Barbados Economy

Is Barbados a rich country?

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.

Barbados Economy Data

What is the GDP of Barbados?

Currency Name and Code Barbadian dollars (BBD)
GDP - Gross Domestic Product (PPP) $4,804,000,000 (USD)
GDP - official exchange rate $4,473,000,000 (USD)
GDP - real growth rate 1.7%
GDP Per Capita $17,200.00 (USD)
GDP by Sector- agriculture 2.8%
GDP by Sector- Industry 11.7%
GDP by Sector- services 85.5%
GDP - composition, by end use household consumption: 82.5%

government consumption: 14.3%

investment in fixed capital: 14.4%

investment in inventories: 3.2%

exports of goods and services: 35.1%

imports of goods and services: -49.5%
Inflation Rate 1.3%
Labor Force 142,500
Labor Force By Occupation- agriculture 10%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 75%
Unemployment Rate 11%
Fiscal Year 1 April - 31 March
Annual Budget $1,200,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -6.7%
Public Debt (% of GDP) 108.9%
Taxes and other revenues - percent of GDP 26.8%
Major Industries tourism, sugar, light manufacturing, component assembly for export
Industrial Growth Rate -1%
Agriculture Products sugarcane, vegetables, cotton
Exchange Rate per US Dollar 2
Commercial Bank Prime Lending Rate 8.1%

Labor Force by Occupation- As reported by Barbados

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe