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Economy of Barbados vs Belize compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $3.2B for Belize, ranking 157/197 and 168/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $2.1B (65.4% of GDP) in Belize.

Barbados vs Belize GDP by year

Barbados
Belize
1x
Year GDP, current $
Barbados Belize
2024 $7,498,050,000 $3,203,631,800
2023 $7,223,250,000 $3,052,362,650
2022 $6,884,900,000 $2,846,604,350
2021 $5,947,550,000 $2,428,606,250
2020 $5,407,050,000 $2,047,284,600
2019 $6,161,850,000 $2,381,187,850
2018 $6,001,950,000 $2,285,915,050
2017 $5,683,150,000 $2,266,028,250
2016 $5,674,600,000 $2,239,604,950
2015 $5,698,150,000 $2,193,095,150
2014 $5,620,600,000 $2,138,242,200
2013 $5,667,200,000 $2,035,191,450
2012 $5,761,450,000 $1,917,083,500
2011 $5,663,100,000 $1,831,576,700
2010 $5,672,900,000 $1,748,988,400
2009 $4,466,809,600 $1,688,012,750
2008 $4,790,410,400 $1,738,453,600
2007 $4,675,767,950 $1,706,190,450
2006 $4,217,323,400 $1,590,463,100
2005 $3,819,500,000 $1,474,298,400
2004 $3,444,500,000 $1,400,202,000
2003 $3,209,500,000 $1,308,280,250
2002 $3,106,500,000 $1,243,912,050
2001 $3,054,500,000 $1,172,045,150
2000 $3,059,500,000 $1,138,138,100
1999 $2,951,822,205 $999,713,050
1998 $2,817,083,478 $929,047,000
1997 $2,498,384,130 $872,916,050
1996 $2,363,645,403 $850,339,100
1995 $2,216,974,096 $818,590,250
1994 $2,151,344,901 $771,838,000
1993 $2,063,342,117 $752,255,150
1992 $1,957,000,000 $695,741,150
1991 $2,020,583,702 $596,682,100
1990 $2,012,131,457 $546,750,912
1989 $2,006,165,167 $491,100,000
1988 $1,812,757,918 $421,450,000
1987 $1,704,370,308 $371,100,000
1986 $1,547,755,183 $311,500,000
1985 $1,409,536,121 $287,300,000
1984 $1,346,890,071 $290,350,000
1983 $1,236,016,507 $262,150,000
1982 $1,163,923,830 $248,550,000
1981 $1,114,204,743 $260,750,000
1980 $1,012,280,615 $257,400,000
1979 $670,362,452 $151,800,000
1978 $552,883,707 $136,300,000
1977 $495,097,668 $117,650,000
1976 $435,911,269 $97,094,227
1975 $402,178,605 $118,194,026
1974 $311,804,630 $103,160,450
1973 $260,767,828 $78,214,768
1972 $213,725,217 $65,998,069
1971 $186,826,503 $59,074,687
1970 $166,210,203 $53,339,893
1969 $141,393,142 $47,399,905
1968 $125,733,669 $44,999,910
1967 $125,554,009 $47,431,256
1966 $113,195,123 $44,450,044
1965 $105,021,997 $40,110,040
1964 $99,252,731 $36,194,586
1963 $99,893,761 $33,750,114
1962 $88,782,583 $31,857,592
1961 $85,363,759 $29,965,000
1960 $80,021,847 $28,072,478

