Barbados ranked 158/197 by economy size with a GDP of $7.16B and 47/197 by GDP per capita at $25,366. Barbados has $7.48B in government debt, with a debt-to-GDP ratio of 99%.
In 2025, Barbados made up 0.006% of the world's economy, compared to 0.006% in 1960.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | $80,021,847 | $1,704,405,288 | - |
| 1961 | $85,363,759 | $1,835,585,349 | 6.68% |
| 1962 | $88,782,583 | $2,001,903,306 | 4.01% |
| 1963 | $99,893,761 | $1,900,238,227 | 12.5% |
| 1964 | $99,252,731 | $1,995,342,789 | -0.64% |
| 1965 | $105,021,997 | $2,223,507,114 | 5.81% |
| 1966 | $113,195,123 | $2,312,522,359 | 7.78% |
| 1967 | $125,554,009 | $2,558,485,385 | 10.9% |
| 1968 | $125,733,669 | $2,735,579,172 | 0.14% |
| 1969 | $141,393,142 | $2,941,251,088 | 12.5% |
| 1970 | $166,210,203 | $3,220,946,507 | 17.6% |
| 1971 | $186,826,503 | $3,346,973,204 | 12.4% |
| 1972 | $213,725,217 | $3,389,606,971 | 14.4% |
| 1973 | $260,767,828 | $3,435,051,446 | 22% |
| 1974 | $311,804,630 | $3,275,292,656 | 19.6% |
| 1975 | $402,178,605 | $3,213,062,096 | 29% |
| 1976 | $435,911,269 | $3,353,158,383 | 8.39% |
| 1977 | $495,097,668 | $3,475,287,311 | 13.6% |
| 1978 | $552,883,707 | $3,644,774,964 | 11.7% |
| 1979 | $670,362,452 | $3,932,457,349 | 21.2% |
| 1980 | $1,012,280,615 | $4,104,426,257 | 51% |
| 1981 | $1,114,204,743 | $4,026,452,355 | 10.1% |
| 1982 | $1,163,923,830 | $3,829,118,402 | 4.46% |
| 1983 | $1,236,016,507 | $3,848,311,978 | 6.19% |
| 1984 | $1,346,890,071 | $3,986,865,604 | 8.97% |
| 1985 | $1,409,536,121 | $4,030,650,950 | 4.65% |
| 1986 | $1,547,755,183 | $4,236,382,092 | 9.81% |
| 1987 | $1,704,370,308 | $4,346,145,354 | 10.1% |
| 1988 | $1,812,757,918 | $4,498,494,363 | 6.36% |
| 1989 | $2,006,165,167 | $4,660,440,160 | 10.7% |
| 1990 | $2,012,131,457 | $4,506,291,754 | 0.3% |
| 1991 | $2,020,583,702 | $4,330,550,570 | 0.42% |
| 1992 | $1,957,000,000 | $4,084,033,071 | -3.15% |
| 1993 | $2,063,342,117 | $4,116,422,240 | 5.43% |
| 1994 | $2,151,344,901 | $4,199,194,541 | 4.27% |
| 1995 | $2,216,974,096 | $4,283,766,242 | 3.05% |
| 1996 | $2,363,645,403 | $4,454,109,195 | 6.62% |
| 1997 | $2,498,384,130 | $4,665,238,573 | 5.7% |
| 1998 | $2,817,083,478 | $4,839,180,328 | 12.8% |
| 1999 | $2,951,822,205 | $4,855,374,938 | 4.78% |
| 2000 | $3,059,500,000 | $5,071,302,668 | 3.65% |
| 2001 | $3,054,500,000 | $4,951,342,796 | -0.16% |
| 2002 | $3,106,500,000 | $4,990,329,769 | 1.7% |
| 2003 | $3,209,500,000 | $5,098,893,435 | 3.32% |
| 2004 | $3,444,500,000 | $5,170,869,329 | 7.32% |
| 2005 | $3,819,500,000 | $5,375,400,852 | 10.9% |
| 2006 | $4,217,323,400 | $5,701,717,045 | 10.4% |
| 2007 | $4,675,767,950 | $5,820,266,226 | 10.9% |
| 2008 | $4,790,410,400 | $5,857,135,319 | 2.45% |
| 2009 | $4,466,809,600 | $5,563,266,710 | -6.76% |
| 2010 | $5,191,188,500 | $5,439,889,540 | 16.2% |
| 2011 | $5,342,183,800 | $5,400,100,308 | 2.91% |
| 2012 | $5,271,257,500 | $5,383,181,192 | -1.33% |
