Barbados Economy 2008

Economy - overview:
Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, production in recent years has diversified into light industry and tourism, with nearly three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues - reflecting its success in the higher-end segment. The country enjoys one of the highest per capita incomes in the region and an investment grade rating which benefits from its political stability and stable institutions. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises.

GDP (purchasing power parity):
$5.53 billion (2007 est.)

GDP (official exchange rate):
$3.346 billion (2007 est.)

GDP - real growth rate:
4% (2007 est.)

GDP - per capita (PPP):
$19,700 (2007 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):
5.5% (2007 est.)

Budget:
revenues: $847 million (including grants)
expenditures: $886 million (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:
953 million kWh (2005)

Electricity - consumption:
886.3 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
1,002 bbl/day (2005)

Oil - consumption:
9,000 bbl/day (2005 est.)

Oil - exports:
1,666 bbl/day (2004)

Oil - imports:
7,071 bbl/day (2004)

Oil - proved reserves:
2.5 million bbl (1 January 2006 est.)

natural gas - production:
27.97 million cu m (2005 est.)

natural gas - consumption:
27.97 million cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
135.8 million cu m (1 January 2006 est.)

Exports:
$385 million (2006)

Exports - commodities:
manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components

Exports - partners:
US 27.6%, Trinidad and Tobago 15%, UK 10.2%, Saint Lucia 7%, Jamaica 6.5%, Saint Vincent and the Grenadines 4.3% (2006)

Imports:
$1.586 billion (2006)

Imports - partners:
US 37.7%, Trinidad and Tobago 22.6%, UK 5.9% (2006)

Economic aid - recipient:
$2.07 million (2005)

Reserves of foreign exchange and gold:
$620 million (2007)

Debt - external:
$668 million (2003)

Market value of publicly traded shares:
$5.513 billion (2005)

Currency (code):
Barbadian dollar (BBD)

Exchange rates:
Barbadian dollars per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)