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Barbados Economy 2017
https://theodora.com/wfbcurrent/barbados/barbados_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Barbados Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Barbados is the wealthiest and most developed country 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 with about four-fifths of GDP and of exports being attributed to services. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. Barbados' tourism, financial services, and construction industries have been hard hit since the onset of the global economic crisis in 2008. Barbados' public debt-to-GDP ratio rose from 56% in 2008 to 101% in 2015. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.

GDP (purchasing power parity):
$4.804 billion (2016 est.) $4.724 billion (2015 est.) $4.682 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 176
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.473 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.7% (2016 est.) 0.9% (2015 est.) 0.2% (2014 est.)
country comparison to the world: 148
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,200 (2016 est.) $16,900 (2015 est.) $16,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 97
[see also: GDP - per capita country ranks ]

Gross national saving:
9.1% of GDP (2016 est.) 6.8% of GDP (2015 est.) 3.1% of GDP (2014 est.)
country comparison to the world: 156
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -49.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 85.5% (2016 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% (2016 est.)
country comparison to the world: 179
[see also: Industrial production growth rate country ranks ]

Labor force:
142,500 (2016 est.)
country comparison to the world: 178
[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:
11% (2016 est.) 11.3% (2015 est.)
country comparison to the world: 124
[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%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $1.2 billion (2013 est.)
[see also: Budget revenues country ranks ]
expenditures: $1.5 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26.8% of GDP (2016 est.)
country comparison to the world: 98
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.7% of GDP (2016 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
108.9% of GDP (2016 est.) 106.9% of GDP (2015 est.)
country comparison to the world: 11
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.3% (2016 est.) -1.1% (2015 est.)
country comparison to the world: 84
[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: 47
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.1% (31 December 2016 est.) 8.1% (31 December 2015 est.)
country comparison to the world: 106
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.888 billion (31 December 2016 est.) $1.831 billion (31 December 2015 est.)
country comparison to the world: 133
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.442 billion (31 December 2016 est.) $4.309 billion (31 December 2015 est.)
country comparison to the world: 134
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.669 billion (31 December 2016 est.) $5.377 billion (31 December 2015 est.)
country comparison to the world: 118
[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: 87
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$238 million (2016 est.) -$315 million (2015 est.)
country comparison to the world: 88
[see also: Current account balance country ranks ]

Exports:
$466.7 million (2016 est.) $482.9 million (2015 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:
Trinidad and Tobago 22.5%, US 11.8%, St. Lucia 9.2%, St. Vincent and the Grenadines 5.7%, Antigua and Barbuda 4.7%, St. Kitts and Nevis 4.4%, Guyana 4.2% (2015)

Imports:
$1.575 billion (2016 est.) $1.618 billion (2015 est.)
country comparison to the world: 170
[see also: Imports country ranks ]

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

Imports - partners:
Trinidad and Tobago 39%, US 31.1% (2015)

Reserves of foreign exchange and gold:
$608.1 million (31 December 2016 est.) $657.5 million (31 December 2015 est.)
country comparison to the world: 141
[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: 135
[see also: Debt - external country ranks ]

Exchange rates:
Barbadian dollars (BBD) per US dollar - 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.) 2 (2012 est.)
note: the Barbadian dollar is pegged to the US dollar


NOTE: The information regarding Barbados on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Barbados Economy 2017 information contained here. All suggestions for corrections of any errors about Barbados Economy 2017 should be addressed to the CIA.




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