| Economy - overview | Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. 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. Offshore finance and information services are important foreign exchange earners, boosted by being in the same time zone as eastern US financial centers and by a relatively highly educated workforce. Following the 2008-09 recession, external vulnerabilities such as fluctuations in international oil prices have hurt economic growth, raised Barbados' already high public debt to GDP ratio - which stood at 105% of GDP in 2016 - and cut into its international reserves. |
| GDP (purchasing power parity) | $4.488 billion (2019 est.) $4.493 billion (2018 est.) $4.519 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $4.99 billion (2017 est.) |
| GDP - real growth rate | -0.2% (2017 est.) 2.3% (2016 est.) 2.2% (2015 est.) |
| GDP - per capita (PPP) | $15,639 (2019 est.) $15,675 (2018 est.) $15,789 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 7.2% of GDP (2017 est.) 11.8% of GDP (2016 est.) 10.8% of GDP (2015 est.) |
| GDP - composition, by end use | household consumption: 84.2% (2017 est.) government consumption: 13.4% (2017 est.) investment in fixed capital: 17.6% (2017 est.) investment in inventories: 0.2% (2017 est.) exports of goods and services: 31.6% (2017 est.) imports of goods and services: -47% (2017 est.) |
| GDP - composition by sector | agriculture: 1.5% (2017 est.) industry: 9.8% (2017 est.) services: 88.7% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 57.9 (2020) Starting a Business score: 86.4 (2020) Trading score: 62.8 (2020) Enforcement score: 38.9 (2020) |
| Population below poverty line | NA |
| Labor force | 144,000 (2017 est.) |
| Labor force - by occupation | agriculture: 10% industry: 15% services: 75% (1996 est.) |
| Unemployment rate | 10.1% (2017 est.) 9.9% (2016 est.) |
| Unemployment, youth ages 15-24 | total: 26% male: 30.3% female: 21.2% (2019 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 1.466 billion (2013 est.) (2017 est.) expenditures: 1.664 billion (2017 est.) |
| Taxes and other revenues | 29.4% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -4% (of GDP) (2017 est.) |
| Public debt | 157.3% of GDP (2017 est.) 149.1% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 4.4% (2017 est.) 1.5% (2016 est.) |
| Credit ratings | Moody's rating: Caa1 (2019) Standard & Poors rating: B- (2019) |
| Agriculture - products | sugar cane, poultry, vegetables, milk, eggs, pork, coconuts, pulses nes, sweet potatoes, tropical fruit |
| Industries | tourism, sugar, light manufacturing, component assembly for export |
| Industrial production growth rate | 2.4% (2017 est.) |
| Current Account Balance | -$189 million (2017 est.) -$206 million (2016 est.) |
| Exports | $485.4 million (2017 est.) $516.9 million (2016 est.) |
| Exports - commodities | rums and other hard liquor, ships, orthopedic appliances, cement, packaged medicines (2019) |
| Exports - partners | US 21%, Poland 14%, Jamaica 8%, Guyana 6%,Trinidad and Tobago 6% (2019) |
| Imports | $1.52 billion (2017 est.) $1.541 billion (2016 est.) |
| Imports - commodities | refined petroleum, ships, cars, shipping containers, packaged medicines (2019) |
| Imports - partners | United States 35%, Trinidad and Tobago 14%, China 9%, Netherlands 5% (2019) |
| Reserves of foreign exchange and gold | $264.5 million (31 December 2017 est.) $341.8 million (31 December 2016 est.) |
| Debt - external | $4.49 billion (2010 est.) $668 million (2003 est.) |
| Exchange rates | Barbadian dollars (BBD) per US dollar - 2 (2017 est.) 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.) note: the Barbadian dollar is pegged to the US dollar |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