| 2013 | $5,361,158,350 | $5,328,790,506 | 1.71% |
| 2014 | $5,365,976,700 | $5,333,181,722 | 0.09% |
| 2015 | $5,288,057,750 | $5,288,057,750 | -1.45% |
| 2016 | $5,330,761,500 | $5,382,816,061 | 0.81% |
| 2017 | $5,517,340,450 | $5,389,730,073 | 3.5% |
| 2018 | $5,629,916,200 | $5,326,451,133 | 2.04% |
| 2019 | $5,788,288,000 | $5,361,210,777 | 2.81% |
| 2020 | $5,168,344,450 | $4,554,114,648 | -10.7% |
| 2021 | $5,275,242,050 | $4,542,503,210 | 2.07% |
| 2022 | $6,257,303,500 | $5,352,561,585 | 18.6% |
| 2023 | $6,720,733,200 | $5,571,685,827 | 7.41% |
| 2024 | $7,165,000,000 | $5,783,409,907 | 6.61% |
Economic Statistics of Barbados
Barbados
|
Rank | |
|---|---|---|
| Gross domestic product |
$7.16B
2024 |
158/197 |
| GDP growth |
6.61%
2023-2024 |
81/196 |
| GDP per capita |
$25,366
2024 |
47/197 |
| GDP per capita, PPP |
$22,672
2024 |
85/197 |
| Government debt |
$7.48B
2024 |
135/185 |
| Debt-to-GDP ratio |
99%
2025 |
24/185 |
| Government debt per person |
$26,478
2024 |
27/185 |
| Average annual personal income after taxes |
$17,631
2025 |
49/197 |
| Listed domestic companies |
15
2020 |
93/103 |
| Market capitalization of domestic companies |
$2.78B
2020 |
86/100 |
| Number of billionaires |
1
2025 |
64/78 |
| Billionaire frequency |
1 in 215,550
2025 |
8/78 |
| Income share by richest 10% |
25.8%
2016 |
103/169 |
| Income share by poorest 10% |
2.5%
2016 |
106/169 |
| Government expenditure, % of GDP |
27.7%
2025 |
112/195 |
| Consumer prices inflation |
-0.46%
2023-2024 |
191/195 |
| Central bank interest rate |
2%
2020 |
93/105 |
| Unemployment rate |
6.54%
2023 |
70/196 |
| Population |
282698
|
175/197 |
Barbados' GDP per capita
Barbados has a GDP per capita of $25,366, ranking 47/197, a GDP per capita based on purchasing power parity (PPP) of $22,672, ranking 85/197, and a median annual after tax income of $17,631, ranking 49/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1960 | $347 | - |
| 1961 | $366 | - |
| 1962 | $377 | - |
| 1963 | $421 | - |
| 1964 | $414 | - |
| 1965 | $433 | - |
| 1966 | $462 | - |
| 1967 | $508 | - |
| 1968 | $506 | - |
| 1969 | $567 | - |
| 1970 | $666 | - |
| 1971 | $750 | - |
| 1972 | $856 | - |
| 1973 | $1,042 | - |
| 1974 | $1,243 | - |
| 1975 | $1,601 | - |
| 1976 | $1,734 | - |
| 1977 | $1,968 | - |
| 1978 | $2,198 | - |
| 1979 | $2,668 | - |
| 1980 | $4,025 | - |
| 1981 | $4,417 | - |
| 1982 | $4,599 | - |
| 1983 | $4,866 | - |
| 1984 | $5,284 | - |
| 1985 | $5,510 | - |
| 1986 | $6,031 | - |
| 1987 | $6,625 | - |
| 1988 | $7,033 | - |
| 1989 | $7,773 | - |
| 1990 | $7,781 | $11,072 |
| 1991 | $7,790 | $10,966 |
| 1992 | $7,519 | $10,541 |
| 1993 | $7,905 | $10,845 |
| 1994 | $8,223 | $11,274 |
| 1995 | $8,460 | $11,723 |
| 1996 | $9,012 | $12,401 |
| 1997 | $9,522 | $13,207 |
| 1998 | $10,734 | $13,851 |
| 1999 | $11,244 | $14,090 |
| 2000 | $11,675 | $15,076 |
| 2001 | $11,640 | $15,030 |
| 2002 | $11,760 | $15,283 |
| 2003 | $12,076 | $15,827 |
| 2004 | $12,886 | $16,388 |
| 2005 | $14,214 | $17,478 |
| 2006 | $15,620 | $19,019 |
| 2007 | $17,235 | $19,846 |
| 2008 | $17,566 | $20,250 |
| 2009 | $16,295 | $19,253 |
| 2010 | $18,860 | $18,978 |
| 2011 | $19,346 | $19,165 |
| 2012 | $19,034 | $17,937 |
| 2013 | $19,308 | $18,005 |
| 2014 | $19,278 | $17,753 |
| 2015 | $18,954 | $17,805 |
| 2016 | $19,066 | $18,014 |
| 2017 | $19,693 | $17,899 |
| 2018 | $20,056 | $18,551 |
| 2019 | $20,584 | $18,760 |
| 2020 | $18,347 | $15,824 |
| 2021 | $18,697 | $15,684 |
| 2022 | $22,164 | $19,786 |
| 2023 | $23,804 | $21,336 |
| 2024 | $25,366 | $22,672 |
Barbados' government spending, deficit, and chart
This chart shows Barbados' government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 32 years, Barbados recorded a fiscal deficit in 23 years — average annual deficit equal to -1.63% of GDP. In 2024, government spending reached $2.14B (27.7% of GDP), with a deficit of -0.27%.
The national debt reached $7.48B, ranking 135th out of 185 countries by total size, with a debt-to-GDP ratio of 99%, ranking 24th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1994 | 17% | 55% | 6.72% |
| 1995 | 18.6% | 55.9% | 6.22% |
| 1996 | 20.5% | 56.1% | 3.76% |
| 1997 | 21.5% | 56.9% | 5.64% |
| 1998 | 19% | 50.5% | 6.03% |
| 1999 | 19.7% | 50.1% | 5.39% |
| 2000 | 20.8% | 56.6% | 4.94% |
| 2001 | 22% | 62.6% | 4.07% |
| 2002 | 31% | 66.1% | -5.28% |
| 2003 | 29.8% | 66.6% | -3.08% |
| 2004 | 28.5% | 66.5% | -2.97% |
| 2005 | 28.7% | 68.2% | -3.03% |
| 2006 | 27.2% | 69.8% | -3.41% |
| 2007 | 27.8% | 69% | -4.34% |
| 2008 | 28.1% | 72.6% | -4.1% |
| 2009 | 29.5% | 88.5% | -6.56% |
| 2010 | 29.7% | 96% | -7.55% |
| 2011 | 27.7% | 98.7% | -3.63% |
| 2012 | 30.6% | 109.4% | -7.07% |
| 2013 | 30.8% | 118.6% | -8.98% |
| 2014 | 29% | 122% | -6.57% |
| 2015 | 31.4% | 131.9% | -8.16% |
| 2016 | 30.7% | 136.5% | -4.88% |
| 2017 | 29.8% | 143.6% | -3.89% |
| 2018 | 26.9% | 115% | -0.34% |
| 2019 | 23.9% | 109.5% | 3.08% |
| 2020 | 30.3% | 128.4% | -4.16% |
| 2021 | 32.5% | 130.2% | -4.65% |
| 2022 | 30.3% | 116.9% | -1.96% |
| 2023 | 28.8% | 113.4% | -1.71% |
| 2024 | 29.9% | 104.4% | -1.33% |
| 2025 | 27.7% | 99% | -0.27% |
Inflation rate by year
Over the past 17 years, Barbados has had an average annual inflation rate of 4.38%. In 2024, inflation was -0.46%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1967 | 3.63% |
| 1968 | 7.49% |
| 1969 | 5.84% |
| 1970 | 7.28% |
| 1971 | 7.47% |
| 1972 | 11.9% |
| 1973 | 16.9% |
| 1974 | 38.9% |
| 1975 | 20.3% |
| 1976 | 4.99% |
| 1977 | 8.35% |
| 1978 | 9.48% |
| 1979 | 13.2% |
| 1980 | 14.4% |
| 1981 | 14.6% |
| 1982 | 10.3% |
| 1983 | 5.23% |
| 1984 | 4.69% |
| 1985 | 3.92% |
| 1986 | 1.33% |
| 1987 | 3.31% |
| 1988 | 4.86% |
| 1989 | 6.19% |
| 1990 | 3.07% |
| 1991 | 6.26% |
| 1992 | 6.09% |
| 1993 | 1.11% |
| 1994 | 0.08% |
| 1995 | 1.88% |
| 1996 | 2.39% |
| 1997 | 7.71% |
| 1998 | -1.27% |
| 1999 | 1.56% |
| 2000 | 2.44% |
| 2001 | 2.58% |
