Economy of Barbados

Mother Earth Travel > Country Index > Barbados Map Economy History

Economy - overview: Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into manufacturing and tourism. The start of the Port Charles Marina project in Speightstown helped the tourism industry continue to expand in 1996-2000. Offshore finance and information services are important foreign exchange earners, and there is also a light manufacturing sector. The government continues its efforts to reduce unemployment, encourage direct foreign investment, and privatize remaining state-owned enterprises. Growth should remain steady in 2001, with new tourist facilities a plus factor.

GDP: purchasing power parity - $4 billion (2000 est.)
GDP - real growth rate: 2.8% (2000 est.)
GDP - per capita: purchasing power parity - $14,500 (2000 est.)
GDP - composition by sector:
agriculture:  4%
industry:  16%
services:  80% (1998)
Inflation rate (consumer prices): 2% (2000 est.)
Labor force: 136,000 (1998 est.)
Labor force - by occupation: services 75%, industry 15%, agriculture 10% (1996 est.)
Unemployment rate: 12% (1998 est.)
Budget:
revenues: $725.5 million
expenditures: $750.6 million, including capital expenditures of $126.3 million (FY97/98 est.)
Industries: tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate: 0.8% (1996)
Electricity - production: 718 million kWh (1999)
Electricity - production by source:
fossil fuel:  100%
hydro:  0%
nuclear:  0%
other:  0% (1999)
Electricity - consumption: 667.7 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: sugarcane, vegetables, cotton
Exports: $260 million (2000 est.)
Exports - commodities: sugar and molasses, rum, other foods and beverages, chemicals, electrical components, clothing
Exports - partners: UK 14.8%, US 11.6%, Trinidad and Tobago 7.6%, Venezuela 6.1%, Jamaica 5.8% (1998)
Imports: $800.3 million (2000 est.)
Imports - commodities: consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partners: United States 30.7%, Trinidad 10.2%, Japan 8.3%, United Kingdom 7.7%, Canada 2.2% (1998)
Debt - external: $425 million (2000 est.)
Economic aid - recipient: $9.1 million (1995)
Currency: 1 Barbadian dollar (Bds$) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Barbados Map Economy History