Barbados Economy - 2024

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.)

Unemployment rate

10.41% (2021 est.)
10.38% (2020 est.)
8.41% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 30.6% (2021 est.)

male: 34.8%

female: 25.6%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

2.32% of GDP (2020 est.)
2.03% of GDP (2019 est.)
2.12% of GDP (2018 est.)

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.)
149.1% 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 -

Exchange rates:
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