Barbados - Economy
How is the economy of Barbados? Based on the information we have, Barbados has a
high-income Eastern Caribbean economy; high standard of living among regional peers; key tourism, construction, and financial sectors driving recent GDP growth; declining but still very high public debt leading to IMF support programs; susceptible to natural disasters and reliance on import partners
. Key agricultural products in this country include: sugarcane, chicken, vegetables, milk, eggs, sweet potatoes, pork, coconuts, tropical fruits, pulses (2023).More about the economy of Barbados
| Labor force | 147,200 (2024 est.) |
|---|---|
| Industrial production growth rate | -1.3% (2023 est.) |
| Industries | tourism, sugar, light manufacturing, component assembly for export |
| Population below poverty line | |
| Taxes and other revenues | 24.9% (of GDP) (2016 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Barbadian dollars (BBD) per US dollar - |
| Exchange rates 2024 | 2 (2024 est.) |
| Exchange rates 2023 | 2 (2023 est.) |
| Exchange rates 2022 | 2 (2022 est.) |
| Exchange rates 2021 | 2 (2021 est.) |
| Exchange rates 2020 | 2 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.606 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.52 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.673 billion (2021 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 | 133.2% of GDP (2016 est.) |
| Budget | |
| Revenues | $1.269 billion (2015 est.) |
| Expenditures | $1.664 billion (2015 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.3% of GDP (2023 est.) |
| Remittances 2022 | 1.4% of GDP (2022 est.) |
| Remittances 2021 | 1.6% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.5% (2016 est.) |
| Highest 10% | 25.8% (2016 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) | USA 32%, Trinidad & Tobago 19%, Netherlands 6%, UK 6%, Guyana 5% (2023) |
| Comodities Imports force | refined petroleum, crude petroleum, cars, plastic products, ships (2023) |
| Exports | |
| Imports 2021 | $2.12 billion (2021 est.) |
| Imports 2017 | $2.213 billion (2017 est.) |
| Imports 2016 | $2.238 billion (2016 est.) |
| Exports (partners) | USA 22%, Jamaica 17%, Trinidad & Tobago 8%, Canada 6%, Guyana 6% (2023) |
| Comodities Exports force | liquor, refined petroleum, packaged medicine, margarine, baked goods (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $5.634 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $5.428 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.214 billion (2022 est.) |
| GDP (official exchange rate) | $7.165 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $19,900 (2024 est.) |
| Real GDP per capita 2023 | $19,200 (2023 est.) |
| Real GDP per capita 2022 | $18,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.9% (2023 est.) |
| Industry | 13.2% (2023 est.) |
| Services | 75.4% (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 2024 | 7.6% (2024 est.) |
| Unemployment rate 2023 | 7.9% (2023 est.) |
| Unemployment rate 2022 | 8.4% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 23.7% (2024 est.) |
| Male | 27.5% (2024 est.) |
| Female | 19.6% (2024 est.) |
All Important Facts about Barbados
Want to know more about Barbados? Check all different factbooks for Barbados below.
