Barbados' economy in numbers:
Nominal GDP of USD 6.4 billion in 2023.
Nominal GDP of USD 5.8 billion in 2022.
GDP per capita of USD 20,210 compared to the global average of USD 10,589.
GDP per capita of USD 21,936 compared to the global average of USD 10,589.
Average real GDP growth of 54.8% over the last decade.
Average real GDP growth of 2.3% over the last decade.
Economic growth:
The economy recorded average annual growth of 2.3% in the decade to 2022. To read more about GDP growth in Barbados, go to our dedicated page.
Fiscal policy:
Barbados's fiscal surplus averaged 0.7% of GDP in the decade to 2022. Find out more on our dedicated page.
Inflation:
Inflation averaged 46.2% in the decade to 2022. Go to our Barbados inflation page for extra insight.
Monetary Policy:
Barbados's monetary policy rate ended 2017 at 7.35%, up from 2.96% a decade earlier. See our Barbados monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the Barbados dollar stayed on the same level vs the U.S. dollar. For more info on the Barbados dollar, click here.
32 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 3 expert analysts.
Want to get insight on the economic outlook for Barbados in the coming years? FocusEconomics collects projections out to 2034 on 32 economic indicators for Barbados from a panel of 3 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Barbados economy. To download a sample report on the Barbados' economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.
Barbados Economic Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Population (million) | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| GDP (USD bn) | 5.8 | 5.2 | 5.3 | 6.3 | 6.7 |
| GDP per Capita (USD) | 20,168 | 17,946 | 18,254 | 21,652 | 23,084 |
| GDP (LCU bn) | 11.6 | 10.3 | 10.6 | 12.5 | 13.4 |
| Economic Growth (Nominal GDP, ann. var. %) | 12.9 | -10.7 | 2.1 | 18.6 | 7.4 |
| Economic Growth (GDP, ann. var. %) | 15.7 | -13.7 | -0.2 | 16.3 | 4.2 |
| Fiscal Balance (% of GDP) | 5.4 | -0.9 | -0.8 | 2.4 | 3.5 |
| Public Debt (% of GDP) | 108 | 138 | 122 | 113 | 111 |
| Inflation (CPI, ann. var. %, eop) | 3.0 | 0.4 | 2.2 | 5.1 | 1.6 |
| Inflation (CPI, ann. var. %, aop) | 2.3 | 0.5 | 1.6 | 4.8 | 3.0 |
| Exchange Rate (BBD per USD, eop) | 2.00 | 2.00 | 2.00 | 2.00 | 2.02 |
| Exchange Rate (LCU per USD, aop) | 2.00 | 2.00 | 2.00 | 2.00 | 2.01 |
| Current Account Balance (USD bn) | -0.1 | -0.3 | -0.5 | -0.6 | -0.6 |
| Current Account Balance (% of GDP) | -1.6 | -4.9 | -10.3 | -9.9 | -8.5 |
| Foreign Direct Investment (USD bn) | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 |
| International Reserves (USD bn) | 0.8 | 1.4 | 1.7 | 1.5 | 1.6 |