| Economy | Barbados |
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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 faced declining revenues in 2009 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 rose to over 100% in 2009, largely because a sharp slowdown in tourism and financial services led to a wide budget deficit. |
GDP (purchasing power parity):
|
$5.279 billion (2009 est.)
$5.431 billion (2008 est.)
$5.393 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$18,500 (2009 est.)
$19,200 (2008 est.)
$19,100 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$3.595 billion (2009 est.) |
GDP - real growth rate:
|
-2.8% (2009 est.)
0.7% (2008 est.)
3.3% (2007 est.) |
GDP - composition by sector:
|
agriculture: 6%
industry: 16%
services: 78% (2000 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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5.5% (2007 est.) |
Central bank discount rate:
|
10% (31 December 2008)
12% (31 December 2007) |
Commercial bank prime lending rate:
|
10.03% (31 December 2008)
10.8% (31 December 2007) |
Stock of money:
|
$1.637 billion (31 December 2008)
$1.478 billion (31 December 2007) |
Stock of money - per capita:
|
5,753 USD per capita |
Stock of quasi money:
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$3.701 billion (31 December 2008)
$2.717 billion (31 December 2007) |
Stock of quasi money - per capita:
|
13,005 USD per capita |
Stock of domestic credit:
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$4.554 billion (31 December 2008)
$3.533 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
16,003 USD per capita |
Labor force:
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175,000 (2007 est.) |
Labor force participation rate:
|
61.49 % of population |
Labor force - by occupation:
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agriculture: 10%
industry: 15%
services: 75% (1996 est.) |
Unemployment rate:
|
10.7% (2003 est.) |
Budget:
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revenues: $847 million (including grants)
expenditures: $886 million (2000 est.) |
Budget revenues per capita:
|
2,977 USD per capita |
Public debt:
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NA (2009) |
Industries:
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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 per capita:
|
3,525 kWh per capita |
Electricity - consumption:
|
939.9 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
3,303 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
1,100 bbl/day (2008 est.) |
Oil - production per capita:
|
3,866 bbl/day per capita |
Oil - consumption:
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9,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
11.54 bbl/year per capita |
Oil - exports:
|
1,750 bbl/day (2007 est.) |
Oil - imports:
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10,390 bbl/day (2007 est.) |
Oil - proved reserves:
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2.17 million bbl (1 January 2009 est.) |
Natural gas - production:
|
29.17 million cu m (2008 est.) |
Natural gas - production per capita:
|
103 cu m per capita |
Natural gas - consumption:
|
29.17 million cu m (2008 est.) |
Natural gas - consumption - per capita:
|
103 cu m per capita |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
141.6 million cu m (1 January 2009 est.) |
Agriculture - products:
|
sugarcane, vegetables, cotton |
Current account balance:
|
$-254 million (2007 est.) |
Current account balance - per capita:
|
-892 USD per capita |
Exports:
|
$385 million (2006 est.) |
Exports per capita:
|
1,353 USD per capita |
Exports - commodities:
|
manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components |
Exports - partners:
|
Trinidad and Tobago 15.6%, Jamaica 13.9%, Brazil 9.9%, US 8.7%, UK 7.8%, Saint Lucia 7.3%, Saint Vincent and the Grenadines 4.5% (2008) |
Imports:
|
$1.586 billion (2006 est.) |
Imports per capita:
|
5,573 USD per capita |
Imports - commodities:
|
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components |
Imports - partners:
|
US 27.1%, Trinidad and Tobago 25.6%, Russia 7.1%, Colombia 6.4%, Germany 4.1% (2008) |
Reserves of foreign exchange and gold:
|
$620 million (2007 est.)
|
Reserves of foreign exchange and gold - per capita:
|
2,179 USD per capita |
Debt - external:
|
$668 million (2003 est.) |
Debt - external - per capita:
|
2,348 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA (31 December 2008)
$5.599 billion (31 December 2007)
$4.954 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$2.07 million |
Economic aid - recipient per capita:
|
8 USD per capita |
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 |
|
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