Barbados Economy - 2005

Economy - overview:
Historically, 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 probably was positive in 2004, as economic conditions in the US and Europe moderately improved.

GDP:
purchasing power parity - $4.569 billion (2004 est.)

GDP - real growth rate:
2.3% (2004 est.)

GDP - per capita:
purchasing power parity - $16,400 (2004 est.)

GDP - composition by sector:
agriculture: 6%
industry: 16%
services: 78% (2000 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.)

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
-0.5% (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:
800 million kWh (2002)

Electricity - consumption:
744 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
1,271 bbl/day (2001 est.)

Oil - consumption:
10,900 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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:
Trinidad and Tobago 14.2%, US 13.9%, UK 13%, Jamaica 7.7%, Saint Lucia 5.8%, Spain 5.8%, Saint Vincent and the Grenadines 4.6% (2004)

Imports:
$1.039 billion (2002)

Imports - commodities:
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components

Imports - partners:
US 31.6%, Trinidad and Tobago 21.6%, UK 7.9%, Japan 5.3% (2004)

Debt - external:
$668 million (2003)

Economic aid - recipient:
$9.1 million (1995)

Currency (code):
Barbadian dollar (BBD)

Exchange rates:
Barbadian dollars per US dollar - 2 (2004), 2 (2003), 2 (2002), 2 (2001), 2 (2000)