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. Barbados' public debt-to-GDP ratio rose from 56% in 2008 to 90.5% in 2013. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.
Agriculture Products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial Production Growth Rate
-0.7% (2013 est.) country comparison to the world: 172
Labor Force
141,800 (2013 est.) country comparison to the world: 179
Unemployment Rate
11.4% (2013 est.) country comparison to the world: 119 11.6% (2012 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $1.15 billion (2013 est.)
Expenditures: $1.45 billion (2013 est.)
Public Debt
90.5% of GDP (2013 est.) country comparison to the world: 21 85.6% of GDP (2012 est.)
Central Bank Discount Rate
7% (31 December 2010 est.) country comparison to the world: 40 7% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.749 billion (31 December 2013 est.) country comparison to the world: 131 $1.711 billion (31 December 2012 est.)
Stock of Broad Money
$4.229 billion (31 December 2013 est.) country comparison to the world: 133 $4.198 billion (31 December 2012 est.)
Stock of Domestic Credit
$5.035 billion (31 December 2013 est.) country comparison to the world: 113 $4.874 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$4.495 billion (31 December 2012 est.)$NA (31 December 2011) $4.366 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$712.6 million (31 December 2013 est.) country comparison to the world: 145 $839.7 million (31 December 2012 est.)
Debt External
$4.49 billion (2010 est.) country comparison to the world: 124 $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 (2013 est.) 2 (2012 est.) 2 (2010 est.) note: the Barbadian dollar is pegged to the US dollar
