[1] (246) 431–0179
Flag description:
three equal vertical bands of blue (hoist side), gold, and blue with the head of a black trident centered on the gold band; the band colors represent the blue of the sea and sky and the gold of the beaches; the trident head represents independence and a break with the past (the colonial coat of arms contained a complete trident)
National anthem:
name: "The National Anthem of Barbados"
lyrics/music: Irving BURGIE/C. Van Roland EDWARDS
note: adopted 1966; the anthem is also known as "In Plenty and In Time of Need"
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:
−0.7% (2010 est.) country comparison to the world: 197 −5.5% (2009 est.)
−0.2% (2008 est.)
GDP - per capita (PPP):
$21,700 (2010 est.) country comparison to the world: 60 $21,900 (2009 est.)
$23,300 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 6%
industry: 16%
services: 78% (2000 est.)
Labor force:
175,000 (2007 est.) country comparison to the world: 174
Labor force - by occupation:
agriculture: 10%
industry: 15%
services: 75% (1996 est.)
Unemployment rate:
10.7% (2003 est.) country comparison to the world: 116
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Public debt:
NA (2009)
Inflation rate (consumer prices):
5.5% (2007 est.) country comparison to the world: 151
Central bank discount rate:
7% (31 December 2009) country comparison to the world: 45 10% (31 December 2008)
Commercial bank prime lending rate:
9.25% (31 December 2009 est.) country comparison to the world: 91 10.03% (31 December 2008 est.)
Stock of narrow money:
$1.793 billion (31 December 2009) country comparison to the world: 123 $1.748 billion (31 December 2008)
Stock of broad money:
$4.563 billion (31 December 2009) country comparison to the world: 124 $4.618 billion (31 December 2008)
Stock of domestic credit:
$4.554 billion (31 December 2008 est.) country comparison to the world: 111 $4.124 billion (31 December 2007 est.)
Market value of publicly traded shares:
$NA (31 December 2009) country comparison to the world: 81 $4.964 billion (31 December 2008)
$5.599 billion (31 December 2007)
Agriculture - products:
sugarcane, vegetables, cotton
Industries:
tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate:
−3.2% (2000 est.) country comparison to the world: 163
Electricity - production:
1.003 billion kWh (2007 est.) country comparison to the world: 145
Electricity - consumption:
939.9 million kWh (2007 est.) country comparison to the world: 146
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
765 bbl/day (2009 est.) country comparison to the world: 107
Oil - consumption:
9,000 bbl/day (2009 est.) country comparison to the world: 151
Oil - exports:
1,750 bbl/day (2007 est.) country comparison to the world: 117
Oil
