Barbados - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Barbados was 41.68 as of 2019. Its highest value over the past 44 years was 76.13 in 1979, while its lowest value was 34.59 in 1992.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1975 60.41
1976 64.80
1977 61.11
1978 68.36
1979 76.13
1980 61.24
1981 58.67
1982 56.50
1983 58.95
1984 57.11
1985 51.06
1986 46.09
1987 38.64
1988 38.41
1989 41.04
1990 43.37
1991 41.41
1992 34.59
1993 37.80
1994 38.17
1995 45.04
1996 45.42
1997 49.27
1998 45.65
1999 46.50
2000 47.34
2001 45.39
2002 44.49
2003 47.13
2004 50.36
2005 52.80
2006 54.40
2007 50.67
2008 53.68
2009 45.80
2010 49.45
2011 49.00
2012 47.15
2013 45.90
2014 45.03
2015 43.09
2016 42.13
2017 40.72
2018 39.71
2019 41.68

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts