Economy of Barbados
Population: 0.29 M (2018)
GDP per Capita: 17,949 USD (2018)
5,140 M.

GDP USD

(2018)

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2,160 M.

EXPORTS USD

(2018)

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2,100 M.

IMPORTS USD

(2018)

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120.00 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 2.28 % (2016)
GDP of 2010 USD USD 4.60 B. (2018)
GDP Current USD USD 5.14 B. (2018)
GDP per Capita Current USD USD 17,949 (2018)
GDP per capita, PPP USD 16,464 (2018)
GDP per Capita, 2010 USD USD 16,018 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 27.42 % (2018)
Government Spending USD 1.41 B. (2018)
Government Debt % GDP 120.00 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 117.27 (2018)
Trade Openness 82.88 % (2018)
Exports of Goods and Services % GDP 41.99 % (2018)
Exports Goods & Services USD 2.16 B. (2018)
Exports Annual Growth Barbados
Imports as % GDP 40.89 % (2018)
Total Imports USD 2.10 B. (2018)
Foreign Direct Investment % GDP 3.79 % (2018)
Foreign Direct Investment USD 0.20 B. (2018)
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold USD 0.43 B. (2016)
Remittances % GDP 2.23 % (2018)
Remittances USD 48 M. (2013)
Balance of Payments USD 53 M. (2013)

Labor Market

Indicator Value
Labor Force 0.15 M. (2019)
Unemployment Rate 9.59 % (2019)
Unemployment Rate Females 10.69 % (2019)
Unemployment Rate Males 9.98 % (2019)
Youth Unemployment (ages 15-24) 27.88 % (2019)
Labor Force Participation Rate 65.12 % (2019)
Labor Force (Percent Female) 49.28 % (2019)
Female Labor Force Participation Rate 61.53 % (2019)
Male Labor Force Participation Rate 69.16 % (2019)
Dependent People 49.58 % (2018)

Agriculture Sector

Indicator Value
Forest Area 14.70 % (2016)
Forest Area km² 63 km² (2016)
Agricultural Land 23.26 % (2016)
Agricultural Land km² 100 km² (2016)
Employment 2.76 % (2019)
Value added % GDP 1.30 % (2010)
Agriculture Value added USD 0.06 B. (2010)
Crop Production Index 45.70 (2016)
Precipitation 1,422 mm (2014)
Arable Land 16 % (2016)
Cereal Yield 2,865 kg/hectare (2017)
Food production index 85 (2016)
Rural Population 69 % (2018)
Fertilizer use of Arable Land 114 kg/hectare (2016)
Livestock Production Index 111 (2016)
Economy of Barbados

According to the World Bank and its latest published data, the economy of the Barbados presents a growth rate of 2.28 % (2016) to the previous year.

With a population that reaches 0.29 M (2018) and a gross domestic product of USD 5.14 B. (2018), it translates a Gross Domestic Product per Capita of USD 17,949 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Barbados also has a workforce of 0.15 M. (2019) with an unemployment rate of 9.59 % (2019), where women represent 10.69 % (2019) and men 9.98 % (2019), the unemployment rate for young people between 15-24 years old stood at 27.88 % (2019). The total number of dependent people stands at 49.58 % (2018).

The central government spent 27.42 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.41 B. (2018). Its consolidated public debt reached 120.00 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Barbados exported USD 2.16 B. (2018), which represents 41.99 % (2018) of its gross domestic product, in that same sense its imports reached USD 2.10 B. (2018) with a direct foreign investment of USD 0.20 B. (2018).

Barbados has a forest area of 63 km² (2016), which represents 14.70 % (2016) of its total area, an average rainfall of 1,422 mm (2014) per year and a population of 69 % (2018) living in rural areas. With a total area of 100 km² (2016) available for agriculture and 2.76 % (2019) of its employments, the agricultural sector contributes to the economy of the Barbados about USD 0.06 B. (2010) (1.30 % (2010) of its GDP).