Economy of Barbados
Retailing is an important economic activity, especially in Bridgetown where there are large department stores and supermarkets. In the countryside, most stores are small and family-run. Some 18,000 people work in the retail sector.
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Facts & figures
- GDP (purchasing power parity)
- $5.53 billion (2007 est.)
- GDP (official exchange rate)
- $3.739 billion (2007 est.)
- GDP - real growth rate
- 4% (2007 est.)
- GDP - per capita (PPP)
- $19,700 (2007 est.)
- GDP - composition by sector
-
- agriculture: 6%
- industry: 16%
- services: 78% (2000 est.)
- Labor force
- 128,500 (2001 est.)
- Labor force - by occupation
-
- agriculture: 10%
- industry: 15%
- services: 75% (1996 est.)
- Unemployment rate
- 10.7% (2003 est.)
- Population below poverty line
- NA%
- Household income or consumption by percentage share
-
- lowest 10%: NA%
- highest 10%: NA%
- Inflation rate (consumer prices)
- 5.5% (2007 est.)
- Budget
-
- revenues: $847 million (including grants)
- expenditures: $886 million; including capital expenditures of $NA (2000 est.)
- Agriculture - products
- sugarcane, vegetables, cotton
- Industries
- tourism, sugar, light manufacturing, component assembly for export
- Industrial production growth rate
- -3.2% (2000 est.)
- Electricity - production
- 953 million kWh (2005)
- Electricity - consumption
- 886.3 million kWh (2005)
- Electricity - exports
- 0 kWh (2003)
- Electricity - imports
- 0 kWh (2003)
- Oil - production
- 1,002 bbl/day (2005)
- Oil - consumption
- 9,000 bbl/day (2005 est.)
- Oil - exports
- 1,666 bbl/day (2004)
- Oil - imports
- 7,071 bbl/day (2004)
- Oil - proved reserves
- 2.5 million bbl (1 January 2006 est.)
- Natural gas - production
- 27.97 million cu m (2005 est.)
- Natural gas - consumption
- 27.97 million cu m (2005 est.)
- Natural gas - exports
- 0 cu m (2005 est.)
- Natural gas - imports
- 0 cu m (2005 est.)
- Natural gas - proved reserves
- 135.8 million cu m (1 January 2006 est.)
- Exports
- $385 million (2006)
- Exports - commodities
- sugar and molasses, rum, other foods and beverages, chemicals, electrical components
- Exports - partners
- US 27.6%, Trinidad and Tobago 15%, UK 10.2%, Saint Lucia 7%, Jamaica 6.5%, Saint Vincent and the Grenadines 4.3% (2006)
- Imports
- $1.586 billion (2006)
- Imports - commodities
- consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
- Imports - partners
- US 37.7%, Trinidad and Tobago 22.6%, UK 5.9% (2006)
- Debt - external
- $668 million (2003)
- Economic aid - recipient
- $2.07 million (2005)
- Currency (code)
- Barbadian dollar (BBD)
- Exchange rates
- Barbadian dollars per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)
- Fiscal year
- 1 April - 31 March
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See also
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References
- Barbados Eligible For Dividend Tax Benefits, Says IRS - Tax-News.com
- PM Authur on obtainment of "developed nation" status by 2025 -- World-class society by 2025, says Arthur - December 27, 2006
- Standard & Poor's review on B'dos Economy -- Positive points - July 27, 2006
- The economy of Barbados - The Commonwealth of Nations
- Issues of a 21st century Caribbean - March 7, 2006
- Bajans high on list of wealthiest - in the Americas - February 20, 2006
- WTO announces role for Barbados in Task Force - February, 09th, 2006
- A summary of the Budget - The B'dos Annual budget for the year 2006-2007
- Value Added Tax refunds total $44.2M (US$22.1M)
- Barbados 2005 economic performance to be reviewed
- THE STARK REALITY
- Barbados Ratings remain consistent - By Standard and Poors
- Double tax treaty to attract Int'l markets
- Barbados Economy
- See also : Barbados
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