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Home :: Trade Leads By Country : Barbados



BARBADOS

Barbados, Countries by TradeBarbados, Countries by Trade

Introduction

Barbados and tourism seem to go hand in hand and are the major reasons for the change in the economic and the other structures I this country and is also considered the catalyst for the revamping of the economy and general landscape of the nation.Barbados is an island of approximately 260,000 people and the sixth highest density among nations (Espenshade p256) With tourist arrivals of over 500,000 (Gmelch p51). One may wonder how then does such a small country sustain and also attract a lot of visitors to its country to explore and enjoy.Facilities for the locals’ will no doubt have to be reduce and the monies from them giving toward the tourist sector. However the infrastructure has to increase as there are a lot many people visiting this country and needs have arised to build more hotels and tourist related products.


Business and Economy

Historically, the Barbadian economy had been dependent on sugarcane cultivation that was very prominent and still seems to be in a state where the major contribution comes from it and also the related activities, but production in recent years has diversified into light industry and tourism. The other activities that are quite evident now in this small populated country is 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.


Major Cities

The major cities in Barbados are Christ Church,Saint Andrew ,Saint George,Saint James,Saint John.


Fact Sheet

GDP- purchasing power parity - $4.496 billion (2003 est.)
GDP - real growth rate: -0.6% (2003 est.)
GDP - per capita: purchasing power parity - $16,200 (2003 est.)
GDP - composition by sector:
agriculture: 6%
industry: 16%
services: 78% (2000 est.)
Population below poverty line: NA% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): -0.5% (2003 est.)
Labor force: 128,500 (2001 est.)
Labor force - by occupation: services 75%, industry 15%, agriculture 10% (1996 est.)
Unemployment rate: 10.7% (2003 est.)
Budget:
revenues: $847 million (including grants)
expenditures: $886 million, including capital expenditures of $NA (2000 est.)
Industries: tourism, sugar, light manufacturing, component assembly for export
Industrial production growth rate: -3.2% (2000 est.)
Agriculture - products: sugarcane, vegetables, cotton
Exports: $206 million (2002)
Exports - commodities: sugar and molasses, rum, other foods and beverages, chemicals, electrical components
Exports - partners: US 14.9%, Trinidad and Tobago 12%, UK 10.8%, Jamaica 6.2%, Saint Lucia 4.6% (2002)
Imports: $1.039 billion (2002)
Imports - commodities: consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
Imports - partners: US 41.1%, Trinidad and Tobago 17%, UK 7.4%, Japan 4.2% (2002)
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





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