The economic architecture of Barbados is substantial, anchored by a Gross Domestic Product (GDP) of approximately $6.72B
2023
. This places it as the 153rd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $23.8K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $6.02B, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 4.1%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at -0.5%.
2024
On the global stage, Barbados's trade and financial dynamics reveal a complex interplay of international and domestic factors. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 3.35% of the economy
2023
. This performance positions the country 58th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $85.18M annually
2023
. Fiscal capacity is adequate, with tax collections representing 24.9% of GDP, supporting core state functions.
2016
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $22,870
2023
, ranking the nation 43rd out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market remains stable, with an unemployment rate of 7.5%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 80.8% of total employment
2023
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 34.1.
2016
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 1,478.134 kg of oil equivalent
2007
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 5.5%
2022
. This commitment places it 35th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 989 tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.