Barbados Economy Profile 2009

Economy - overview

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 three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues, reflecting its success in the higher-end segment, but the sector will likely face declining revenues with the global economic downturn. The country enjoys one of the highest per capita incomes in the region. 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. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The public debt-to-GDP ratio of about 80% will likely widen as the THOMPSON administration engages in a more expansionary fiscal policy.

GDP (purchasing power parity)

$5.425 billion (2008 est.)
$5.388 billion (2007 est.)
$5.216 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$3.682 billion (2008 est.)

GDP - real growth rate

0.7% (2008 est.)
3.3% (2007 est.)
3.9% (2006 est.)

GDP - per capita (PPP)

$19,100 (2008 est.)
$19,100 (2007 est.)
$18,500 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 6%
industry: 16%
services: 78% (2000 est.)

Population below poverty line

NA%

Labor force

175,000 (2007 est.)

Labor force - by occupation

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

Unemployment rate

10.7% (2003 est.)

Household income or consumption by percentage share

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

Budget

revenues: $847 million (including grants)
expenditures: $886 million (2000 est.)

Inflation rate (consumer prices)

5.5% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
12% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
10.8% (31 December 2007)

Stock of money

$NA (31 December 2008)
$1.478 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$2.717 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$3.533 billion (31 December 2007)

Industries

tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate

-3.2% (2000 est.)

Electricity - production

1.003 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

939.9 million kWh (2007 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

1,111 bbl/day (2007 est.)

Oil - consumption

8,674 bbl/day (2006 est.)

Oil - imports

10,710 bbl/day (2005)

Oil - exports

1,750 bbl/day (2005)

Oil - proved reserves

2.2 million bbl (1 January 2008 est.)

Natural gas - production

29.17 million cu m (2006 est.)

Natural gas - consumption

29.17 million cu m (2006 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

141.6 million cu m (1 January 2008 est.)

Current Account Balance

$-254 million (2007 est.)

Agriculture - products

sugarcane, vegetables, cotton

Exports

$385 million (2006)

Exports - commodities

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

Exports - partners

Trinidad and Tobago 15.5%, Jamaica 13.6%, Brazil 9.9%, US 8.6%, UK 7.8%, Saint Lucia 7.2%, Saint Vincent and the Grenadines 4.5% (2008)

Imports

$1.586 billion (2006)

Imports - commodities

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

Imports - partners

US 27.8%, Trinidad and Tobago 26.3%, Russia 7.3%, Germany 4.2% (2008)

Reserves of foreign exchange and gold

$620 million (2007)
$620 million (2007)

Debt - external

$668 million (2003)

Market value of publicly traded shares

$NA (31 December 2008)
$5.599 billion (31 December 2007)
$4.954 billion (31 December 2006)

Economic aid - recipient

$2.07 million (2005)

Currency (code)

BBD

Currency (code)

Barbadian dollar (BBD)

Exchange rates

Barbadian dollars (BBD) per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)

Fiscal year

1 April - 31 March