Barbados is the wealthiest and most developed country 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 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 2014. 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
-5.5% (2014 est.)
Labor Force
142,800 (2014 est.)
Labor Force by Occupation
Agriculture: 10%
Industry: 15%
Services: 75% (1996 est.)
Unemployment Rate
11.7% (2013 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $1.1 billion (2013 est.)
Expenditures: $1.5 billion (2014 est.)
Public Debt
97.6% of GDP (2013 est.)
Central Bank Discount Rate
7% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.737 billion (31 December 2013 est.)
Stock of Broad Money
$4.201 billion (31 December 2013 est.)
Stock of Domestic Credit
$5.003 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$4.366 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$681 million (31 December 2013 est.)
Debt External
$668 million (2003 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Note: the Barbadian dollar is pegged to the US dollar
