Barbados Economy

Is Barbados a wealthy 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) $3,700,000,000 (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

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