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, external vulnerabilities such as fluctuations in international oil prices have hurt economic growth, raised Barbados' already high public debt to GDP ratio - which stood at 105% of GDP in 2016 - and cut into its international reserves.
Agriculture Products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial Production Growth Rate
2.4% (2017 est.); country comparison to the world: 119;
Labor Force
144,000 (2017 est.); country comparison to the world: 176;
Unemployment Rate
10.1% (2017 est.); 9.9% (2016 est.); country comparison to the world: 141;
Population Below Poverty Line
NA;
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: 1.466 billion (2013 est.) (2017 est.)
Expenditures: 1.664 billion (2017 est.)
Public Debt
157.3% of GDP (2017 est.); 149.1% of GDP (2016 est.); country comparison to the world: 3;
Central Bank Discount Rate
7% (2017); 7% (31 December 2016); country comparison to the world: 47;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.47 billion (31 December 2017 est.); $2.381 billion (31 December 2016 est.); country comparison to the world: 128;
Stock of Broad Money
$2.47 billion (31 December 2017 est.); $2.381 billion (31 December 2016 est.); country comparison to the world: 135;
Stock of Domestic Credit
$6.184 billion (31 December 2017 est.); $5.871 billion (31 December 2016 est.); country comparison to the world: 124;
Market Value of Publicly Traded Shares
$4.495 billion (31 December 2012 est.); $4.571 billion (31 December 2011 est.); $4.366 billion (31 December 2010 est.); country comparison to the world: 87;
Reserves of Foreign Exchange and Gold
$264.5 million (31 December 2017 est.); $341.8 million (31 December 2016 est.); country comparison to the world: 169;
Debt External
$4.49 billion (2010 est.); $668 million (2003 est.); country comparison to the world: 136;
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Barbadian dollars (BBD) per US dollar -; 2 (2017 est.); 2 (2016 est.); 2 (2015 est.); 2 (2014 est.); 2 (2013 est.); note: the Barbadian dollar is pegged to the US dollar;