| 2002 | 0.13% |
| 2003 | 1.62% |
| 2004 | 1.39% |
| 2005 | 6.08% |
| 2006 | 7.31% |
| 2007 | 4.03% |
| 2008 | 8.11% |
| 2009 | 3.64% |
| 2010 | 5.82% |
| 2011 | 9.43% |
| 2012 | 4.53% |
| 2013 | 1.81% |
| 2014 | 1.77% |
| 2015 | -1.11% |
| 2016 | 1.28% |
| 2017 | 4.66% |
| 2018 | 3.67% |
| 2019 | 4.1% |
| 2020 | - |
| 2021 | - |
| 2022 | - |
| 2023 | 9.79% |
| 2024 | -0.46% |
Balance of trade
|
Barbados
|
Rank | |
|---|---|---|
Current account balance
|
-$296M
2017 |
97/189 |
| Current account balance, % of GDP |
-5.37%
2017 |
137/189 |
| Goods imports |
$1.53B
2017 |
159/188 |
| Goods exports |
$705M
2017 |
154/188 |
| Service imports |
$687M
2017 |
154/188 |
| Service exports |
$1.52B
2017 |
114/188 |
| Exports of goods and services, % of GDP |
14.5%
2025 |
170/193 |
Barbados' top 10 trading partners
Barbados' biggest trading partner accounting for 37.4%% of all exports and imports is the United States, with a trade balance between the two of -$751M — Barbados exports $81.7M worth of goods and services to the United States and imports $832M.
Below is the list of the top 10 trade partners of Barbados.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
United States
|
$914M | 37.4% | $81.7M | $832M | Processed food, beverages & tobacco | Machinery & equipment |
| 2 |
Trinidad
|
$489M | 20% | $29.8M | $460M | Processed food, beverages & tobacco | Raw materials & minerals |
| 3 |
Netherlands
|
$131M | 5.35% | $1.76M | $129M | Processed food, beverages & tobacco | Raw materials & minerals |
| 4 |
United Kingdom
|
$109M | 4.47% | $8.22M | $101M | Processed food, beverages & tobacco | Machinery & equipment |
| 5 |
China
|
$93.4M | 3.82% | $2.72M | $90.6M | Machinery & equipment | Machinery & equipment |
| 6 |
Jamaica
|
$66.8M | 2.73% | $34.2M | $32.6M | Raw materials & minerals | Processed food, beverages & tobacco |
| 7 |
Canada
|
$65.7M | 2.69% | $19.8M | $45.9M | Metals | Machinery & equipment |
| 8 |
Japan
|
$61.7M | 2.53% | $139K | $61.6M | Processed food, beverages & tobacco | Machinery & equipment |
| 9 |
Panama
|
$51.6M | 2.11% | $1.6M | $50M | Wood & paper products | Chemicals & pharma |
| 10 |
France
|
$31.5M | 1.29% | $10.4M | $21.1M | Processed food, beverages & tobacco | Processed food, beverages & tobacco |
Barbados' top 10 exports
|
Barbados
|
Rank | |
|---|---|---|
| Raw materials & minerals | $172M | 142/193 |
| Processed food, beverages & tobacco | $106M | 130/192 |
| Chemicals & pharma | $56M | 124/193 |
| Machinery & equipment | $36.7M | 145/193 |
| Metals | $30.2M | 138/192 |
| Precious metals & jewellery | $18.3M | 126/190 |
| Wood & paper products | $17.2M | 130/192 |
| Textiles & consumer goods | $16.1M | 142/193 |
| Raw agricultural goods | $4.23M | 168/193 |
| Animal & marine products | $3.33M | 165/192 |
Barbados' top 10 imports
|
Barbados
|
Rank | |
|---|---|---|
| Machinery & equipment | $536M | 153/193 |
| Raw materials & minerals | $525M | 149/193 |
