Economy Overview
Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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 four-fifths of GDP and of exports being attributed to services. 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. Barbados' tourism, financial services, and construction industries have been hard hit since the onset of the global economic crisis in 2008, which caused the economy to contract 4% in 2009 and grow below 1% annually since 2010. Barbados' public debt-to-GDP ratio rose from 56% in 2008 to 83% in 2012.
Agriculture Products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial Production Growth Rate
-1.4%country comparison to the world: 151
Labor Force
142,000 (2012 est.)country comparison to the world: 179
Unemployment Rate
11.6% (2012 est.)country comparison to the world: 122 11.2% (2011 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $1.17 billion (2012 est.)
Expenditures: $1.508 billion (2012 est.)
Public Debt
85.6% of GDP (2012 est.)country comparison to the world: 23 79.3% of GDP (2011 est.)
Central Bank Discount Rate
7% (31 December 2010 est.)country comparison to the world: 39 7% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.711 billion (31 December 2012 est.)country comparison to the world: 130 $1.744 billion (31 December 2011 est.)
Stock of Broad Money
$5.711 billion (31 December 2011 est.)country comparison to the world: 123 $5.239 billion (31 December 2010 est.)
Stock of Domestic Credit
$4.874 billion (31 December 2012 est.)country comparison to the world: 112 $4.911 billion (31 December 2011 est.)
Market Value of Publicly Traded Shares
$4.571 billion (31 December 2011)country comparison to the world: 85 $4.366 billion (31 December 2010) $4.39 billion (31 December 2009)
Reserves of Foreign Exchange and Gold
$839.7 million (31 December 2012 est.)country comparison to the world: 140 $812.6 million (31 December 2011 est.)
Debt External
$4.49 billion (2010 est.)country comparison to the world: 125 $668 million (2003 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Barbadian dollars (BBD) per US dollar -2 (2012 est.) 2 (2011 est.) 2 (2010 est.) note: the Barbadian dollar is pegged to the US dollar
