Economy Overview
Barbados is the wealthiest and one of the most developed countries 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. Offshore finance and information services are important foreign exchange earners, boosted by being in the same time zone as eastern US financial centers and by a relatively highly educated workforce. Following the 2008-09 recession, the economy has grown due to increases in tourist arrivals, construction, financial services and exports. However, Barbados’ high public debt to GDP ratio and falling international reserves remain areas of concern. Growth prospects are limited because of a weak economic outlook.
Agriculture Products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial Production Growth Rate
3% (2016 est.)
Labor Force
142,500 (2016 est.)
Labor Force by Occupation
Agriculture: 10%
Industry: 15%
Services: 75% (1996 est.)
Unemployment Rate
11.3% (2015 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $1.326 billion (2013 est.)
Expenditures: $1.612 billion (2016 est.)
Public Debt
105.2% of GDP (2015 est.)
Central Bank Discount Rate
7% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.053 billion (31 December 2015 est.)
Stock of Broad Money
$4.385 billion (31 December 2015 est.)
Stock of Domestic Credit
$5.468 billion (31 December 2015 est.)
Market Value of Publicly Traded Shares
$4.366 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$553.6 million (31 December 2015 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
