The public service remains Barbados' largest single employer. We have provided a few examples below that you can copy and paste to your site:Your data export is now complete. Despite these factors, employment has fallen in recent years, reflecting increasing mobility on the part of foreign companies, which frequently relocate to lower-cost areas.As the global recession hit in 2001, the offshore sector in Barbados slightly contracted further thereby making Tourism as the new chief money maker, after having earlier eclipsed manufacturing and sugar cane. The Gross Domestic Product (GDP) in Barbados was worth 5.21 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. Confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more.Quick data summaries and visualizations on trending industry, political, and socioeconomic topics from Knoema’s database.Curated by Knoema’s data analysts to deliver leading short-term and long-term indicators and forecasts from trusted sources for each of the covered industries.Leverage our AI Workflow Tools and online data environment to manipulate, visualize, present, and export data.In 2019, GDP per capita for Barbados was 18,069 US dollars.
In summary and in keeping with international conventional practice, the Barbados Statistical Service (BSS) is now estimating both nominal and real GDP estimates (base year = 2010). Barbados gdp for 2017 was $4.98B, a 3.06% increase from 2016. GDP Annual Growth Rate in Barbados averaged 1.31 percent from 1975 until 2019, reaching an all time high of 7.90 percent in 1979 and a record low of -7 percent in 1992. Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.Integrate your data with the world’s data in a personalized and collaborative environment, purpose-built to support your organizational objectives. The electronics sector in particular was badly hit when the U.S. semi-conductor company, Intel, closed its factory in 1986. The unemployment rate in 2003 was 10.7%, and the inflation rate in 2007 was 5.5%. In 2019, Government must build on the progress in restoring macroeconomic stability, and engendering confidence. Barbados, ... Any discussion on Barbados’ economy should also consider other key metrics such as debt-to-GDP, reserves and import cover, amongst others. The industrial production growth rate was -3.2%.Stamp duty tax is still levied on sale of shares of companies listed on the Barbados Stock Exchange; on sale of real estate, leases and shares in public companies; and on mortgages.A problem in Barbados is that tourist facilities are too densely concentrated on the south coast, which is highly urbanised, while the Atlantic coast—with a rugged shoreline and large waves—is not suitable for beach tourism. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. The other significant industrial employer is the petroleum sector.
The Central Bank of Barbados' Outlook for Barbados' Economy in 2019.
Since assuming office Barbados will enter a recession in 2020 owing to a collapse in tourism flows and fixed investment. However, in recent years the economy has diversified into light industry and tourism. After the recession years, tourism picked up again in the mid-1990s, only to face another slowdown in 1999. The Barbadian government had estimated revenues of $847 million (including grants) in 2000, and expenditures of $886 million. The island has been involved in data processing since the 1980s and now specialises in operations such as database management and insurance claims processing. Though not yet close to its glorious days of a buoyant economy with massive amounts of foreign exchange and a bubbling GDP, Barbados entered 2019 on a high because it successfully took steps away from the precipice of disaster. We have provided a few examples below that you can copy and paste to your site: HCI and GDP Per Capita PPP (log scale, horizontal axis) Productivity relative to benchmark of complete education and full health.