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 (2021): United States, Trinidad and Tobago, and United Kingdom |
| Top Industries Source: CIA World Factbook | Tourism, Sugar, Light Manufacturing, Component Assembly For Export |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $5,023,651,139 (2022) |
| GDP Growth Rate (annual %) | 9.999% (2022) |
| GDP Per Capita, PPP (current international) | $17,837 (2022) |
GDP Country Rank 172/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 4.1% (2019) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 35.6% (2019) |
| Real Interest Rate (5 year average %) | 2.113% (2022) |
| Manufacturing, value added (% of GDP) | 5.057% (2021) |
| Current Account Balance (BoP, current US$) | ($296,395,807) (2017) |
Labor and Employment [1]
| Labor Force, Total | 142,648 (2022) |
| Employment in Agriculture (% of total employment) | 2.81% (2021) |
| Employment in Industry (% of total employment) | 16.618% (2021) |
| Employment in Services (% of total employment) | 80.573% (2021) |
| Unemployment Rate | 8.203% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $1,960,350,000 (2021) |
| Exports of goods and services (current US$) | $1,471,300,000 (2021) |
| Total Merchandise Trade (% of GDP) | 47.518% (2022) |
| FDI, net inflows (BoP, current US$) | $200,000,000 (2022) |
| Commercial Service Exports (current US$) | $1,496,535,153 (2017) |
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.