Barbados: Economy
|
Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
|
Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Barbados is the richest and most developed country in Eastern Caribbean. |
|
Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2019): United States, Trinidad and Tobago, and Netherlands |
| Top Industries Source: CIA World Factbook | Tourism, Sugar, Light Manufacturing, Component Assembly For Export |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $3,901,579,110 (2020) |
| GDP Growth Rate (annual %) | -17.605% (2020) |
| GDP Per Capita, PPP (current international) | $13,577 (2020) |
GDP Country Rank 172/197 (2020)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 4.1% (2019) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 35.6% (2019) |
| Real Interest Rate (5 year average %) | 5.132% (2018) |
| Manufacturing, value added (% of GDP) | 4.829% (2016) |
| Current Account Balance (BoP, current US$) | ($453,016,313) (2016) |
Labor and Employment [1]
| Labor Force, Total | 147,470 (2020) |
| Employment in Agriculture (% of total employment) | 2.562% (2020) |
| Employment in Industry (% of total employment) | 18.927% (2020) |
| Employment in Services (% of total employment) | 78.51% (2020) |
| Unemployment Rate | 12.79% (2020) |
Trade [1]
| Imports of goods and services (current US$) | $2,171,296,150 (2019) |
| Exports of goods and services (current US$) | $2,188,203,000 (2019) |
| Total Merchandise Trade (% of GDP) | 42.676% (2020) |
| FDI, net inflows (BoP, current US$) | $215,370,000 (2019) |
| Commercial Service Exports (current US$) | $1,393,663,787 (2016) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Barbados’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.