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Barbados

Barbados : economy statistics and industry reports

  • Updated on : 27 August 2012  Source : The World Factbook

Imports

$1.55 billion (2011 est.)
$1.507 billion (2010 est.)

Exports

$447.3 million (2011 est.)
$430.7 million (2010 est.)

Inflation rate (consumer prices)

9.1% (2011 est.)
5.4% (2010 est.)

Unemployment rate

12% (2011 est.)
10.7% (2003 est.)

GDP - per capita (PPP)

$23,700 (2011 est.)
$23,700 (2010 est.)
$23,700 (2009 est.)
note: data are in 2011 US dollars

National product real growth rate

-0.7% (2010 est.)
-5.5% (2009 est.)
-0.2% (2008 est.)

Internet users

188,000 (2008)

Telephones - mobile cellular

350,100 (2009)

Population growth rate

0.354% (2012 est.)

Population

287,733 (July 2012 est.)

Historical background

The island was uninhabited when first settled by the British in 1627.

Slaves worked the sugar plantations established on the island until 1834 when slavery was abolished.

The economy remained heavily dependent on sugar, rum, and molasses production through most of the 20th century.

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Barbados

Economic overview

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 faced declining revenues in 2009 with the global economic downturn.

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Oxford Economics

Country Economic Forecasts > Barbados

Country Economic Forecasts > Barbados

  • $ 185
  • Country report
  • July 2013
  • by Oxford Economics

GDP was flat in 2012 after growing by 0.6% in 2011 and, according to the central bank, it fell 0.4% in Q1 2013. This recent weakness is due to sluggish tourism, the main source of export revenues. However, ...

  • Countries : Barbados

The Economist Intelligence Unit

Country Report Barbados 1st Quarter 2014

Country Report Barbados 1st Quarter 2014

  • $ 285
  • Country report
  • March 2014
  • by The Economist Intelligence Unit

Outlook for 2014-15 The island's economic woes, capped by widening fiscal and current-account deficits, will remain the most pressing challenge for the prime minister, Freundel Stuart of the Democratic ...

  • Countries : Barbados

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