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Economy of Barbados

Population: 285 thousand in 2013¹

GDP: $4.2 billion in 2012²

GDP per capita: $14,917 nominal³ ($15,566 PPP⁴) in 2012

GDP growth rate: 0.0% in 2012⁵

Industries

GDP by Industry 2012⁶

Industry sector	Value added ($ millions) 2012	Percent of total
Other activities	1,857	51.2%
Wholesale, retail trade, restaurants and hotels	852	23.5%
Transport, storage and communication	305	8.4%
Manufacturing	248	6.8%
Construction	187	5.2%
Mining and utilities	126	3.5%
Agriculture, hunting, forestry, fishing	54	1.5%
Total value added	3,629	100%

Employment

Unemployment rate: 12.2% in 2013⁷

Employment by Industry 2013⁸

Employment sector	Employees (thousands) 2013	Percent of total
Wholesale trade, retail trade and repair of motor vehicles	21	16.2%
Accommodation and food service	13	10.5%
Public administration and defence	12	9.2%
Mining and quarrying	12	9.6%
Manufacturing	9	7.1%
Education	8	5.9%
Information and communication	7	5.2%
Transportation and storage	7	5.3%
Human health and social work	6	5.0%
Administrative and support service	6	5.0%
Finance and insurance	6	4.6%
Activities of households as employers	5	4.1%
Other service	5	4.0%
Professional, scientific and technical	4	3.3%
Electricity, gas, steam and air conditioning	3	2.2%
Agriculture, forestry and fishing	3	2.7%
Total employment	126	100%

Corporations

Top 10 Corporations by Revenue 2013⁹

N/A

Households

Household Wealth: $4 billion (95% of GDP) in 2014¹⁰

Household Wealth per Adult: $18,200 in 2014¹⁰

Gini Coefficient: N/A

Government

Central Government

Central Government Revenue: $1.15 billion (27% of GDP) in 2013¹¹

Central Government Expenditure: $1.45 billion (34% of GDP) in 2013¹¹

Central Government Budget Balance: -$0.30 billion (-7% of GDP) in 2013¹¹

Central Government Public Debt: $4.32 billion (98% of GDP) in 2014* ¹²

Central Government 12 Year Bond Interest Rate: 7.2% in 2010¹³

* Public debt calculated using the exchange rate 2.00 BDS = 1 USD

Government Funds

N/A

Tax Structure

Individual Income Tax Rates and Thresholds in 2013* ¹⁴

17.5%: $0-$17,500
35% on the amount over $17,500 + $3,062: $17,500+

Corporate Tax Rate: 25% in 2014¹⁵

* Individual thresholds calculated using the exchange rate 2.00 BDS = 1 USD

Monetary Policy

Money Supply (M1): $1.68 billion (40% of GDP) in Nov 2014* ¹⁶

Benchmark Interest Rate: N/A

Total Reserves: $680 million (16% of GDP) in 2013¹⁷

Exchange Rate: 2.00 Barbadian Dollars = 1 U.S. Dolalr on Feb 19, 2015¹⁸

Inflation: 1.8% in 2013¹⁹

* Money supply calculated using the exchange rate 2.00 BDS = 1 USD

Financial Institutions

Top 10 Financial Institutions by Assets 2013²⁰

N/A (data not available at Relbanks.com)

International Accounts

Exports: $1.05 billion (25% of GDP) in 2013²¹

Imports: $1.67 billion (40% of GDP) in 2013²¹

Trade Balance: -$0.62 billion (-15% of GDP) in 2013²¹

Foreign Direct Investment Inflow: $376 million (9% of GDP) in 2013²²

Foreign Direct Investment Outflow: N/A

Foreign Aid Inflow: $16 million (0.4% of GDP) in 2010²³

Foreign Aid Outflow: N/A

References