Short facts about the economy in Barbados
| 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) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| 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: |
11% (1999
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: |
US 30.7%, Trinidad and Tobago 10.2%,
Japan 8.3%, UK 7.7%, Canada 2.2% (1998) |
| Debt -
external: |
$425 million (2000
est.) |
| Economic aid
- recipient: |
$9.1 million
(1995) |
| Currency: |
Barbadian dollar
(BBD) |
| Exchange
rates: |
Barbadian dollars per US dollar -
2.0000 (fixed rate pegged to the US dollar) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
