Economy Of Barbados
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Economy overview
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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.
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GDP
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purchasing power parity - $4.355 billion (2004 est.)
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GDP - real growth rate
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2.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $15,700 (2004 est.)
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GDP - composition by sector
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agriculture: 6%
industry: 16%
services: 78% (2000 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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-0.5% (2003 est.)
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Labor force
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128,500 (2001 est.)
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Labor force by occupation
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agriculture 10%, industry 15%, services 75% (1996 est.)
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Unemployment rate
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10.7% (2003 est.)
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Budget
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revenues: $847 million (including grants)
expenditures: $886 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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sugarcane, vegetables, cotton
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Industries
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tourism, sugar, light manufacturing, component assembly for export
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Industrial production growth rate
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-3.2% (2000 est.)
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Electricity production
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780 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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725.4 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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1,271 bbl/day (2001 est.)
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Oil consumption
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10,900 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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1.254 million bbl (1 January 2002)
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Natural gas production
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29.17 million cu m (2001 est.)
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Natural gas consumption
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29.17 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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70.79 million cu m (1 January 2002)
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Current account balance
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Exports
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$206 million (2002)
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Exports commodities
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sugar and molasses, rum, other foods and beverages, chemicals, electrical components
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Exports partners
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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)
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Imports
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$1.039 billion (2002)
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Imports commodities
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consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components
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Imports partners
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US 37.7%, Trinidad and Tobago 19.6%, UK 6.2%, Japan 4.4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$668 million (2003)
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Economic aid recipient
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$9.1 million (1995)
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Currency
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Barbadian dollar (BBD)
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Currency code
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BBD
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Exchange rates
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Barbadian dollars per US dollar - 2 (2003), 2 (2002), 2 (2001), 2 (2000), 2 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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