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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.)

Labor Force

144,000 (2017 est.)

Labor Force by Occupation

Agriculture: 10%

Industry: 15%

Services: 75% (1996 est.)

Unemployment Rate

2017: 10.1%

2016: 9.9%

Population Below Poverty Line

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

2017: 157.3% of GDP

2016: 149.1% of GDP

Central Bank Discount Rate

2017: 7%

31 December 2016: 7%

Commercial Bank Prime Lending Rate

31 December 2017: 8.1%

31 December 2016: 8.05%

Stock of Narrow Money

31 December 2017: $2.47 billion

31 December 2016: $2.381 billion

Stock of Broad Money

31 December 2017: $2.47 billion

31 December 2016: $2.381 billion

Stock of Domestic Credit

31 December 2017: $6.184 billion

31 December 2016: $5.871 billion

Market Value of Publicly Traded Shares

31 December 2012: $4.495 billion

31 December 2011: $4.571 billion

31 December 2010: $4.366 billion

Reserves of Foreign Exchange and Gold

31 December 2017: $264.5 million

31 December 2016: $341.8 million

Debt External

2010: $4.49 billion

2003: $668 million

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Currency: Barbadian dollars (BBD) per US dollar -

Exchange rates:

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

GDP Official Exchange Rate

$4.99 billion 2017 est.

Taxes and Other Revenues

29.4% (of GDP) (2017 est.)

Budget Surplus or Deficit

-4% (of GDP) (2017 est.)

Fiscal Year

1 April - 31 March

GDP Purchasing Power Parity

2017
$5.218 billion
2016
$5.227 billion
2015
$5.111 billion

GDP Real Growth Rate

2017
-0.2%
2016
2.3%
2015
2.2%

GDP Per Capital

2017
$18,600
2016
$18,700
2015
$18,300

Gross National Saving

2017
7.2% of GDP
2016
11.8% of GDP
2015
10.8% of GDP

GDP Composition by end Use

Household consumption
84.2% (2017 est.)
Government consumption
13.4% (2017 est.)
Investment in fixed capital
17.6% (2017 est.)
Investment in inventories
0.2% (2017 est.)
Exports of goods and services
31.6% (2017 est.)
Imports of goods and services
-47% (2017 est.)

GDP Composition by Sector of Origin

Agriculture
1.5% (2017 est.)
Industry
9.8% (2017 est.)
Services
88.7% (2017 est.)

Inflation Rate Consumer Prices

2017
4.4%
2016
1.5%

Current Account Balance

2017
-$189 million
2016
-$206 million

Exports

2017
$485.4 million
2016
$516.9 million

Exports Partners

US
38%
Trinidad
and
Guyana
5.5%
Jamaica
5%
China
4.8%
St.
Lucia

Exports Commodities

Manufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components

Imports

2017
$1.52 billion
2016
$1.541 billion

Imports Partners

US
38.5%
Trinidad
and
China
7.1%
UK
4.7%

Imports Commodities

Consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components

Barbados