its strongest application month, Grenada advances three resort construction sites, and the 2023 Atlantic hurricane season opens with an above-normal NOAA forecast.

Caribbean inflation moderates from 2022 peaks as Jamaica BOJ holds rates, IDB commits US$200M to regional affordable housing, and construction costs begin to ease across the region.