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/barbados/belize | CC BY

GDP per capita in Barbados vs Belize by year

Barbados
GDP per capita

GDP per capita, PPP
Belize
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Belize
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $7,681 $14,347
2023 $25,584 $23,660 $7,425 $13,730
2022 $24,387 $22,193 $7,068 $13,461
2021 $21,080 $17,683 $6,143 $11,716
2020 $19,194 $16,555 $5,239 $9,639
2019 $21,912 $19,971 $6,172 $10,500
2018 $21,381 $19,777 $6,012 $9,497
2017 $20,285 $18,437 $6,072 $9,121
2016 $20,296 $19,176 $6,141 $9,399
2015 $20,424 $19,186 $6,155 $9,538
2014 $20,193 $18,595 $6,128 $9,490
2013 $20,410 $19,032 $5,957 $9,526
2012 $20,804 $19,605 $5,733 $9,303
2011 $20,508 $20,316 $5,596 $9,722
2010 $20,611 $20,033 $5,461 $9,748
2009 $16,295 $20,324 $5,400 $9,728
2008 $17,566 $21,376 $5,712 $9,975
2007 $17,235 $20,949 $5,762 $10,226
2006 $15,620 $20,076 $5,525 $9,910
2005 $14,214 $18,450 $5,270 $9,466
2004 $12,886 $17,299 $5,154 $9,245
2003 $12,076 $16,707 $4,960 $8,850
2002 $11,760 $16,133 $4,859 $8,154
2001 $11,640 $15,866 $4,719 $7,852
2000 $11,675 $15,914 $4,727 $7,544
1999 $11,244 $14,873 $4,290 $6,790
1998 $10,734 $14,621 $4,126 $6,333
1997 $9,522 $13,941 $4,014 $6,243
1996 $9,012 $13,090 $4,043 $6,087
1995 $8,460 $12,375 $4,010 $6,091
1994 $8,223 $11,900 $3,877 $6,073
1993 $7,905 $11,448 $3,860 $6,075
1992 $7,519 $11,127 $3,643 $5,706
1991 $7,790 $11,576 $3,190 $5,053
1990 $7,781 $11,687 $2,986 $4,467
1989 $7,773 - $2,742 -
1988 $7,033 - $2,406 -
1987 $6,625 - $2,166 -
1986 $6,031 - $1,859 -
1985 $5,510 - $1,754 -
1984 $5,284 - $1,814 -
1983 $4,866 - $1,677 -
1982 $4,599 - $1,629 -
1981 $4,417 - $1,753 -
1980 $4,025 - $1,774 -
1979 $2,668 - $1,071 -
1978 $2,198 - $983 -
1977 $1,968 - $866 -
1976 $1,734 - $729 -
1975 $1,601 - $906 -
1974 $1,243 - $805 -
1973 $1,042 - $619 -
1972 $856 - $529 -
1971 $750 - $481 -
1970 $666 - $442 -
1969 $567 - $402 -
1968 $506 - $392 -
1967 $508 - $426 -
1966 $462 - $412 -
1965 $433 - $383 -
1964 $414 - $356 -
1963 $421 - $342 -
1962 $377 - $332 -
1961 $366 - $320 -
1960 $347 - $307 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/barbados/belize | CC BY

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $7,681 in Belize, ranking 98/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Belize ranks 117th at $14,347.

Economic indicators

Barbados Belize
Gross domestic product
$7.5B
2024
$3.2B
2024
GDP rank
157/197
2024
168/197
2024
GDP growth
2.48%
2023-2024
3.5%
2023-2024
GDP per capita
$26,545
2024
$7,681
2024
GDP per capita rank
46/197
2024
98/197
2024
GDP per capita, PPP
$24,823
2024
$14,347
2024
GDP per capita PPP rank
84/197
2024
117/197
2024
Government debt
$7.97B
2024
$2.1B
2024
Debt-to-GDP ratio
106.3%
2024
65.4%
2024
Government debt per person
$28,218
2024
$5,026
2024
Government debt per person rank
26/185
2024
78/185
2024
Average annual personal income after taxes
$18,869
2026
$9,204
2026
Market capitalization of domestic companies
$2.78B
2020
n/a
Number of billionaires
1
2025
1
2025
Income share by richest 10%
25.8%
2016
30%
2018
Income share by poorest 10%
2.5%
2016
2.2%
2018
Government expenditure, % of GDP
30.2%
2024
26.3%
2024
Consumer prices inflation
-0.44%
2023-2024
3.3%
2023-2024
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.54%
2023
29.3%
2020
Population
282798
430409

