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. 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. The economy contracted in 2001 due to slowdowns in tourism and consumer spending. Growth will remain anemic in 2002 with a recovery likely near the end of the year.

GDP purchasing power parity - $4 billion (2001 est.)

GDP - real growth rate -2% (2001 est.)

GDP - per capita purchasing power parity - $14,500 (2001 est.)

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

Population below poverty line NA%

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

Inflation rate (consumer prices) 3.5% (2001 est.)

Labor force 128,500 (2001 est.)

Labor force - by occupation services 75%, industry 15%, agriculture 10% (1996 est.)

Unemployment rate 10% (2001 est.)

Budget
revenues: $847 million (including grants)
expenditures: $886 million, including capital expenditures of $NA (2000 est.)

Industries tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate -3.2% (2000 est.)

Electricity - production 740 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 688.2 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products sugarcane, vegetables, cotton

Exports $272 million (2000)

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

Exports - partners Caribbean Community 43.2%, US 15.3%, UK 13.2% (2000)

Imports $1.16 billion (2000)

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

Imports - partners US 40.8%, Caribbean Community 19.8%, UK 8.1%, Japan 5.2%, Canada 4.2% (2000)

Debt - external $425 million (2000 est.)

Economic aid - recipient $9.1 million (1995)

Currency Barbadian dollar (BBD)

Currency code BBD

Exchange rates Barbadian dollars per US dollar - 2.0000 (fixed rate pegged to the US dollar)

Fiscal year 1 April - 31 March

NOTE: The information regarding Barbados on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Barbados Economy 2002 information contained here. All suggestions for corrections of any errors about Barbados Economy 2002 should be addressed to the CIA.