World Factbook

Barbados

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$1.269 billion (2015 est.)

expenditures

$1.664 billion (2015 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2015

$2.358 billion (2015 est.)

Exports 2016

$2.41 billion (2016 est.)

Exports 2017

$2.228 billion (2017 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2016

$2.238 billion (2016 est.)

Imports 2017

$2.213 billion (2017 est.)

Imports 2021

$2.12 billion (2021 est.)

Industries

tourism, sugar, light manufacturing, component assembly for export

Labor force

147,200 (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2016

133.2% of GDP (2016 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2021

1.6% of GDP (2021 est.)

Remittances 2022

1.4% of GDP (2022 est.)

Remittances 2023

1.3% of GDP (2023 est.)

Exchange rates

note

note: the Barbadian dollar is pegged to the US dollar

Currency

Barbadian dollars (BBD) per US dollar -

Exchange rates 2020

2 (2020 est.)

Exchange rates 2021

2 (2021 est.)

Exchange rates 2022

2 (2022 est.)

Exchange rates 2023

2 (2023 est.)

Exchange rates 2024

2 (2024 est.)

Economic overview

high-income Eastern Caribbean economy; high standard of living among regional peers; key tourism, construction, and financial sectors driving recent GDP growth; declining but still very high public debt leading to IMF support programs; susceptible to natural disasters and reliance on import partners

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

8.4% (2022 est.)

Unemployment rate 2023

7.9% (2023 est.)

Unemployment rate 2024

7.6% (2024 est.)

Exports - partners

USA 22%, Jamaica 17%, Trinidad & Tobago 8%, Canada 6%, Guyana 6% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

USA 32%, Trinidad & Tobago 19%, Netherlands 6%, UK 6%, Guyana 5% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$18,500 (2022 est.)

Real GDP per capita 2023

$19,200 (2023 est.)

Real GDP per capita 2024

$19,900 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

17.8% (2022 est.)

Real GDP growth rate 2023

4.1% (2023 est.)

Real GDP growth rate 2024

3.8% (2024 est.)

Agricultural products

sugarcane, chicken, vegetables, milk, eggs, sweet potatoes, pork, coconuts, tropical fruits, pulses (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

liquor, refined petroleum, packaged medicine, margarine, baked goods (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, crude petroleum, cars, plastic products, ships (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2015

-$98.732 million (2015 est.)

Current account balance 2016

-$452.39 million (2016 est.)

Current account balance 2017

-$296.396 million (2017 est.)

Taxes and other revenues

24.9% (of GDP) (2016 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$7.165 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

75.6% (2022 est.)

government consumption

11.8% (2022 est.)

investment in inventories

0.2% (2022 est.)

investment in fixed capital

16.5% (2022 est.)

exports of goods and services

34.3% (2022 est.)

imports of goods and services

-42.2% (2022 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2019

4.1% (2019 est.)

Inflation rate (consumer prices) 2023

9.8% (2023 est.)

Inflation rate (consumer prices) 2024

-0.5% (2024 est.)

Industrial production growth rate

-1.3% (2023 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$5.214 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$5.428 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$5.634 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

27.5% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

23.7% (2024 est.)

female

19.6% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2021

$1.673 billion (2021 est.)

Reserves of foreign exchange and gold 2022

$1.52 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$1.606 billion (2023 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

13.2% (2023 est.)

services

75.4% (2023 est.)

agriculture

1.9% (2023 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.5% (2016 est.)

highest 10%

25.8% (2016 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2016

34.1 (2016 est.)