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 faced declining revenues in 2009 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 rose to over 100% in 2009, largely because a sharp slowdown in tourism and financial services led to a wide budget deficit.
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: 163
Labor Force
175,000 (2007 est.)country comparison to the world: 174
Electricity production
1.003 billion kWh (2007 est.)country comparison to the world: 145
Electricity Consumption
939.9 million kWh (2007 est.)country comparison to the world: 146
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
10.7% (2003 est.)country comparison to the world: 116
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Central Bank Discount Rate
7% (31 December 2009)country comparison to the world: 45 10% (31 December 2008)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.793 billion (31 December 2009)country comparison to the world: 123 $1.748 billion (31 December 2008)
Stock of Broad Money
$4.563 billion (31 December 2009)country comparison to the world: 124 $4.618 billion (31 December 2008)
Stock of Domestic Credit
$4.554 billion (31 December 2008 est.)country comparison to the world: 111 $4.124 billion (31 December 2007 est.)
Market Value of Publicly Traded Shares
$NA (31 December 2009)country comparison to the world: 81 $4.964 billion (31 December 2008)$5.599 billion (31 December 2007)
Reserves of Foreign Exchange and Gold
$620 million (2007)country comparison to the world: 117
Debt External
$668 million (2003)country comparison to the world: 155
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)
