Barbados Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

largest Eastern Caribbean economy; dependent on US imports and currency strength; high Human Development Index; key tourism and financial sectors; declining but still very high public debt; cost-of-living and cost competitiveness vulnerabilities

Real GDP (purchasing power parity)

$3.868 billion (2021 est.)

$3.875 billion (2020 est.)

$4.47 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-0.19% (2021 est.)

-13.31% (2020 est.)

-0.13% (2019 est.)

Real GDP per capita

$13,800 (2021 est.)

$13,800 (2020 est.)

$16,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.99 billion (2017 est.)

Inflation rate (consumer prices)

4.1% (2019 est.)

3.67% (2018 est.)

4.66% (2017 est.)

Credit ratings

Moody's rating: Caa1 (2019)

Standard & Poors rating: B- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.5% (2017 est.)

industry: 9.8% (2017 est.)

services: 88.7% (2017 est.)

GDP - composition, by end use

household consumption: 84.2% (2017 est.)

government consumption: 13.4% (2017 est.)

investment in fixed capital: 17.6% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 31.6% (2017 est.)

imports of goods and services: -47% (2017 est.)

Agricultural products

sugar cane, poultry, vegetables, milk, eggs, pork, coconuts, pulses, sweet potatoes, tropical fruit

Industries

tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate

-0.6% (2021 est.)

Labor force

139,100 (2021 est.)

Labor force - by occupation

agriculture: 10%

industry: 15%

services: 75% (1996 est.)

Unemployment rate

10.41% (2021 est.)

10.38% (2020 est.)

8.41% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 30.6%

male: 34.8%

female: 25.6% (2021 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $1.271 billion (2020 est.)

expenditures: $1.483 billion (2020 est.)

Budget surplus (+) or deficit (-)

-4% (of GDP) (2017 est.)

Public debt

146.93% of GDP (2016 est.)

Taxes and other revenues

27.48% (of GDP) (2016 est.)

Fiscal year

1 April - 31 March

Current account balance

-$296.396 million (2017 est.)

-$452.39 million (2016 est.)

Exports

$357 million (2021 est.)

$550 million (2017 est.)

$516.9 million (2016 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

United States 20%, Jamaica 12%, Guyana 8%, Trinidad and Tobago 7%, Italy 6% (2021)

Exports - commodities

rums and liquors, ships, packaged medicines, cement, paper labels (2021)

Imports

$2.12 billion (2021 est.)

$2.213 billion (2017 est.)

$1.541 billion (2016 est.)

Imports - partners

United States 33%, Guyana 13%, China 11%, Trinidad and Tobago 6%, United Kingdom 4% (2021)

Imports - commodities

refined petroleum, crude petroleum, shipping containers, cars, ships, packaged medicines (2021)

Reserves of foreign exchange and gold

$1.673 billion (31 December 2021 est.)

$1.358 billion (31 December 2020 est.)

$772.119 million (31 December 2019 est.)

Debt - external

$4.49 billion (2010 est.)

$668 million (2003 est.)

Exchange rates

Barbadian dollars (BBD) per US dollar -

2 (2021 est.)

2 (2020 est.)

2 (2019 est.)

2 (2018 est.)

2 (2017 est.)

note: the Barbadian dollar is pegged to the US dollar

NOTE: The information regarding Barbados on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Barbados 2023 information contained here. All suggestions for corrections of any errors about Barbados 2023 should be addressed to the CIA or the source cited on each page.