Spending and national debt comparison by year

Barbados
Spending

Debt
Belize
Spending

Debt
1x
Year % of GDP
Barbados Belize
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 26.3% 65.4%
2023 28.8% 113.4% 25.8% 67.5%
2022 30.3% 116.9% 23.4% 66.8%
2021 32.5% 130.2% 25.7% 82.2%
2020 30.3% 128.4% 33.2% 103%
2019 23.9% 109.5% 27.5% 78.6%
2018 26.9% 115% 26.9% 79%
2017 29.8% 143.6% 27.7% 78.1%
2016 30.7% 136.5% 27.7% 70.5%
2015 31.4% 131.9% 27.9% 65.1%
2014 29% 122% 24.8% 61.5%
2013 30.8% 118.6% 23.8% 62.8%
2012 30.6% 109.4% 22.1% 63.1%
2011 27.7% 98.7% 23.5% 66.2%
2010 29.7% 96% 23.3% 68.4%
2009 29.5% 88.5% 23.2% 69.7%
2008 28.1% 72.6% 21.8% 64.7%
2007 27.8% 69% 22.1% 66.4%
2006 27.2% 69.8% 21.2% 71.4%
2005 28.7% 68.2% 21.4% 72.7%
2004 28.5% 66.5% 21.7% 70.7%
2003 29.8% 66.6% 24.6% 67.2%
2002 31% 66.1% 24.4% 53.2%
2001 22% 62.6% 25.9% 49.5%
2000 20.8% 56.6% 23.2% 79%
1999 19.7% 50.1% 23.6% 41.5%
1998 19% 50.5% 20.9% 38.7%
1997 21.5% 56.9% 19.9% 39.4%
1996 20.5% 56.1% 19.9% 38.4%
1995 18.6% 55.9% - -
1994 17% 55% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-02-20).

GeoRank.org/economy/barbados/belize | CC BY

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Belize spent $842M, or 26.3% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 65.4% in Belize, ranking 18/185 and 67/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Belize
1x
Year Deficit/surplus, % of GDP
Barbados Belize
2024 -0.89% -1.23%
2023 -1.71% -2.42%
2022 -1.96% -1.04%
2021 -4.65% -3.29%
2020 -4.16% -8.57%
2019 3.08% -2.9%
2018 -0.34% -1.37%
2017 -3.89% -3.48%
2016 -4.88% -4.47%
2015 -8.16% -5.14%
2014 -6.57% -1.72%
2013 -8.98% -1.21%
2012 -7.07% -0.22%
2011 -3.63% -1.06%
2010 -7.55% -1.9%
2009 -6.56% -2.46%
2008 -4.1% 1.25%
2007 -4.34% -0.19%
2006 -3.41% -2.27%
2005 -3.03% -3.7%
2004 -2.97% -4.52%
2003 -3.08% -8.41%
2002 -5.28% -5.41%
2001 4.07% -7.23%
2000 4.94% -6.68%
1999 5.39% -6.51%
1998 6.03% -2.69%
1997 5.64% -1.81%
1996 3.76% -1.76%
1995 6.22% -
1994 6.72% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20).

GeoRank.org/economy/barbados/belize | CC BY

In 2024, Barbados' government deficit, the difference between spending and revenue, was $66.8M, equivalent to 0.89% of GDP. This compares to Belize's deficit of $39.4M, or 1.23% of GDP.

Over the past 29 years, Barbados recorded a fiscal deficit in 22 of those years, while Belize ran a deficit in 28 years. On average, Barbados posted an annual deficit equal to 2.22% of GDP, compared to deficit of 3.19% of GDP for Belize.

Inflation comparison by year

Inflation
Barbados

Belize
1x
Year Consumer prices inflation
Barbados Belize
2024 -0.44% 3.3%
2023 9.79% 4.4%
2022 - 6.3%
2021 - 3.2%
2020 - 0.1%
2019 4.1% 0.2%
2018 3.67% 0.3%
2017 4.66% 1.1%
2016 1.28% 0.7%
2015 -1.11% -0.9%
2014 1.77% 1.2%
2013 1.81% 0.5%
2012 4.53% 1.2%
2011 9.43% 1.7%
2010 5.82% 0.9%
2009 3.64% -1.1%
2008 8.11% 6.4%
2007 4.03% 2.3%
2006 7.31% 4.2%
2005 6.08% 3.7%
2004 1.39% 3.1%
2003 1.62% 2.6%
2002 0.13% 2.2%
2001 2.58% 1.1%
2000 2.44% 0.6%
1999 1.56% -1.2%
1998 -1.27% -0.8%
1997 7.71% 1%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/barbados/belize | CC BY

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 1.73% in Belize. In 2024, inflation was -0.44% in Barbados and 3.3% in Belize.

Top exports between countries

Barbados
Export category Export value
Metals $1.53M
Chemicals & pharma $624K
Processed food, beverages & tobacco $288K
Wood & paper products $96K
Machinery & equipment $79K
Textiles & consumer goods $32K
Precious metals & jewellery $2K
Raw materials & minerals $2K
Miscellaneous $1K
Belize
Export category Export value
Processed food, beverages & tobacco $3.65M
Raw materials & minerals $2.44M
Animal & marine products $499K
Wood & paper products $238K
Raw agricultural goods $122K
Chemicals & pharma $54K
Machinery & equipment $48K
Miscellaneous $27K

Balance of trade

Barbados Belize
Current account balance
-$296M
2017
-$51.7M
2024
Current account balance ranking
100/190
2017
84/190
2024
Current account balance, % of GDP
-5.22%
2017
-1.61%
2024
Goods imports
$1.53B
2017
$1.36B
2024
Goods exports
$705M
2017
$482M
2024
Service imports
$687M
2017
$362M
2024
Service exports
$1.52B
2017
$1.16B
2024
Imports of goods and services, % of GDP n/a
53.7%
2024
Exports of goods and services, % of GDP
14.5%
2025
55.2%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Barbados Belize
Economic freedom 70.4 64.7
Economic freedom ranking 34/197 71/197
Property rights 76.4 46.3
Government integrity 71.3 46.2
Judicial effectiveness 87.3 73.9
Tax burden 83.2 81.8
Government spending 74.5 81
Fiscal health 76.5 87.5
Business freedom 72.3 67.2
Labor freedom 54.3 57.6
Monetary freedom 80.8 72.6
Trade freedom 48.2 57.8
Investment freedom 60 55
Financial freedom 60 50

Economic freedom comparison by year

Barbados
Belize
1x
Year Economic freedom index
Barbados Belize
2026 70.4 64.7
2025 68.9 64.2
2024 66.8 61.2
2023 69.8 59.8
2022 71.3 56.6
2021 65 57.5
2020 61.4 57.4
2019 64.7 55.4
2018 57 57.1
2017 54.5 58.6
2016 68.3 57.4
2015 67.9 56.8
2014 68.3 56.7
2013 69.3 57.3
2012 69 61.9
2011 68.5 63.8
2010 68.3 61.5
2009 71.5 63
2008 71.3 63
2007 70 63.3
2006 71.9 64.7
2005 70.1 64.5
2004 69.4 62.8
2003 71.3 63.5
2002 73.6 65.6
2001 71.5 65.9
2000 69.5 63.3
1999 66.7 60.7
1998 67.9 59.1
1997 64.5 64.3
1996 62.3 61.6
1995 - 62.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/barbados/belize | CC BY

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 64.7 for Belize, ranking 71/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Belize
Services, % of GDP
75.5%
2024
62.4%
2024
Industry, % of GDP
12.4%
2024
14.6%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
7.95%
2024
GNI, Atlas method
$7.1B
2024
$2.98B
2024
GNI per capita, PPP
$23,850
2024
$13,760
2024
Total reserves including gold
$1.65B
2024
$498M
2024
Total reserves ranking
131/177
2024
156/177
2024
Net foreign direct investment
-$208M
2017
-$126M
2024
Net inflows of foreign direct investment
$303M
2024
$128M
2024
Net outflows of foreign direct investment
$18.6M
2024
$2.61M
2024
Servicing debt to the IMF, % of GNI n/a
4.15%
2024
Poverty at national poverty lines
25.7%
2016
52%
2018
Gross capital formation, % of GDP n/a
19.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/barbados/belize | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.