Countries
Barbados
Key Economic Indicators
$7.01 billion
$24,823
2.48%
-0.44%
6.52%
$7.165 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
-$98.732 million (2015 est.)
Economic Overview
<p>high-income Eastern Caribbean economy; high standard of living among regional peers; key tourism, construction, and financial sectors driving recent GDP growth; declining but still very high public debt leading to IMF support programs; susceptible to natural disasters and reliance on import partners</p>
All Economic Data
Agricultural products
sugarcane, chicken, vegetables, milk, eggs, sweet potatoes, pork, coconuts, tropical fruits, pulses (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$1.664 billion (2015 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$1.269 billion (2015 est.)
Currency
code:
BBD
name:
Barbadian dollar (BBD) [$]
Current account balance
Current account balance 2015:
-$98.732 million (2015 est.)
Current account balance 2016:
-$452.39 million (2016 est.)
Current account balance 2017:
-$296.396 million (2017 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Barbadian dollars (BBD) per US dollar -
Exchange rates 2020:
2 (2020 est.)
Exchange rates 2021:
2 (2021 est.)
Exchange rates 2022:
2 (2022 est.)
Exchange rates 2023:
2 (2023 est.)
Exchange rates 2024:
2 (2024 est.)
Note:
<strong>note:</strong> the Barbadian dollar is pegged to the US dollar
Exports
Exports 2015:
$2.358 billion (2015 est.)
Exports 2016:
$2.41 billion (2016 est.)
Exports 2017:
$2.228 billion (2017 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
liquor, refined petroleum, packaged medicine, margarine, baked goods (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 22%, Jamaica 17%, Trinidad & Tobago 8%, Canada 6%, Guyana 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$303.06 million
GDP - composition, by end use
Exports of goods and services:
34.3% (2022 est.)
Government consumption:
11.8% (2022 est.)
Household consumption:
75.6% (2022 est.)
Imports of goods and services:
-42.2% (2022 est.)
Investment in fixed capital:
16.5% (2022 est.)
Investment in inventories:
0.2% (2022 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
1.9% (2023 est.)
Industry:
13.2% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
75.4% (2023 est.)
GDP (official exchange rate)
$7.165 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$26,545
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2016:
34.1 (2016 est.)
Note:
<strong>note:</strong> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$7.2 billion
GNI per capita
$25,140
Household income or consumption by percentage share
Highest 10%:
25.8% (2016 est.)
Lowest 10%:
2.5% (2016 est.)
Note:
<strong>note:</strong> % share of income accruing to lowest and highest 10% of population
Imports
Imports 2016:
$2.238 billion (2016 est.)
Imports 2017:
$2.213 billion (2017 est.)
Imports 2021:
$2.12 billion (2021 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, crude petroleum, cars, plastic products, ships (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 32%, Trinidad & Tobago 19%, Netherlands 6%, UK 6%, Guyana 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-1.3% (2023 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
tourism, sugar, light manufacturing, component assembly for export
Inflation rate (consumer prices)
-0.44%
Inflation rate (consumer prices) 2019:
4.1% (2019 est.)
Inflation rate (consumer prices) 2023:
9.8% (2023 est.)
Inflation rate (consumer prices) 2024:
-0.5% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
147,200 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
151,620 persons
Labor force - by occupation
agriculture:
1.25%
industry:
16.17%
services:
82.58%
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2016:
133.2% of GDP (2016 est.)
Real GDP (purchasing power parity)
$7.01 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$5.214 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$5.428 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$5.634 billion (2024 est.)
Real GDP growth rate
2.48%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
17.8% (2022 est.)
Real GDP growth rate 2023:
4.1% (2023 est.)
Real GDP growth rate 2024:
3.8% (2024 est.)
Real GDP per capita
$24,823
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$18,500 (2022 est.)
Real GDP per capita 2023:
$19,200 (2023 est.)
Real GDP per capita 2024:
$19,900 (2024 est.)
Remittances
$85.18 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
1.6% of GDP (2021 est.)
Remittances 2022:
1.4% of GDP (2022 est.)
Remittances 2023:
1.3% of GDP (2023 est.)
Reserves of foreign exchange and gold
$1.61 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$1.673 billion (2021 est.)
Reserves of foreign exchange and gold 2022:
$1.52 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$1.606 billion (2023 est.)
Taxes and other revenues
24.9% (of GDP) (2016 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
6.52%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
8.4% (2022 est.)
Unemployment rate 2023:
7.9% (2023 est.)
Unemployment rate 2024:
7.6% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
19.6% (2024 est.)
Male:
27.5% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
23.7% (2024 est.)
World Bank Indicators
Currency
Barbadian dollar (BBD) $ (2025)
FDI Net Inflows (US$)
$303.06M (2024)
GDP Growth (%)
2.48 (2024)
Gdp Nominal
$7.50B (2024)
GDP Per Capita
26,545 (2024)
Inflation Rate (%)
-0.44 (2024)
Languages
English (2025)
Reserves
$1.61B (2023)
Unemployment Rate (%)
6.45 (2024)
Youth Unemployment
18.05 (2024)
Economic Rankings
GDP Growth Rate
#5
Unemployment Rate
#58
Inflation Rate
#75
GDP per Capita
#80
Gini Index
#120
Reserves
#130
Exports
#155
GDP (Nominal)
#156
Imports
#164
GDP (PPP)
#167
Quick Facts
Industries
tourism, sugar, light manufacturing, component assembly for export
Agricultural products
sugarcane, chicken, vegetables, milk, eggs, sweet potatoes, pork, coconuts, tropical fruits, pulses (2023)
Labor force
147,200 (2024 est.)
Exports - partners
USA 22%, Jamaica 17%, Trinidad & Tobago 8%, Canada 6%, Guyana 6% (2023)
Imports - partners
USA 32%, Trinidad & Tobago 19%, Netherlands 6%, UK 6%, Guyana 5% (2023)
Exchange rates
Barbadian dollars (BBD) per US dollar -
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