Barbados flag

The Economy of Barbados

Barbadian or Bajan (colloquial) Economy

Barbados' map

Economy - overview: Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, in recent years the economy has diversified into light industry and tourism, with about three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues, reflecting its success in the higher-end segment, but the sector will likely face declining revenues with the global economic downturn. The country enjoys one of the highest per capita incomes in the region. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The public debt-to-GDP ratio of about 80% will likely widen as the THOMPSON administration engages in a more expansionary fiscal policy.

GDP:

GDP - real growth rate: 1.5% (2008 est.) 3.3% (2007 est.) 3.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 6% industry: 16% services: 78% (2000 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 128,500 (2001 est.)

Labor force - by occupation: agriculture: 10% industry: 15% services: 75% (1996 est.)

Unemployment rate: 10.7% (2003 est.)

Budget: revenues: $847 million (including grants) expenditures: $886 million (2000 est.)

Industries: tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate: -3.2% (2000 est.)

Electricity - production: 1.003 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 939.9 million kWh (2007 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 1,111 bbl/day (2007 est.)

Oil - consumption: 8,674 bbl/day (2006 est.)

Oil - exports: 1,750 bbl/day (2005)

Oil - imports: 10,710 bbl/day (2005)

Oil - proved reserves: 2.2 million bbl (1 January 2008 est.)

Natural gas - production: 29.17 million cu m (2006 est.)

Natural gas - consumption: 29.17 million cu m (2006 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 141.6 million cu m (1 January 2008 est.)

Agriculture - products: sugarcane, vegetables, cotton

Exports: $385 million (2006)

Exports - commodities: manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components

Exports - partners: Trinidad and Tobago 15.5%, Jamaica 13.5%, UK 9.4%, US 9.3%, Brazil 8.3%, Saint Lucia 7.2%, Saint Vincent and the Grenadines 4.5% (2007)

Imports: $1.586 billion (2006)

Imports - commodities: consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components

Imports - partners: US 30.5%, Trinidad and Tobago 27.6%, UK 6.5% (2007)

Debt - external: $668 million (2003)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Barbadian dollars (BBD) per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)

Fiscal year: