Barbados: Economy
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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 |
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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. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2018): United States, Trinidad and Tobago, and China |
| Top Industries Source: CIA World Factbook | Tourism, Sugar, Light Manufacturing, Component Assembly For Export |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $5,318,374,172 (2018) |
| GDP Growth Rate (annual %) | -0.498% (2018) |
| GDP Per Capita, PPP (current international) | $18,554 (2018) |
GDP Country Rank 166/196 (2018)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 4.66% (2017) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 35.6% (2019) |
| Real Interest Rate (5 year average %) | 4.262% (2018) |
| Manufacturing, value added (% of GDP) | 4.829% (2016) |
| Current Account Balance (BoP, current US$) | ($248,161,275) (2013) |
Labor and Employment [1]
| Labor Force, Total | 154,988 (2019) |
| Employment in Agriculture (% of total employment) | 2.764% (2019) |
| Employment in Industry (% of total employment) | 19.186% (2019) |
| Employment in Services (% of total employment) | 78.05% (2019) |
| Unemployment Rate | 9.588% (2019) |
Trade [1]
| Imports of goods and services (current US$) | $2,103,821,350 (2018) |
| Exports of goods and services (current US$) | $2,160,346,050 (2018) |
| Total Merchandise Trade (% of GDP) | 39.456% (2018) |
| FDI, net inflows (BoP, current US$) | $195,096,000 (2018) |
| Commercial Service Exports (current US$) | $1,385,498,227 (2013) |
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.