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Barbados Economy Profile 2013

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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 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 from 56% in 2008 to 83% in 2012.
GDP (purchasing power parity)$7.169 billion (2012 est.)
$7.169 billion (2011 est.)
$7.128 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$4.49 billion (2012 est.)
GDP - real growth rate0% (2012 est.)
0.6% (2011 est.)
0.2% (2010 est.)
GDP - per capita (PPP)$25,800 (2012 est.)
$25,900 (2011 est.)
$25,800 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by end usehousehold consumption: 72.7%
government consumption: 19.2%
investment in fixed capital: 14.5%
investment in inventories: -3.1%
exports of goods and services: 46.5%
imports of goods and services: -49.8%
(2012 est.)
GDP - composition by sectoragriculture: 3.1%
industry: 13.9%
services: 83% (2012 est.)
Population below poverty lineNA%
Labor force137,500 (2012 est.)
Labor force - by occupationagriculture: 10%
industry: 15%
services: 75% (1996 est.)
Unemployment rate11.6% (2012 est.)
10.8% (2010 est.)
Unemployment, youth ages 15-24total: 26.2%
male: 24.1%
female: 28.7% (2003)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.194 billion (2012 est.)
expenditures: $1.513 billion (2012 est.)
Taxes and other revenues26.6% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-7.1% of GDP (2012 est.)
Public debt82.9% of GDP (2012 est.)
80.1% of GDP (2011 est.)
Inflation rate (consumer prices)4.8% (2012 est.)
9.4% (2011 est.)
Central bank discount rate7% (31 December 2010 est.)
7% (31 December 2009 est.)
Commercial bank prime lending rate8.5% (31 December 2012 est.)
8.7% (31 December 2011 est.)
Stock of narrow money$1.84 billion (31 December 2012 est.)
$1.8 billion (31 December 2011 est.)
Stock of broad money$5.711 billion (31 December 2011 est.)
$5.239 billion (31 December 2010 est.)
Stock of domestic credit$5.236 billion (31 December 2012 est.)
$5.068 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 - productssugarcane, vegetables, cotton
Industriestourism, sugar, light manufacturing, component assembly for export
Industrial production growth rateNA%
Current Account Balance-$344.9 million (2012 est.)
-$358.5 million (2011 est.)
Exports$1.039 billion (2012 est.)
$948.3 million (2011 est.)
Exports - commoditiesmanufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components
Exports - partnersTrinidad and Tobago 21.3%, US 11%, St. Lucia 9.9%, St. Vincent and the Grenadines 6.1%, Antigua and Barbuda 5%, St. Kitts and Nevis 4.7%, Jamaica 4.5%, UK 4.1%, Colombia 4% (2012)
Imports$1.584 billion (2012 est.)
$1.728 billion (2011 est.)
Imports - commoditiesconsumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partnersTrinidad and Tobago 37.9%, US 25.7%, China 5.4% (2012)
Reserves of foreign exchange and gold$773.1 million (31 December 2012 est.)
$812.6 million (31 December 2011 est.)
Debt - external$4.49 billion (2010 est.)
$668 million (2003 est.)
Exchange ratesBarbadian 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 year1 April - 31 March

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013