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Economy of Barbados
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Since the island country's independence in 1966, the economy of Barbados has been transformed from a low-income economy dependent upon sugar production into a high-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances.[citation needed] After a painful re-adjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%–5% since then. The country's three main economic drivers are: tourism, the international business sector, and foreign direct-investment. These are supported in part by Barbados operating as a service-driven economy and an international business centre.
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![]() Central Bank of Barbados | |
Currency | Barbadian dollar (BBD) |
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1 April – 31 March | |
Trade organisations | WTO |
Country group | |
Statistics | |
Population | ![]() |
GDP | |
GDP growth |
|
GDP per capita | |
GDP by sector |
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3.688% (2018)[4] | |
Population below poverty line | N/A |
Labour force | |
Labour force by occupation |
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Unemployment | ![]() |
Main industries | tourism, sugar, light manufacturing, component assembly for export |
External | |
Exports | ![]() |
Export goods | manufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components |
Main export partners |
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Imports | ![]() |
Import goods | consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components |
Main import partners |
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Gross external debt | $4.49 billion (2010 est.)[5] |
Public finances | |
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−4% (of GDP) (2017 est.)[5] | |
Revenues | 1.466 billion (2013 est.) (2017 est.)[5] |
Expenses | 1.664 billion (2017 est.)[5] |
Economic aid | $9.8 million (recipient; 1995) |
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All values, unless otherwise stated, are in US dollars. |
In June 2018 Barbados announced the default on its bonds, after revealing that its debt amounted to $7.5 billion (the fourth highest debt in debt-to-GDP ratio in the world).[10]