Barbados

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Introduction - Barbados:
Location - Barbados:
People - Barbados:
Government - Barbados:
Economy - Barbados:

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 was positive in 2005-06, as economic conditions in the US and Europe moderately improved.

Gdp purchasing power parity

$5.146 billion (2006 est.)

Gdp official exchange rate

$3.142 billion (2006 est.)

Gdp real growth rate

3.5% (2006 est.)

Gdp per capita ppp

$18,400 (2006 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

896 million kWh (2004)

Electricity consumption

833.3 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

1,000 bbl/day (2004)

Oil consumption

11,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

2.509 million bbl (1 January 2005)

Natural gas production

29.17 million cu m (2004 est.)

Natural gas consumption

29.17 million cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

141.6 million cu m (1 January 2005 est.)

Exports

$209 million (2004 est.)

Exports commodities

sugar and molasses, rum, other foods and beverages, chemicals, electrical components

Exports partners

Trinidad and Tobago 16.3%, UK 11.1%, US 10.9%, Saint Lucia 9.2%, Jamaica 8.7%, Grenada 5.1%, Saint Vincent and the Grenadines 5%, Saint Kitts & Nevis 4.3%, Canada 4% (2006)

Imports

$1.476 billion (2004 est.)

Imports commodities

consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components

Imports partners

US 29.5%, Trinidad and Tobago 26.4%, UK 5.8%, China 5% (2006)

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 (2006), 2 (2005), 2 (2004), 2 (2003), 2 (2002)

Communications - Barbados:
Transportation - Barbados:
Military - Barbados:
This page was last updated on 16 September, 2007
Source: CIA >>>


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