Economy of Barbados

Economy of Barbados
Central Bank of Barbados
CurrencyBarbadian dollar (BBD)
1 April – 31 March
Trade organisations
WTO
Country group
Statistics
PopulationIncrease 286,641 (2018)[3]
GDP
  • Increase $5.087 billion (nominal, 2018)[4]
  • Increase $5.344 billion (PPP, 2018)[4]
GDP growth
  • 2.5% (2016)
  • 0.5% (2017)
  • −0.6% (2018)
  • −0.1% (2019)
  • -7.6% (2020)[4]
GDP per capita
  • Increase $17,758 (nominal, 2018)[4]
  • Increase $18,655 (PPP, 2018)[4]
GDP by sector
3.688% (2018)[4]
Population below poverty line
N/A
  • Decrease 0.790 high (2021)[6] (70th)
  • Decrease 0.657 medium IHDI (2021)[7]
Labour force
  • Decrease 155,283 (2018)[8]
  • Increase 59.9% employment rate (2016)[9]
Labour force by occupation
UnemploymentNegative increase 10.1% (2017 est.)[5]
Main industries
tourism, sugar, light manufacturing, component assembly for export
External
ExportsDecrease $485.4 million (2017 est.)[5]
Export goods
manufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components
Main export partners
ImportsIncrease $1.52 billion (2017 est.)[5]
Import goods
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Main import partners
Increase −$189 million (2017 est.)[5]
$4.49 billion (2010 est.)[5]
Public finances
Negative increase 157.3% of GDP (2017 est.)[5]
−4% (of GDP) (2017 est.)[5]
Revenues1.466 billion (2013 est.) (2017 est.)[5]
Expenses1.664 billion (2017 est.)[5]
Economic aid$9.8 million (recipient; 1995)
Decrease $264.5 million (31 December 2017 est.)[5]
All values, unless otherwise stated, are in US dollars.

Since the island country's independence in 1966, the economy of Barbados has been transformed from a low-income economy dependent upon sugar production into a high-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances.[citation needed] After a painful re-adjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%–5% since then. The country's three main economic drivers are: tourism, the international business sector, and foreign direct-investment. These are supported in part by Barbados operating as a service-driven economy and an international business centre.

In June 2018 Barbados announced the default on its bonds, after revealing that its debt amounted to $7.5 billion (the fourth highest debt in debt-to-GDP ratio in the world).[10]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Barbados". data.worldbank.org. World Bank. Retrieved 21 October 2019.
  4. ^ a b c d e f "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 21 October 2019.
  5. ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 21 October 2019.
  6. ^ "Human Development Indices and Indicators: 2018 Statistical update". hdr.undp.org. United Nations Development Programme. January 2018. Retrieved 17 November 2022.
  7. ^ "Inequality-adjusted Human Development Index". hdr.undp.org. United Nations Development Programme. Retrieved 17 November 2022.
  8. ^ "Labor force, total - Barbados". data.worldbank.org. World Bank. Retrieved 21 October 2019.
  9. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Barbados". data.worldbank.org. World Bank. Retrieved 21 October 2019.
  10. ^ "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035". www.cbonds.com. Retrieved 10 June 2018.