Barbados Economy Profile 2013

Economy - overview

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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, which caused the economy to contract 4% in 2009 and grow below 1% annually since 2010. Barbados' public debt-to-GDP ratio rose to from 56% in 2008 to 83% in 2012.

GDP (purchasing power parity)

$7.091 billion (2012 est.)
$7.042 billion (2011 est.)
$7.002 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$4.533 billion (2012 est.)

GDP - real growth rate

0.7% (2012 est.)
0.6% (2011 est.)
0.2% (2010 est.)

GDP - per capita (PPP)

$25,500 (2012 est.)
$25,400 (2011 est.)
$25,300 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 3.1%
industry: 13.6%
services: 83.3% (2012 est.)

Population below poverty line

NA%

Labor force

145,000 (2011 est.)

Labor force - by occupation

agriculture: 10%
industry: 15%
services: 75% (1996 est.)

Unemployment rate

11.2% (2011 est.)
10.8% (2010 est.)

Unemployment, youth ages 15-24

total: 26.2%
male: 24.1%
female: 28.7% (2003)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $1.3 billion (2012 est.)
expenditures: $1.5 billion (2012 est.)

Taxes and other revenues

28.7% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-4.4% of GDP (2012 est.)

Public debt

83.1% of GDP (2012 est.)
79.2% of GDP (2011 est.)

Inflation rate (consumer prices)

6.1% (2012 est.)
9.4% (2011 est.)

Central bank discount rate

7% (31 December 2010 est.)
7% (31 December 2009 est.)

Commercial bank prime lending rate

8.5% (31 December 2012 est.)
8.7% (31 December 2011 est.)

Stock of narrow money

$1.987 billion (31 December 2012 est.)
$1.797 billion (31 December 2011 est.)

Stock of money

$1.637 billion (31 December 2008)
$1.454 billion (31 December 2007)

Stock of quasi money

$3.701 billion (31 December 2008)
$3.835 billion (31 December 2007)

Stock of broad money

$5.711 billion (31 December 2011 est.)
$5.239 billion (31 December 2010 est.)

Stock of domestic credit

$5.65 billion (31 December 2012 est.)
$5.06 billion (31 December 2011 est.)

Market value of publicly traded shares

$4.571 billion (31 December 2011)
$4.366 billion (31 December 2010)
$4.39 billion (31 December 2009)

Agriculture - products

sugarcane, vegetables, cotton

Industries

tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate

NA%

Current Account Balance

-$344.9 million (2012 est.)
-$358.5 million (2011 est.)

Exports

$491.1 million (2012 est.)
$476.7 million (2011 est.)

Exports - commodities

manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components

Exports - partners

Trinidad and Tobago 18.9%, France 10.7%, US 9.7%, St. Lucia 8.8%, St. Vincent and the Grenadines 5.4%, Venezuela 4.9%, Antigua and Barbuda 4.5%, St. Kitts and Nevis 4.2% (2011)

Imports

$1.633 billion (2012 est.)
$1.606 billion (2011 est.)

Imports - commodities

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

Imports - partners

Russia 26.6%, Trinidad and Tobago 24.8%, US 18.6%, China 6.1% (2011)

Reserves of foreign exchange and gold

$855.3 million (31 December 2012 est.)
$812.6 million (31 December 2011 est.)

Debt - external

$4.49 billion (2010 est.)
$668 million (2003 est.)

Exchange rates

Barbadian dollars (BBD) per US dollar -
2 (2012 est.)
2 (2011 est.)
2 (2010 est.)
note: the Barbadian dollar is pegged to the US dollar

Fiscal year

1 April - 31 March