Economic report by SBS released


The nations economy peaked in 2019 and later declined during the pandemic period with recorded aggregated increase in growth in the calendar year under review.

Gross National Disposable Income has had the most significant growth through this period mainly through wages received by nationals working under seasonal work schemes transferred into the country via remittances as well as financial assistance remitted from relatives and friends residing abroad into the country.

Gross Domestic Product for the year 2022 recorded a total value added of $2,305 million (or $2.3 billion) translating to a 5.2% growth in total nominal GDP compared to the year 2021 which recorded a total value of $2,191.4 million (or $2.2 billion). It is the first year of positive growth following two consecutive years of negative growth in current prices.

The economic wealth of the country continued to decline in growth up until June 2022 due to the impacts of Covid-19 community cases which affected economic activities within these quarters in terms of international travel restrictions, global control measures and national lockdown.

It directly affected most sectors of the economy with retailing and wholesaling activities, services ventures, transport, construction activities and manufacturing of products being the hardest hit during the first two quarters of 2022. The reopening of international borders in August

together with the celebration of the country’s 60th Independence anniversary triggered the influx of visitors, tourists, business parterres and visiting families and friends which helped the country’s economy regain its pre-pandemic economic status.

Secondly, Gross National Income (GNI) is made up of Gross

Domestic Product plus Primary Income received less Primary Income paid. Primary Income includes Compensation of Employ-ees (COE), Investment and Other Income. GNI includes incomes generated in another country but are accrued to the economy at state and vice versa. Gross National Income for the year 2022

recorded a total value of $2,259.1 (or $2.3 billion). Investment Income is the sub-component that contributed most to the decline in GNI; compensation of employees and other income however were fairly minimal in value.