Economy ::Barbados
Economy - 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. The country enjoys one of the highest per capita incomes in the region. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The public debt-to-GDP ratio rose to over 100% in 2009, largely because a sharp slowdown in tourism and financial services led to a wide budget deficit.
GDP (purchasing power parity):
$6.196 billion (2010 est.) country comparison to the world: 154 $6.24 billion (2009 est.)
$6.603 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$3.963 billion (2010 est.)
GDP - real growth rate: