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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.)About this country
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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.
...
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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