Barbados has a market based economy. Over the last four decades, the economy has shifted from an emphasis on agriculture towards the provision of services. The economy is now based on tourism, business, finance and general services, agriculture and manufacturing. Over the years, Barbados has achieved a relatively high per capita income under conditions of low inflation, low external indebtedness and a solid social and economic infrastructure.
Economic Indicators
(Source: Central Bank of Barbados) |
|
Gross Domestic Product (GDP) at factor cost = US$2,307,700,000 (2004)
Per Capita Income = US$8,450 (2004)
Average Rate of Inflation = 5.11%
| GDP by Sector (2004) (% of Total) |
| Agriculture (including sugar) |
3.6% |
| Mining & Quarrying |
0.9% |
| Manufacturing |
6.9% |
| Utilities (Electricity, Gas & Water) |
3.2% |
| Construction |
5.6% |
| Tourism |
12.4% |
| Wholesale & Retail |
18.2% |
|
| Financial & Business Services |
19.0% |
| Grovernment Services |
17.0% |
| Other Services |
13.3% |
| Total Domestic Exports |
Total Imports |
US$166,534 million (2002)
US$164,712 million (2003)
US$173,430 million (2004) |
US$1,070,773 million (2002)
US$1,195,308 million (2003)
US$1,412,926 million (2004) | |
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