Economic overview Barbados, in 36 editions.

A per capita income of $5,250 $6,500 gives Barbados one of the highest standard standards of living of all the small island states of the eastern Caribbean. Historically, the economy was based on the cultivation of sugarcane and related activities. In recent years, however, the economy has diversified into manufacturing and tourism. The tourist industry is now a major employer of the labor force and a primary source of foreign exchange. A high An unemployment rate of about 19% in 1988 18% remains one of the most serious economic problems facing the country.

A per capita income of $6,500 gives Barbados one of the highest standards of
living of all the small island states of the eastern Caribbean.
Historically, the economy was based on the cultivation of sugarcane and
related activities. In recent years, however, the economy has diversified
into manufacturing and tourism. The tourist industry is now a major employer
of the labor force and a primary source of foreign exchange. An unemployment rate of 18% remains one of the most serious The economy
slowed in 1990-91, however, and Bridgetown's declining hard currency
reserves and inability to finance its deficits have caused it to adopt an
austere economic problems facing the country. reform program.

A per capita income of $6,500 $7,000 gives Barbados one of the highest standards of
living of all the small island states of the eastern Caribbean.
Historically, the economy was based on the cultivation of sugarcane and
related activities. In recent years, however, the economy has diversified
into manufacturing and tourism. The tourist industry is now a major employer
of the labor force and a primary source of foreign exchange. The economy
slowed in 1990-91, however, and Bridgetown's declining hard currency
reserves and inability to finance its deficits have caused it to adopt an
austere economic reform program.

A per capita income of $7,000 $8,700 gives Barbados one of the highest
standards of
living of all the small island states of the eastern Caribbean.
Caribbean. Historically, the economy was based on the cultivation of sugarcane and
sugar cane and related activities. In recent years, however, the
economy has diversified
into manufacturing and tourism. The tourist
industry is now a major employer
of the labor force and a primary
source of foreign exchange. The economy
slowed in 1990-91, however, and Bridgetown's declining hard currency 1990-92 as
reserves and inability to finance Bridgetown's difficulty in financing its deficits have caused it to adopt an exert
austere economic reform program. control over domestic demands

A per capita income of $8,700 $9,200 gives Barbados one of the highest
highest standards of living of all the small island states of the eastern
eastern Caribbean. Historically, the economy was based on the
cultivation of
sugar cane sugarcane and related activities. In recent years,
however, the
economy has diversified into manufacturing and tourism. The tourist A
industry is now a major employer moderate recovery that began in late 1993 after 3 years of the labor force and a primary contraction
source of foreign exchange. The economy slowed is mainly due to increased tourism and expansion in 1990-92 as the construction
Bridgetown's difficulty sector. Economic prospects for 1995 depend mostly on continued growth
in financing its deficits caused it to exert the industrialized countries, especially in Europe, which would
control over domestic demands spur further expansion in tourism.

Historically, the Barbadian economy had been
dependent on sugarcane cultivation and related activities, but in
production in recent years the production 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. The industry
generated $331.8 million by the end of June and was expected to double
by the end of the year. Prime Minister Owen ARTHUR called for
"prudent" financial management to ensure that economic growth would
continue. As part of his plan, the Prime Minister introduced a
controversial Value Added Tax (VAT) in an effort to reform the tax
administration process. 1996-97. The VAT will be administered at 15% for most
industries and 7% for the tourism industry. The government has also
continued continues its efforts to promote regional integration initiatives, to
reduce the unacceptably high
unemployment rate, and to encourage
direct foreign investment. investment, and privatize
remaining state-owned enterprises.

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
Speightstown helped the tourism industry continue to expand in 1996-97. The
1996-98. Offshore finance and informatics are important foreign
exchange earners, and there is also a light manufacturing sector.
The government continues its efforts to reduce the unacceptably high
unemployment rate, encourage direct foreign investment, and privatize
privatize remaining state-owned enterprises.

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
1996-98. 1996-99. Offshore finance and informatics are important foreign
exchange earners, and there is also a light manufacturing sector.
The government continues its efforts to reduce the unacceptably high
unemployment rate, encourage direct foreign investment, and
privatize remaining state-owned enterprises.

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 1996-99. 1996-2000. Offshore finance and informatics information services are important foreign exchange earners, and there is also a light manufacturing sector. The government continues its efforts to reduce the unacceptably high unemployment rate, unemployment, encourage direct foreign investment, and privatize remaining state-owned enterprises. Growth should remain steady in 2001, with new tourist facilities a plus factor.

