Barbados/Economy

Economy of Barbados

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$6.7B(2023)
GDP PPP (USD)
$6.0B(2023)
GDP per Capita (USD)
$23,804(2023)
GDP Growth (inflation-adjusted)
4.1%(2023)
Inflation (CPI Annual %)
-0.5%(2024)

Trade & Finance

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FDI Inflows (as share of GDP)
3.3%(2023)
Remittance Inflow (USD)
$85.2M(2023)
Tax Revenue (as share of GDP)
24.9%(2016)

Labor & Income

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Unemployment Rate
7.5%(2024)
Employment in Services
80.8%(2023)
GINI Index
34.1(2016)
GNI per Capita (USD)
$22,870(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1478 kg oil eq.(2007)
Renewable Energy Consumption (%)
5.5%(2022)

Economic Snapshot Overview

A summary of key economic indicators for Barbados

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $6.02B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 4.1%
    2023
    , accompanied by stable price levels, with inflation (CPI) at -0.5%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. Foreign Direct Investment (FDI) inflows are significant, constituting 3.35% of the economy
    2023
    . This performance positions the country 58th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $85.18M annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 24.9% of GDP
    2016
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $22,870
    2023
    . Globally, this ranks the nation 43rd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 7.5%
    2024
    . The services sector is a primary driver of the labor market, accounting for 80.8% of total employment
    2023
    . The country has a relatively equitable distribution of income, with a Gini index of 34.1
    2016
    .
  • On the environment and energy front, energy consumption per capita is 1,478.134 kg of oil equivalent
    2007
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 5.5%
    2022
    . Its commitment to clean energy places it 35th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

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.