Economy - overview:
Historically, the Barbadian economy had been dependent on sugarcane
cultivation and related activities, but production in recent years
has diversified into manufacturing and tourism. Offshore finance and
information services are important foreign exchange earners, and
there is also a light-manufacturing sector. The government continues
its efforts to reduce unemployment, to encourage direct foreign
investment, and to privatize remaining state-owned enterprises. The
economy contracted in 2002 mainly due to a 3% decline in tourism.
Growth should be positive in 2003, the precise level largely
dependent on economic conditions in the US and Europe.
GDP:
purchasing power parity - $4.153 billion (2002 est.)
GDP - real growth rate:
-2.8% (2002 est.)
GDP - per capita:
purchasing power parity - $15,000 (2002 est.)
GDP - composition by sector:
agriculture: 6%
industry: 16%
services: 78% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
-0.6% (2002 est.)
Labor force:
128,500 (2001 est.)
Labor force - by occupation:
services 75%, industry 15%, agriculture 10% (1996 est.)