Barbados Economy 2001

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. The start of the Port Charles Marina project in Speightstown helped the tourism industry continue to expand in 1996-2000. 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. Growth should remain steady in 2001, with new tourist facilities a plus factor.

GDP: purchasing power parity - $4 billion (2000 est.)

GDP - real growth rate: 2.8% (2000 est.)

GDP - per capita: purchasing power parity - $14,500 (2000 est.)

GDP - composition by sector:
agriculture: 4%
industry: 16%
services: 80% (1998)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2% (2000 est.)

Labor force: 136,000 (1998 est.)

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

Unemployment rate: 11% (1999 est.)

Budget:
revenues: $725.5 million
expenditures: $750.6 million, including capital expenditures of $126.3 million (FY97/98 est.)

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

Industrial production growth rate: 0.8% (1996)

Electricity - production: 718 million kWh (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 667.7 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: sugarcane, vegetables, cotton

Exports: $260 million (2000 est.)

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

Exports - partners: UK 14.8%, US 11.6%, Trinidad and Tobago 7.6%, Venezuela 6.1%, Jamaica 5.8% (1998)

Imports: $800.3 million (2000 est.)

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

Imports - partners: US 30.7%, Trinidad and Tobago 10.2%, Japan 8.3%, UK 7.7%, Canada 2.2% (1998)

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 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Barbados Economy 2001 information contained here. All suggestions for corrections of any errors about Barbados Economy 2001 should be addressed to the CIA.