English, Bajan, widely spoken in informal settings)
Economic Overview
Key economic indicators for Barbados
GDP:
$5.428 billion
GDP per Capita:
$19,200
GDP Growth:
4.09%
Inflation:
9.79%
Unemployment:
7.95%
Public Debt:
133.2% of GDP
Credit Rating:
B- (2019)
Political System
Governance structure of Barbados
Government Type:
parliamentary republic; a Commonwealth realm
Head of State:
President Sandra MASON (since 30 November 2021)
Head of Government:
Prime Minister Mia MOTTLEY (since 25 May 2018)
Judiciary:
Supreme Court (consists of the High Court with 8 justices) and the Court of Appeal (consists of the High Court chief justice and president of the court and 4 justices; note - in 2005, Barbados acceded to the Caribbean Court of Justice as the final court of appeal, replacing that of the Judicial Committee of the Privy Council (in London)
Administrative Divisions:
11 parishes and 1 city*; Bridgetown*, Christ Church, Saint Andrew, Saint George, Saint James, Saint John, Saint Joseph, Saint Lucy, Saint Michael, Saint Peter, Saint Philip, Saint Thomas
Major Political Parties
Not specified
International Relations
Global position and alliances
UN Member:
Yes
EU Member:
No
Diplomatic Presence:
2144 Wyoming Avenue NW, Washington, DC 20008
Major Alliances and Organizations
OAS
Economic Sectors & Trade
Detailed economic breakdown
Major Economic Sectors
Agriculture
1.9% (2023 est.)
Industry
13.2% (2023 est.)
Services
75.4% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Trade Volume
Exports:
$2.228 billion
Imports:
$2.12 billion
Major Trading Partners
USA 22
Jamaica 17
Trinidad & Tobago 8
Canada 6
Guyana 6
Economic Outlook
Barbados has a 4.09% GDP growth rate with 9.79% inflation. The economy is characterized by a strong agriculture sector.