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Barbados

Includes Barbados real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Barbados economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Barbados best banks and safest banks are also available.

Basic Information

Government Type: Parliamentary democracy under a constitutional monarchy; a Commonwealth realm

Capital City: Bridgetown

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Barbados
Currency Barbadian dollars (BBD)
International Reserves USD 0.43 billion (2016)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 5.1 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 5.3 billion (2018, estimate)

GDP Data

Real GDP growth 2007 1.9%
2008 0.9%
2009 4.9%
2010 -2.2%
2011 -0.8%
2012 -0.1%
2013 -1.4%
2014 -0.2%
2015 2.2%
2016 2.3%
2017 -0.3%
2018* -0.5%

*Estimate
GDP per capita – current prices USD 17,961.2 (2018, estimate)
GDP per capita – PPP Intl$ 18,534.3 (2018, estimate)
GDP (PPP) – share of world total 1980 0.01%
1990 0.01%
2000 0.01%
2010 0.01%
2019* 0.004%
GDP – composition by sector agriculture: 1.5%
industry: 9.8%
services: 88.7%
(2017 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 -1.1%
2016 1.5%
2017 4.4%
2018* 3.7%
2019* 1.9%

*Estimate

Inflation & Debt

Inflation 2015 -1.1%
2016 1.5%
2017 4.4%
2018* 3.7%
2019* 1.9%

*Estimate
Government Bond Ratings Standard & Poor’s: SD

Moody’s: Caa1

Standard & Poor’s / Moody’s
Unemployment rate 2015 11.3%
2016 9.7%
2017 10%
2018* 10.1%
2019* 10.4%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 147%
2016 149.5%
2017 158.3%
2018* 125.7%
2019* 115.4%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -9.1%
2016 -5.3%
2017 -4.3%
2018* -0.3%
2019* 3.3%

*Estimate

Market value of publicly traded shares 2016 USD 3.1 billion
2017 USD 3.4 billion
2018 USD 3.5 billion
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 5.9% (2017)

Shares in world total merchandising export 0.004% (2018)

Shares in world total commercial services export 0.008% (2018)

Total exports USD 1.6 billion (2018 estimate)

Export commodities Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs

Total imports USD 8.3 billion (2018 estimate)

Import commodities Machinery and other capital goods, food, textiles, petroleum products

Exports – major partners India 56.5%, Pakistan 29.6% (2017)

Imports – major partners China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017)

Competitiveness & Trade

Current account balance USD -0.2 billion (2018 estimate)
Current account balance by percentage of GDP -3.7 % (2018 estimate)
FDI inflows 2016 USD 230 million
2017 USD 286 million
2018 USD 195 million
FDI Outflows 2016 USD -10 million
2017 USD -28 million
2018 USD 34 million
Value of cross-border M&A, by country of purchaser 2015 N/A
2016 N/A
2017 N/A
2018 N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

128 out of 190 countries

​Subcategories:
Starting a Business: 102 out of 190 countries
Dealing with Construction Permits: 153 out of 190 countries
Getting Electricity: 117 out of 190 countries
Registering Property: 118 out of 190 countries
Getting Credit: 152 out of 190 countries
Protecting Minority Investors: 136 out of 190 countries
Paying Taxes: 96 out of 190 countries
Trading across Borders: 132 out of 190 countries
Enforcing Contracts: 170 out of 190 countries
Resolving Insolvency: 35 out of 190 countries
Global competitiveness ranking
77 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 67 / Score: 64.7 (Moderately free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 430 sq km

Total Population 1990 0.26 Million
2000 0.27 Million
2010 0.28 Million
2015 0.28 Million
2020 0.29 Million
Urban population as % of total population 1960 36.8%
1980 40.1%
2000 33.8%
2018 31.1%
Population median age 38.9 years


CIA World Factbook / Population median age
Population growth rate 0.26% (2018 estimate)
Life expectancy 75.7 years (2018 estimate)


CIA World Factbook / Life expectancy
% of population living on less than $3.10 a day N/A
Inequality of wealth distribution (Gini index) N/A
Freedom House rating Free
Political Rights: 1
Civil Liberties: 1 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population
Fixed: 44.4%

Mobile: 122.6%

(2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 81.76 % (2017)

Language & Religon

Languages English (official), Bajan (English-based creole language, widely spoken in informal settings)
Literacy Total population: 99.6%
Male: 99.6%
Female: 99.6%
Definition: age 15 and over can read and write (2014 est.)
Religions Protestant 66.4% (includes Anglican 23.9%, other Pentecostal 19.5%, Adventist 5.9%, Methodist 4.2%, Wesleyan 3.4%, Nazarene 3.2%, Church of God 2.4%, Baptist 1.8%, Moravian 1.2%, other Protestant 0.9%), Roman Catholic 3.8%, other Christian 5.4% (includes

World Rankings

Population 0.29 million
Mercer Cost of living index N/A
C02 Emissions per capita 4.47 metric tons per capita (2014)

Global Finance Rankings & Awards: Barbados

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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