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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.

Agriculture Products

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

Industries

tourism, sugar, light manufacturing, component assembly for export

Industrial Production Growth Rate

2.4% (2017 est.)

Labor Force

144,000 (2017 est.)

Labor Force by Occupation

Agriculture: 10%

Industry: 15%

Services: 75% (1996 est.)

Unemployment Rate

0: 10.1% (2017 est.)

1: 9.9% (2016 est.)

Population Below Poverty Line

Household Income or Consumption by Percentage Share

Lowest 10%: NA

Highest 10%: NA

Budget

Revenues: 1.466 billion (2013 est.) (2017 est.)

Expenditures: 1.664 billion (2017 est.)

Budget Surplus

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

Public Debt

0: 157.3% of GDP (2017 est.)

1: 149.1% of GDP (2016 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $264.5 million (31 December 2017 est.)

1: $341.8 million (31 December 2016 est.)

Debt External

0: $4.49 billion (2010 est.)

1: $668 million (2003 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: Barbadian dollars (BBD) per US dollar -

1: 2 (2017 est.)

2: 2 (2016 est.)

3: 2 (2015 est.)

4: 2 (2014 est.)

5: 2 (2013 est.)

Note: the Barbadian dollar is pegged to the US dollar

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Taxes and Other Revenues

29.4% (of GDP) (2017 est.)

Fiscal Year

1 April - 31 March

Real GDP

$3.7_billion_note
data are
$4.49_billion_note
data are

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

$12,900_note
data are in 2017 dollars (2020 est.)
$15,600_note
data are in 2017 dollars (2019 est.)
$15,700_note
data are in 2017 dollars (2018 est.)
note
data are in 2017 dollars

Inflation Rate

4.4% (2017 est.)
1
1.5% (2016 est.)

Credit Ratings

Moody s rating
Caa1 (2019)
Standard & Poors rating
B- (2019)

Gross National Saving

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.)

GDP Composition by Sector of Origin

Agriculture
1.5% (2017 est.)
Industry
9.8% (2017 est.)
Services
88.7% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

0
-$189 million (2017
1
-$206 million (2016

Exports

0
$485.4 million (2017
1
$516.9 million (2016

Exports Partners

US
21%
Poland
14%
Jamaica
8%
Guyana
6%
Trinidad
and

Exports Commodities

Rums and other hard liquor, ships, orthopedic appliances, cement, packaged medicines (2019)

Imports

0
$1.52 billion (2017
1
$1.541 billion (2016

Imports Partners

United
States
Trinidad
and
China
9%
Netherlands
5%

Imports Commodities

Refined petroleum, ships, cars, shipping containers, packaged medicines (2019)

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