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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)

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 will likely face declining revenues 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 of about 80% will likely widen as the THOMPSON administration engages in a more expansionary fiscal policy.

GDP (purchasing power parity):

$5.367 billion (2008 est.) country comparison to the world: 157 $5.329 billion (2007 est.)

$5.159 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$3.67 billion (2008 est.)

GDP - real growth rate:

0.7% (2008 est.) country comparison to the world: 187 3.3% (2007 est.)

3.9% (2006 est.)

GDP - per capita (PPP):

$18,900 (2008 est.) country comparison to the world: 66 $18,900 (2007 est.)

$18,300 (2006 est.)

note: data are in 2008 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: 169

Labor force - by occupation:

agriculture: 10%

industry: 15%

services: 75% (1996 est.)

Unemployment rate:

10.7% (2003 est.) country comparison to the world: 126

Population below poverty line:

The 2009 CIA World Factbook

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