The Caribbean economy is not just about beaches and tourism. It is based on a dense fabric of SMEs, a surge in digital technology, sustainability strategies and the gradual internationalization of services. While the region continues to face structural challenges, recent economic signals point to far-reaching transformation dynamics, driven by public policy and private initiative.
Here are some figures to help you better understand the economic changes underway in the Caribbean.
Barbados: 80% of GDP linked to services, drivers of digital transformation
According to UNCTAD’s Digital Economy Report, around 80% of Barbados’ gross domestic product (GDP) comes from the tertiary sector, including ICT, finance, tourism and business services. This figure underlines the structuring role of digital and services in an economy in transition, where e-governance, international teleworking and digital platforms are taking an increasing place in national strategies.
Antigua and Barbuda: a global pioneer in digital commercial litigation
In 2003, Antigua & Barbuda was the very first state to lodge a complaint with the World Trade Organization (WTO) against the United States (case DS285), challenging US restrictions on online gaming services. This case marked a turning point in the global regulation of digital trade. It illustrates the ability of a small Caribbean state to assert itself legally on the international stage, in the name of the free provision of services.
70-85% of Caribbean companies are SMEs
According to the Caribbean Development Bank (MSME Development Report), micro, small and medium-sized enterprises (MSMEs) account for between 70% and 85% of the Caribbean entrepreneurial fabric. They contribute around 60-70% of regional GDP. Present in agriculture, trade, services and crafts, these structures form the bedrock of the local economy, but remain under-financed and vulnerable to external shocks.
Jamaica: 11.0% youth unemployment by the end of 2024 - steady improvement despite disparities
According to data published by STATIN Jamaica’s Labour Force Survey (October 2024), the unemployment rate for young people aged 15 to 24 was 11,0 % down significantly from 14.8% recorded in April 2024 and the 12.2% in April 2023. This trend confirms a strengthening job market for the younger generations, despite a still uncertain global economic situation.
This improvement comes against a backdrop of a more general fall in national unemployment, from 4,2 % à 3,5 % over the same period. It was driven in particular by continued growth in the digital and BPO (Business Process Outsourcing) and tourism and the cultural and creative industries which are recruiting more young graduates and qualified profiles in urban centers.
+6.1% growth in tourism in 2024, maintaining post-pandemic momentum
According to the Caribbean Tourism Organization (CTO, 2025), international arrivals in the Caribbean rose by 6.1% in 2024, reaching 34.2 million visitors, 6.9% above the 2019 level. This growth confirms the strength of the recovery that began in 2023 (+14.3%), and is accompanied by a diversification of source markets, with a notable rise in travelers from South America (+17.8%) and continued growth in cruises (+10.3%).
Sustained growth in the sector is stimulating investment in energy efficiency, digitalization of tourism services and training in sustainable professions, positioning tourism as a structuring lever for island economies.
A Caribbean economy undergoing profound change
These figures reveal a gradual shift in the Caribbean towards a more integrated, resilient and internationally-oriented service economy. While many challenges remain – access to financing, climate vulnerability, import dependency – the available data show a regional determination to accelerate digital transformation, support SMEs and make tourism a vector for sustainable innovation. The economic Caribbean of tomorrow is already being invented at the crossroads of local know-how and global ambitions.
