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, 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.
GDP (purchasing power parity):
$5.218 billion
(2017 est.)
$5.227 billion
(2016 est.)
$5.111 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data):
178
[see also: GDP country ranks ]
GDP (official exchange rate):
$4.99 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
-0.2%
(2017 est.)
2.3%
(2016 est.)
2.2%
(2015 est.)
country comparison to the world (CIA rank, may be based on non-current data):
199
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$18,600
(2017 est.)
$18,700
(2016 est.)
$18,300
(2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data):
95
[see also: GDP - per capita country ranks ]
Gross national saving:
7.2% of GDP
(2017 est.)
11.8% of GDP
(2016 est.)
10.8% of GDP
(2015 est.)
country comparison to the world (CIA rank, may be based on non-current data):
171
[see also: Gross national saving country ranks ]
GDP - composition, by end use:
household consumption: 84.2%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.4%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.6%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.6%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
GDP - composition, by sector of origin:
agriculture: 1.5%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 9.8%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 88.7%
(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:
2.4%
(2017 est.)
country comparison to the world (CIA rank, may be based on non-current data):
119
[see also: Industrial production growth rate country ranks ]
Labor force:
144,000
(2017 est.)
country comparison to the world (CIA rank, may be based on non-current data):
176
[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:
10.1%
(2017 est.)
9.9%
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
141
[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: 1.466 billion
(2013 est.)
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 1.664 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
Taxes and other revenues:
29.4% (of GDP)
(2017 est.)
country comparison to the world (CIA rank, may be based on non-current data):
82
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4% (of GDP)
(2017 est.)
country comparison to the world (CIA rank, may be based on non-current data):
155
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
157.3% of GDP
(2017 est.)
149.1% of GDP
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
3
[see also: Public debt country ranks ]
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
4.4%
(2017 est.)
1.5%
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
164
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
7%
(2017)
7%
(31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data):
47
[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 (CIA rank, may be based on non-current data):
107
[see also: Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$2.47 billion
(31 December 2017 est.)
$2.381 billion
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
128
[see also: Stock of narrow money country ranks ]
Stock of broad money:
$2.47 billion
(31 December 2017 est.)
$2.381 billion
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
135
[see also: Stock of broad money country ranks ]
Stock of domestic credit:
$6.184 billion
(31 December 2017 est.)
$5.871 billion
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
124
[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 (CIA rank, may be based on non-current data):
87
[see also: Market value of publicly traded shares country ranks ]
Current account balance:
-$189 million
(2017 est.)
-$206 million
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
96
[see also: Current account balance country ranks ]
Exports:
$485.4 million
(2017 est.)
$516.9 million
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
175
[see also: Exports country ranks ]
Exports - partners:
US 38%, Trinidad and Tobago 10.2%, Guyana 5.5%, Jamaica 5%, China 4.8%, St. Lucia 4.6%
(2017)
Exports - commodities:
manufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components
Imports:
$1.52 billion
(2017 est.)
$1.541 billion
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
174
[see also: Imports country ranks ]
Imports - commodities:
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partners:
US 38.5%, Trinidad and Tobago 14.6%, China 7.1%, UK 4.7%
(2017)
Reserves of foreign exchange and gold:
$264.5 million
(31 December 2017 est.)
$341.8 million
(31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
169
[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 (CIA rank, may be based on non-current data):
136
[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