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ECON FACTBOOK

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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 sectorValue added ($ millions) 2012Percent of total
Other activities1,85751.2%
Wholesale, retail trade, restaurants and hotels85223.5%
Transport, storage and communication3058.4%
Manufacturing2486.8%
Construction1875.2%
Mining and utilities1263.5%
Agriculture, hunting, forestry, fishing541.5%
Total value added3,629100%

Employment

Unemployment rate: 12.2% in 20137

Employment by Industry 20138

Employment sector Employees (thousands) 2013Percent of total
Wholesale trade, retail trade and repair of motor vehicles2116.2%
Accommodation and food service1310.5%
Public administration and defence129.2%
Mining and quarrying129.6%
Manufacturing97.1%
Education85.9%
Information and communication75.2%
Transportation and storage75.3%
Human health and social work65.0%
Administrative and support service65.0%
Finance and insurance64.6%
Activities of households as employers54.1%
Other service54.0%
Professional, scientific and technical43.3%
Electricity, gas, steam and air conditioning32.2%
Agriculture, forestry and fishing32.7%
Total employment126100%

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

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

1. Source: World Bank Indicators (Population) Go back
2. Source: World Bank Indicators (GDP) Go back
3. Source: World Bank Indicators (GDP per capita) Go back
4. Source: World Bank Indicators (GDP per capita PPP) Go back
5. Source: World Bank Indicators (GDP growth rate) Go back
6. Source: United Nations Statistics Division (GDP by industry) Go back
7. Source: World Bank Indicators (Unemployment rate) Go back
8. Source: International Labor Organization, ILOSTAT, Downloads (Employment by economic activity) Go back
10. Source: Credit Suisse Global Wealth Databook (Household wealth) Go back
11. Source: CIA World Factbook (Government budget) Go back
12. Source: Central Bank of Barbados, NEWS/Press Release, Quarterly Economic Reports, (Public debt) Go back
13. Source: EmergingMarkets.org (Government bond yield) Go back
14. Source: Ernst & Young, Worldwide Personal Tax Guide (Individual tax rates) Go back
15. Source: Tax Foundation (Corporate tax rate) Go back
16. Source: Central Bank of Barbados, Online Statistics, Banking System, Total Money Supply (Money supply) Go back
17. Source: World Bank Indicators (Total reserves) Go back
18. Source: xe.com (Exchange rate) Go back
19. Source: World Bank Indicators (Inflation rate) Go back
20. Source: Relbanks.com (Financial institutions by assets) Go back
21. Source: CIA World Factbook (Trade data) Go back
22. Source: World Bank Indicators (FDI data) Go back
23. Source: World Bank Indicators (Aid data) Go back