Economy Overview
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 three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues, reflecting its success in the higher-end segment, but the sector will likely face declining revenues with the global economic downturn. The country enjoys one of the highest per capita incomes in the region. 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. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The public debt-to-GDP ratio of about 80% will likely widen as the THOMPSON administration engages in a more expansionary fiscal policy.
Agriculture Products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial Production Growth Rate
-3.2% (2000 est.)country comparison to the world: 162
Labor Force
175,000 (2007 est.)country comparison to the world: 169
Electricity production
1.003 billion kWh (2007 est.)country comparison to the world: 146
Electricity Consumption
939.9 million kWh (2007 est.)country comparison to the world: 147
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
10.7% (2003 est.)country comparison to the world: 126
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $847 million (including grants)
Expenditures: $886 million (2000 est.)
Central Bank Discount Rate
10% (31 December 2008)country comparison to the world: 24 12% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$4.554 billion (31 December 2008)country comparison to the world: 82 $3.533 billion (31 December 2007)
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 85 $5.599 billion (31 December 2007)$4.954 billion (31 December 2006)
Reserves of Foreign Exchange and Gold
$620 million (2007)country comparison to the world: 135 $620 million (2007)
Debt External
$668 million (2003)country comparison to the world: 159
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Barbadian dollars (BBD) per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)