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. The economy contracted in 2001 due to slowdowns in tourism and consumer spending. Growth should will remain steady anemic in 2001, 2002 with new tourist facilities a plus factor. recovery likely near the end of the year.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into manufacturing and tourism. Offshore finance and information services are important foreign exchange earners, and there is also a light manufacturing light-manufacturing sector. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2001 2002 mainly due to slowdowns a 3% decline in tourism and consumer spending. tourism. Growth will remain anemic should be positive in 2002 with a recovery likely near 2003, the end of precise level largely dependent on economic conditions in the year. US and Europe.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into manufacturing light industry and tourism. Offshore finance and information services are important foreign exchange earners, and there is also a light-manufacturing sector. earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002 2002-03 mainly due to a 3% decline in tourism. Growth should be positive in 2003, 2004, the precise level largely dependent on economic conditions in the US and Europe.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth should be probably was positive in 2004, the precise level largely dependent on as economic conditions in the US and Europe. Europe moderately improved.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth probably was positive in 2004, 2005, as economic conditions in the US and Europe moderately improved.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth was positive in 2005, 2005-06, as economic conditions in the US and Europe moderately improved.

Historically, the Barbadian economy had been was dependent on sugarcane cultivation and related activities, but activities. However, production in recent years has diversified into light industry and tourism. 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. 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. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth was positive in 2005-06, as economic conditions in the US and Europe moderately improved.

Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, production in recent years the economy has diversified into light industry and tourism, 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 - revenues, reflecting its success in the higher-end segment. segment, but the sector will likely face declining revenues with the global economic downturn. 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. region. 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. The public debt-to-GDP ratio of about 80% will likely widen as the THOMPSON administration engages in a more expansionary fiscal policy.

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 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, but the sector will likely face faced declining revenues in 2009 with the global economic downturn. The country enjoys one of the highest per capita incomes in the region. 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. The public debt-to-GDP ratio of about 80% will likely widen as the THOMPSON administration engages rose to over 100% in 2009, largely because a more expansionary fiscal policy. sharp slowdown in tourism and financial services led to a wide budget deficit.

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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 three-quarters four-fifths 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, but the sector faced declining revenues in 2009 with the global economic downturn. The country enjoys one of the highest per capita incomes in the region. 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, Barbados' tourism, financial services, and construction industries have been hard hit since the onset of the global economic crisis in 2008, which caused the economy to privatize remaining state-owned enterprises. The contract 4% in 2009 and grow below 1% annually since 2010. Barbados' public debt-to-GDP ratio rose to over 100% in 2009, largely because a sharp slowdown from 56% in tourism and financial services led 2008 to a wide budget deficit. 83% in 2012.

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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, which caused the economy to contract 4% in 2009 and grow below 1% annually since 2010. Barbados' public debt-to-GDP ratio rose to from 56% in 2008 to 83% in 2012.

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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, which caused the economy to contract 4% in 2009 and grow below 1% annually since 2010. 2008. Barbados' public debt-to-GDP ratio rose from 56% in 2008 to 83% 90.5% in 2012. 2013. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.

Barbados is the wealthiest and most developed country in the Eastern Caribbean and enjoys one of the highest per capita incomes in Latin America. 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 2013. 2014. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.

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% 101% in 2014. 2015. Growth prospects are limited because of a weak tourism outlook and planned austerity measures.

Barbados is the wealthiest and one of the most developed country countries 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. tourism. Offshore finance and information services are important foreign exchange earners and thrive from having earners, boosted by being in the same time zone as eastern US financial centers and by a relatively highly educated workforce. Barbados' tourism, financial services, and construction industries have been hard hit since Following the onset of 2008-09 recession, the global economic crisis economy has grown due to increases in 2008. Barbados' tourist arrivals, construction, financial services and exports. However, Barbados’ high public debt-to-GDP ratio rose from 56% in 2008 debt to 101% in 2015. GDP ratio and falling international reserves remain areas of concern. Growth prospects are limited because of a weak tourism outlook and planned austerity measures. economic outlook.

Barbados is the wealthiest and one of the most developed countries 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. Offshore finance and information services are important foreign exchange earners, boosted by being in the same time zone as eastern US financial centers and by a relatively highly educated workforce. Following the 2008-09 recession, the economy has grown due to increases external vulnerabilities such as fluctuations in tourist arrivals, construction, financial services and exports. However, Barbados’ international oil prices have hurt economic growth, raised Barbados' already high public debt to GDP ratio - which stood at 105% of GDP in 2016 - and falling cut into its international reserves remain areas of concern. Growth prospects are limited because of a weak economic outlook. reserves.