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Barbados:
Economy

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Economy - overview
Definition
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 about 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)
Definition - World rank and map
$5.317 billion (2007 est.)
GDP (official exchange rate)
Definition
$3.739 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
4.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$19,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 6%
industry: 16%
services: 78% (2000 est.)
Labor force
Definition
128,500 (2001 est.)
Labor force - by occupation
Definition
agriculture: 10%
industry: 15%
services: 75% (1996 est.)
Unemployment rate
Definition - World rank and map
10.7% (2003 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5.5% (2007 est.)
Budget
Definition
revenues: $847 million (including grants)
expenditures: $886 million (2000 est.)
Agriculture - products
Definition
sugarcane, vegetables, cotton
Industries
Definition
tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate
Definition - World rank and map
-3.2% (2000 est.)
Electricity - production
Definition - World rank and map
953 million kWh (2005)
Electricity - consumption
Definition - World rank and map
886.3 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
3,143.3 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
1,002 bbl/day (2005)
Oil - consumption
Definition - World rank and map
9,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
31.9 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
1,666 bbl/day (2004)
Oil - imports
Definition - World rank and map
7,071 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
2.5 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
27.97 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
27.97 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
99 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
135.8 million cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$254 million (2007 est.)
Exports
Definition - World rank and map
$385 million (2006)
Exports - commodities
Definition
manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components
Exports - partners
Definition
Trinidad and Tobago 19.1%, UK 11.6%, US 11.5%, Saint Lucia 8.9%, Jamaica 8.3%, Saint Vincent and the Grenadines 5.5%, Antigua and Barbuda 4.5%, Saint Kitts & Nevis 4.2% (2006)
Imports
Definition - World rank and map
$1.586 billion (2006)
Imports - commodities
Definition
consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partners
Definition
US 29.6%, Trinidad and Tobago 26.8%, UK 6.8%, Canada 4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$620 million (2007)
Debt - external
Definition - World rank and map
$668 million (2003)
Market value of publicly traded shares
Definition
$5.513 billion (2005)
Economic aid - recipient
Definition
$2.07 million (2005)
Currency (code)
Definition
Barbadian dollar (BBD)
Exchange rates
Definition
Barbadian dollars per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)
Fiscal year
Definition
1 April - 31 March


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