Economy Of Barbados - Barbados Information

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Economy Of Barbados
Barbados Information - Country Guides

Economy overview	Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth should be positive in 2004, the precise level largely dependent on economic conditions in the US and Europe.
GDP	purchasing power parity - $4.355 billion (2004 est.)
GDP - real growth rate	2.2% (2004 est.)
GDP - per capita	purchasing power parity - $15,700 (2004 est.)
GDP - composition by sector	agriculture: 6% industry: 16% services: 78% (2000 est.)
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	-0.5% (2003 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.)
Budget	revenues: $847 million (including grants) expenditures: $886 million, including capital expenditures of na (2000 est.)
Public debt
Agriculture products	sugarcane, vegetables, cotton
Industries	tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate	-3.2% (2000 est.)
Electricity production	780 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	725.4 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	1,271 bbl/day (2001 est.)
Oil consumption	10,900 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	1.254 million bbl (1 January 2002)
Natural gas production	29.17 million cu m (2001 est.)
Natural gas consumption	29.17 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	70.79 million cu m (1 January 2002)
Current account balance
Exports	$206 million (2002)
Exports commodities	sugar and molasses, rum, other foods and beverages, chemicals, electrical components
Exports partners	US 18.7%, Trinidad and Tobago 14.5%, UK 14%, Jamaica 7.8%, Saint Lucia 6.2%, Saint Vincent and the Grenadines 4.7% (2003)
Imports	$1.039 billion (2002)
Imports commodities	consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports partners	US 37.7%, Trinidad and Tobago 19.6%, UK 6.2%, Japan 4.4% (2003)
Reserves of foreign exchange gold
Debt external	$668 million (2003)
Economic aid recipient	$9.1 million (1995)
Currency	Barbadian dollar (BBD)
Currency code	BBD
Exchange rates	Barbadian dollars per US dollar - 2 (2003), 2 (2002), 2 (2001), 2 (2000), 2 (1999)
Fiscal year	1 April - 31 March

Barbadian Flag Map Of Barbados

Economy Of BarbadosBarbados Information - Country Guides

Economy Of Barbados
Barbados Information - Country Guides