| Processed food, beverages & tobacco | $267M | 147/193 |
| Chemicals & pharma | $220M | 155/193 |
| Textiles & consumer goods | $167M | 154/193 |
| Raw agricultural goods | $115M | 160/193 |
| Animal & marine products | $114M | 131/193 |
| Metals | $99.7M | 160/193 |
| Wood & paper products | $83.7M | 143/193 |
| Miscellaneous | $20.2M | 135/193 |
Economic freedom indices
|
Barbados
|
Rank | |
|---|---|---|
| Economic freedom | 68.9 | 42/197 |
| Property rights | 72.8 | 46/182 |
| Government integrity | 71.7 | 46/182 |
| Judicial effectiveness | 86.9 | 46/182 |
| Tax burden | 83.6 | 66/181 |
| Government spending | 74.1 | 86/180 |
| Fiscal health | 68.8 | 96/181 |
| Business freedom | 73.1 | 61/182 |
| Labor freedom | 56.4 | 102/182 |
| Monetary freedom | 78.4 | 12/180 |
| Trade freedom | 40.8 | 178/181 |
| Investment freedom | 60 | 58/181 |
| Financial freedom | 60 | 36/181 |
Barbados' economic freedom by year
Barbados is ranked 36/180 for economic freedom with a score of 68.9, compared to 23/163 and a score of 70.1 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1996 | 62.3 | - | 60.8 | 71.5 | - |
| 1997 | 64.5 | - | 60.7 | 73 | - |
| 1998 | 67.9 | - | 60.3 | 73 | - |
| 1999 | 66.7 | - | 60.3 | 67.9 | - |
| 2000 | 69.5 | - | 58.6 | 67.3 | - |
| 2001 | 71.5 | - | 58.8 | 65.3 | - |
| 2002 | 73.6 | - | 59 | 65.3 | - |
| 2003 | 71.3 | - | 60.4 | 64.7 | - |
| 2004 | 69.4 | - | 59.8 | 58.9 | - |
| 2005 | 70.1 | - | 60.6 | 56 | - |
| 2006 | 71.9 | - | 67.4 | 58.7 | - |
| 2007 | 70 | - | 67.4 | 59.8 | - |
| 2008 | 71.3 | - | 71.3 | 62.2 | - |
| 2009 | 71.5 | - | 70.9 | 66.3 | - |
| 2010 | 68.3 | - | 70.1 | 54.6 | - |
| 2011 | 68.5 | - | 70.7 | 48.8 | - |
| 2012 | 69 | - | 71.1 | 40.1 | - |
| 2013 | 69.3 | - | 74.5 | 54.2 | - |
| 2014 | 68.3 | - | 74 | 49.8 | - |
| 2015 | 67.9 | - | 73.8 | 42.1 | - |
| 2016 | 68.3 | - | 75.8 | 37.6 | - |
| 2017 | 54.5 | 33 | 74 | 39 | 0 |
| 2018 | 57 | 54.4 | 74 | 39.3 | 0 |
| 2019 | 64.7 | 59.9 | 70.1 | 65 | 79.5 |
| 2020 | 61.4 | 36.1 | 73.6 | 69.2 | 63.1 |
| 2021 | 65 | 49.7 | 79.3 | 73.1 | 79.8 |
| 2022 | 71.3 | 88.2 | 80.6 | 70.8 | 79.7 |
| 2023 | 69.8 | 68.4 | 79.2 | 69.7 | 73.9 |
| 2024 | 66.8 | 87.3 | 81.4 | 66.3 | 55.7 |
| 2025 | 68.9 | 86.9 | 83.6 | 74.1 | 68.8 |
More economic indicators
|
Barbados
|
Rank | |
|---|---|---|
| Services, % of GDP |
75.4%
2023 |
13/191 |
| Industry, % of GDP |
13.2%
2023 |
168/194 |
| Agriculture, forestry, and fishing, % of GDP |
1.85%
2023 |
152/193 |
|
GNI, Atlas method
|
$6.68B
2024 |
155/194 |
| GNI per capita, PPP |
$21,740
2024 |
83/191 |
| Total reserves including gold |
$1.65B
2024 |
131/177 |
|
Net foreign direct investment
|
-$208M
2017 |
82/188 |
|
Net inflows of foreign direct investment
|
$303M
2024 |
126/193 |
|
Net outflows of foreign direct investment
|
$18.6M
2024 |
117/187 |
| Poverty at national poverty lines |
25.7%
2016 |
70/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Barbados topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.