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Barbados Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Barbados Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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, the economy has grown due to increases in tourist arrivals, construction, financial services and exports. However, Barbados’ high public debt to GDP ratio and falling international reserves remain areas of concern. Growth prospects are limited because of a weak economic outlook.

GDP (purchasing power parity):
$4.919 billion (2017 est.) $4.876 billion (2016 est.) $4.799 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 177

GDP (official exchange rate):
$4.821 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2017 est.) 1.6% (2016 est.) 0.9% (2015 est.)
country comparison to the world: 189
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,500 (2017 est.) $17,400 (2016 est.) $17,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 98

Gross national saving:
10.4% of GDP (2017 est.) 8.6% of GDP (2016 est.) 8.8% of GDP (2015 est.)
country comparison to the world: 157
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 87.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, vegetables, cotton

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

Industrial production growth rate:
1.6% (2017 est.)
country comparison to the world: 148
[see also: Industrial production growth rate country ranks ]

Labor force:
142,900 (2017 est.)
country comparison to the world: 179
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 10%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 75% (1996 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.8% (2017 est.) 9.9% (2016 est.)
country comparison to the world: 135
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $1.35 billion (2013 est.)
[see also: Budget - revenues country ranks ]
expenditures: $1.65 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28% of GDP (2017 est.)
country comparison to the world: 95
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.2% of GDP (2017 est.)
country comparison to the world: 178
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
108.3% of GDP (2017 est.) 107.9% of GDP (2016 est.)
country comparison to the world: 13
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
5% (2017 est.) 1.3% (2016 est.)
country comparison to the world: 173
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2010) 7% (31 December 2009)
country comparison to the world: 51
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.1% (31 December 2017 est.) 8.05% (31 December 2016 est.)
country comparison to the world: 109
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.17 billion (31 December 2017 est.) $2.143 billion (31 December 2016 est.)
country comparison to the world: 131
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.581 billion (31 December 2017 est.) $4.55 billion (31 December 2016 est.)
country comparison to the world: 133
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.963 billion (31 December 2017 est.) $5.798 billion (31 December 2016 est.)
country comparison to the world: 123
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.495 billion (31 December 2012 est.) $4.571 billion (31 December 2011 est.) $4.366 billion (31 December 2010 est.)
country comparison to the world: 89
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$160 million (2017 est.) -$208 million (2016 est.)
country comparison to the world: 87
[see also: Current account balance country ranks ]

Exports:
$531.4 million (2017 est.) $517 million (2016 est.)
country comparison to the world: 173
[see also: Exports country ranks ]

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

Exports - partners:
US 39.6%, Trinidad and Tobago 8.9%, Guyana 5.2%, China 4.9%, Jamaica 4.8%, St. Lucia 4.3% (2016)

Imports:
$1.618 billion (2017 est.) $1.541 billion (2016 est.)
country comparison to the world: 166
[see also: Imports country ranks ]

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

Imports - partners:
US 39%, Trinidad and Tobago 13.4%, China 7.3%, UK 4.8% (2016)

Reserves of foreign exchange and gold:
$407.6 million (31 December 2017 est.) $431.8 million (31 December 2016 est.)
country comparison to the world: 146
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.49 billion (2010 est.) $668 million (2003 est.)
country comparison to the world: 137
[see also: Debt - external country ranks ]

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


NOTE: 1) The information regarding Barbados on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Barbados Economy 2018 information contained here. All suggestions for corrections of any errors about Barbados Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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