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Barbados Economy Profile 2016

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Economy - overviewBarbados 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 101% in 2015. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.
GDP (purchasing power parity)$4.636 billion (2015 est.)
$4.614 billion (2014 est.)
$4.604 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$4.412 billion (2015 est.)
GDP - real growth rate0.5% (2015 est.)
0.2% (2014 est.)
0% (2013 est.)
GDP - per capita (PPP)$16,600 (2015 est.)
$16,500 (2014 est.)
$16,600 (2013 est.)
note: data are in 2015 US dollars
Gross national saving8.4% of GDP (2015 est.)
4.1% of GDP (2014 est.)
4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 83%
government consumption: 14.5%
investment in fixed capital: 14.5%
investment in inventories: -0.6%
exports of goods and services: 36.7%
imports of goods and services: -48.1% (2015 est.)
GDP - composition by sectoragriculture: 3.1%
industry: 11.3%
services: 85.7% (2015 est.)
Population below poverty lineNA%
Labor force142,000 (2015 est.)
Labor force - by occupationagriculture: 10%
industry: 15%
services: 75% (1996 est.)
Unemployment rate10.8% (2015 est.)
11.5% (2014 est.)
Unemployment, youth ages 15-24total: 29.6%
male: 27.7%
female: 31.9% (2013 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.3 billion (2013 est.)
expenditures: $1.55 billion (2015 est.)
Taxes and other revenues29.2% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-5.6% of GDP (2015 est.)
Public debt101% of GDP (2015 est.)
99.2% of GDP (2014 est.)
Inflation rate (consumer prices)0.5% (2015 est.)
1.9% (2014 est.)
Central bank discount rate7% (31 December 2010)
7% (31 December 2009)
Commercial bank prime lending rate8.1% (31 December 2015 est.)
8.38% (31 December 2014 est.)
Stock of narrow money$1.903 billion (31 December 2015 est.)
$1.82 billion (31 December 2014 est.)
Stock of broad money$4.481 billion (31 December 2015 est.)
$4.342 billion (31 December 2014 est.)
Stock of domestic credit$5.587 billion (31 December 2015 est.)
$5.293 billion (31 December 2014 est.)
Market value of publicly traded shares$4.495 billion (31 December 2012 est.)
$4.571 billion (31 December 2011)
$4.366 billion (31 December 2010 est.)
Agriculture - productssugarcane, vegetables, cotton
Industriestourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate-3.6% (2015 est.)
Current Account Balance-$231 million (2015 est.)
-$388 million (2014 est.)
Exports$471.6 million (2015 est.)
$474.4 million (2014 est.)
Exports - commoditiesmanufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components
Exports - partnersTrinidad and Tobago 22.5%, US 11.8%, St. Lucia 9.2%, St. Vincent and the Grenadines 5.7%, Antigua and Barbuda 4.7%, St. Kitts and Nevis 4.4%, Guyana 4.2% (2015)
Imports$1.628 billion (2015 est.)
$1.652 billion (2014 est.)
Imports - commoditiesconsumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partnersTrinidad and Tobago 39%, US 31.1% (2015)
Reserves of foreign exchange and gold$662.6 million (31 December 2015 est.)
$632.3 million (31 December 2014 est.)
Debt - external$4.49 billion (2010 est.)
$668 million (2003 est.)
Exchange ratesBarbadian dollars (BBD) per US dollar -
2 (2015 est.)
2 (2014 est.)
2 (2013 est.)
2 (2012 est.)
2 (2011 est.)
note: the Barbadian dollar is pegged to the US dollar
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on October 8, 2016