Barbados Economy
Economy - overviewHistorically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth should be positive in 2004, the precise level largely dependent on economic conditions in the US and Europe.
GDP
purchasing power parity - $4.355 billion (2003 est.)
GDP - real growth rate
2.2% (2003 est.)
GDP - per capita
purchasing power parity - $15,700 (2003 est.)
GDP - composition by sector
agriculture: 6%
industry: 16%
services: 78% (2000 est.)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
-0.5% (2003 est.)
Labor force
128,500 (2001 est.)
Labor force - by occupation
agriculture 10%, industry 15%, services 75% (1996 est.)
Unemployment rate
10.7% (2003 est.)
Budget
revenues: $847 million (including grants)
expenditures: $886 million, including capital expenditures of NA (2000 est.)
Agriculture - products
sugarcane, vegetables, cotton
Industries
tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate
-3.2% (2000 est.)
Electricity - production
780 million kWh (2001)
Electricity - consumption
725.4 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
1,271 bbl/day (2001 est.)
Oil - consumption
10,900 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
1.254 million bbl (1 January 2002)
Natural gas - production
29.17 million cu m (2001 est.)
Natural gas - consumption
29.17 million cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
70.79 million cu m (1 January 2002)
Exports
$206 million (2002)
Exports - commodities
sugar and molasses, rum, other foods and beverages, chemicals, electrical components
Exports - partners
US 18.7%, Trinidad and Tobago 14.5%, UK 14%, Jamaica 7.8%, Saint Lucia 6.2%, Saint Vincent and the Grenadines 4.7% (2003)
Imports
$1.039 billion (2002)
Imports - commodities
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partners
US 37.7%, Trinidad and Tobago 19.6%, UK 6.2%, Japan 4.4% (2003)
Debt - external
$668 million (2003)
Currency
Barbadian dollar (BBD)
Currency code
BBD
Exchange rates
Barbadian dollars per US dollar - 2 (2003), 2 (2002), 2 (2001), 2 (2000), 2 (1999)
