Barbados - Economy
How is the economy of Barbados? Based on the information we have, Barbados has a largest Eastern Caribbean economy; dependent on US imports and currency strength; high Human Development Index; key tourism and financial sectors; declining but still very high public debt; cost-of-living and cost competitiveness vulnerabilities. Key agricultural products in this country include: sugarcane, chicken, vegetables, milk, eggs, sweet potatoes, pork, coconuts, cantaloupes/melons, tropical fruits (2022).
More about the economy of Barbados
| Labor force | 146,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 3.64% (2023 est.) |
| Industries | tourism, sugar, light manufacturing, component assembly for export |
| Population below poverty line | |
| Taxes and other revenues | 27.39% (of GDP) (2016 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Barbadian dollars (BBD) per US dollar - |
| Exchange rates 2023 | 2 (2023 est.) |
| Exchange rates 2022 | 2 (2022 est.) |
| Exchange rates 2021 | 2 (2021 est.) |
| Exchange rates 2020 | 2 (2020 est.) |
| Exchange rates 2019 | 2 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $1.52 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.673 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $1.358 billion (2020 est.) |
| Current account balance | |
| Current account balance 2017 | -$296.396 million (2017 est.) |
| Current account balance 2016 | -$452.39 million (2016 est.) |
| Current account balance 2015 | -$98.732 million (2015 est.) |
| Public debt | |
| Public debt 2016 | 146.46% of GDP (2016 est.) |
| Budget | |
| Revenues | $1.269 billion (2015 est.) |
| Expenditures | $1.664 billion (2015 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.33% of GDP (2023 est.) |
| Remittances 2022 | 1.46% of GDP (2022 est.) |
| Remittances 2021 | 1.72% of GDP (2021 est.) |
| Imports | |
| Imports 2021 | $2.12 billion (2021 est.) |
| Imports 2017 | $2.213 billion (2017 est.) |
| Imports 2016 | $2.238 billion (2016 est.) |
| Imports (partners) | US 43%, China 8%, Trinidad and Tobago 7%, UK 5%, Netherlands 3% (2022) |
| Comodities Imports force | refined petroleum, plastic products, cars, railway cargo containers, packaged medicine (2022) |
| Exports | |
| Imports 2021 | $2.12 billion (2021 est.) |
| Imports 2017 | $2.213 billion (2017 est.) |
| Imports 2016 | $2.238 billion (2016 est.) |
| Exports (partners) | US 23%, Jamaica 11%, Trinidad and Tobago 9%, Guyana 8%, Poland 6% (2022) |
| Comodities Exports force | liquor, packaged medicine, ships, paper labels, baked goods (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $4.92 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $4.708 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $4.148 billion (2021 est.) |
| GDP (official exchange rate) | $6.394 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $17,400 (2023 est.) |
| Real GDP per capita 2022 | $16,700 (2022 est.) |
| Real GDP per capita 2021 | $14,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.4% (2023 est.) |
| Industry | 13.1% (2023 est.) |
| Services | 72.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 75.6% (2022 est.) |
| Government consumption | 11.8% (2022 est.) |
| Investment in fixed capital | 16.5% (2022 est.) |
| Investment in inventories | 0.2% (2022 est.) |
| Exports of goods and services | 34.3% (2022 est.) |
| Imports of goods and services | -42.2% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 7.95% (2023 est.) |
| Unemployment rate 2022 | 8.49% (2022 est.) |
| Unemployment rate 2021 | 9.42% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 24.9% (2023 est.) |
| Male | 28.9% (2023 est.) |
| Female | 20.3% (2023 est.) |
All Important Facts about Barbados
Want to know more about Barbados? Check all different factbooks for Barbados below.
