About Barbados and Key Financial Statistics

About Barbados and Key Financial Statistics

Overview of Economy:

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, in recent years the economy has diversified into light industry and tourism with about four-fifths of GDP and of exports being attributed to services. 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. Barbados' tourism, financial services, and construction industries have been hard hit since the onset of the global economic crisis in 2008. Barbados' public debt-to-GDP ratio rose from 56% in 2008 to 90.5% in 2014. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.

Gross Domestic Product (In USD):

$4.567 billion (2014 est.)

$4.558 billion (2013 est.)

$4.559 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 3.1

% Industry: 11.8

% Services: 85.1

Composition of Labor Force by Occupation:

% Agriculture: 10

% Industry: 15

% Services: 75

Per Capita Income:

$16,400 (2014 est.)

$16,300 (2013 est.)

$16,300 (2012 est.)

Exports:

$474.4 million (2014 est.)

$457.8 million (2013 est.)

Key Export Commodities:

manufactures, sugar, molasses, rum, other foodstuffs and beverages, chemicals, electrical components

Export Partners:

Trinidad and Tobago 24.1%, US 9.5%, St. Lucia 9.4%, St. Vincent and the Grenadines 5.8%, Antigua and Barbuda 4.8%, St. Kitts and Nevis 4.5%, Guyana 4.3%, Venezuela 4.3% (2014)

Imports:

$1.652 billion (2014 est.)

$1.681 billion (2013 est.)

Key Import Commodities:

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

Import Partners:

Trinidad and Tobago 35.6%, US 29.3%, Canada 9.1% (2014)

Inflation Rate (Consumer Price Index):

1.9% (2014 est.)

1.8% (2013 est.)

Exchange Rate to USD:

Barbadian dollars (BBD) per US dollar -

2 (2014 est.)

2 (2013 est.)

2 (2012 est.)

2 (2011 est.)

Unemployment Rate:

11.5% (2014 est.)

11.7% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings