| 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 2009-11, largely because a sharp slowdown in tourism and financial services led to a wide budget deficit. |
GDP (purchasing power parity):
|
$6.528 billion (2011 est.)
$6.426 billion (2010 est.)
$6.426 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$23,600 (2011 est.)
$23,200 (2010 est.)
$23,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$4.4 billion (2011 est.) |
GDP - real growth rate:
|
1.8% (2011 est.)
0.3% (2010 est.)
-4.7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 3.4%
industry: 13.4%
services: 83.2% (2011 est.) |
Investment (gross fixed):
|
27.7% of GDP (2011 est.) |
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):
|
7.4% (2011 est.)
5.4% (2010 est.) |
Central bank discount rate:
|
7% (31 December 2010 est.)
7% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
8.5% (31 December 2011 est.)
8.7% (31 December 2010 est.) |
Stock of money:
|
$1.637 billion (31 December 2008)
$1.454 billion (31 December 2007) |
Stock of money - per capita:
|
5,710 USD per capita |
Stock of quasi money:
|
$3.701 billion (31 December 2008)
$3.835 billion (31 December 2007) |
Stock of quasi money - per capita:
|
12,909 USD per capita |
Stock of domestic credit:
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$5.572 billion (31 December 2011 est.)
$4.975 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
19,435 USD per capita |
Stock of narrow money:
|
$1.979 billion (31 December 2011 est.)
$1.785 billion (31 December 2010 est.) |
Stock of broad money:
|
$6.022 billion (31 December 2011 est.)
$5.501 billion (31 December 2010 est.) |
Labor force:
|
175,000 (2007 est.) |
Labor force participation rate:
|
61.04 % of population |
Labor force - by occupation:
|
agriculture: 10%
industry: 15%
services: 75% (1996 est.) |
Unemployment rate:
|
10.7% (2003 est.) |
Unemployment, youth ages 15-24:
|
total: 26.2%
male: 24.1%
female: 28.7% (2003) |
Budget:
|
revenues: $1.25 billion (including grants)
expenditures: $1.5 billion (2011 est.) |
Budget revenues per capita:
|
4,360 USD per capita |
Taxes and other revenues:
|
28.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-5.7% of GDP (2011 est.) |
Public debt:
|
103.9% of GDP (2011 est.)
102.1% of GDP (2010 est.) |
Industries:
|
tourism, sugar, light manufacturing, component assembly for export |
Industrial production growth rate:
|
-3.2% (2000 est.) |
Electricity - production:
|
1.011 billion kWh (2008 est.) |
Electricity - production per capita:
|
3,527 kWh per capita |
Electricity - consumption:
|
945 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
3,297 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
738.5 bbl/day (2010 est.) |
Oil - production per capita:
|
2,576 bbl/day per capita |
Oil - consumption:
|
9,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
11.46 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
8,684 bbl/day (2009 est.) |
Oil - proved reserves:
|
1.79 million bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
113.3 million cu m (1 January 2011 est.) |
Agriculture - products:
|
sugarcane, vegetables, cotton |
Current account balance:
|
-$417.8 million (2011 est.)
-$364.6 million (2010 est.) |
Current account balance - per capita:
|
-1,457 USD per capita |
Exports:
|
$467.4 million (2011 est.)
$424.5 million (2010 est.) |
Exports per capita:
|
1,631 USD per capita |
Exports - commodities:
|
manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components |
Exports - partners:
|
Brazil 16.8%, Trinidad and Tobago 16.8%, US 8.8%, St. Lucia 7.8%, Venezuela 5.4%, St. Vincent and the Grenadines 4.8% (2010) |
Imports:
|
$1.601 billion (2011 est.)
$1.39 billion (2010 est.) |
Imports per capita:
|
5,585 USD per capita |
Imports - commodities:
|
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components |
Imports - partners:
|
Trinidad and Tobago 32.5%, US 24.7%, Colombia 5.8%, China 4.4% (2010) |
Reserves of foreign exchange and gold:
|
$620 million (2007)
|
Reserves of foreign exchange and gold - per capita:
|
2,163 USD per capita |
Debt - external:
|
$668 million (2003) |
Debt - external - per capita:
|
2,330 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:
|
$4.366 billion (31 December 2010)
$4.39 billion (31 December 2009)
$4.964 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
15,229 USD per capita |
Currency (code):
|
Barbadian dollar (BBD) |
Exchange rates:
|
Barbadian dollars (BBD) per US dollar -
2 (2011 est.)
2 (2010 est.) |
Fiscal year:
|
1 April - 31 March |
|
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