Barbados:
Economy

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Other pages in this profile of Barbados:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Barbados: Economy

Barbados:
Economy