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Economy of Barbados vs Benin compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $21.5B for Benin, ranking 157/197 and 126/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $11.5B (53.4% of GDP) in Benin.

Barbados vs Benin GDP by year

Barbados
Benin
1x
Year GDP, current $
Barbados Benin
2024 $7,498,050,000 $21,482,643,706
2023 $7,223,250,000 $19,673,291,004
2022 $6,884,900,000 $17,425,405,091
2021 $5,947,550,000 $17,687,623,530
2020 $5,407,050,000 $15,686,741,884
2019 $6,161,850,000 $14,391,686,313
2018 $6,001,950,000 $14,262,408,090
2017 $5,683,150,000 $12,701,655,837
2016 $5,674,600,000 $11,821,065,853
2015 $5,698,150,000 $11,388,160,997
2014 $5,620,600,000 $13,284,527,847
2013 $5,667,200,000 $12,517,845,124
2012 $5,761,450,000 $11,141,358,116
2011 $5,663,100,000 $10,693,321,364
2010 $5,672,900,000 $9,535,345,016
2009 $4,466,809,600 $9,738,626,517
2008 $4,790,410,400 $9,787,734,526
2007 $4,675,767,950 $8,169,048,383
2006 $4,217,323,400 $7,034,111,315
2005 $3,819,500,000 $6,567,654,954
2004 $3,444,500,000 $6,190,270,380
2003 $3,209,500,000 $5,349,258,094
2002 $3,106,500,000 $4,194,342,686
2001 $3,054,500,000 $3,666,222,635
2000 $3,059,500,000 $3,519,991,440
1999 $2,951,822,205 $3,677,393,999
1998 $2,817,083,478 $2,455,092,686
1997 $2,498,384,130 $2,268,301,646
1996 $2,363,645,403 $2,361,116,449
1995 $2,216,974,096 $2,169,627,138
1994 $2,151,344,901 $1,598,075,944
1993 $2,063,342,117 $2,274,558,083
1992 $1,957,000,000 $1,695,315,306
1991 $2,020,583,702 $1,986,437,797
1990 $2,012,131,457 $1,959,965,330
1989 $2,006,165,167 $1,502,294,416
1988 $1,812,757,918 $1,620,246,084
1987 $1,704,370,308 $1,562,412,228
1986 $1,547,755,183 $1,336,102,025
1985 $1,409,536,121 $1,045,712,789
1984 $1,346,890,071 $1,051,134,009
1983 $1,236,016,507 $1,095,348,199
1982 $1,163,923,830 $1,267,778,670
1981 $1,114,204,743 $1,291,120,188
1980 $1,012,280,615 $1,405,251,847
1979 $670,362,452 $1,186,231,020
1978 $552,883,707 $928,843,469
1977 $495,097,668 $750,049,779
1976 $435,911,269 $698,408,262
1975 $402,178,605 $676,870,140
1974 $311,804,630 $554,654,861
1973 $260,767,828 $504,376,074
1972 $213,725,217 $410,331,857
1971 $186,826,503 $335,073,028
1970 $166,210,203 $333,627,713
1969 $141,393,142 $330,748,245
1968 $125,733,669 $326,323,105
1967 $125,554,009 $306,221,953
1966 $113,195,123 $302,925,235
1965 $105,021,997 $289,908,680
1964 $99,252,731 $269,819,006
1963 $99,893,761 $253,927,697
1962 $88,782,583 $236,434,954
1961 $85,363,759 $235,668,221
1960 $80,021,847 $226,195,578

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

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

GDP per capita in Barbados vs Benin by year

Barbados
GDP per capita

GDP per capita, PPP
Benin
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Benin
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $1,485 $4,435
2023 $25,584 $23,660 $1,394 $4,130
2022 $24,387 $22,193 $1,266 $3,844
2021 $21,080 $17,683 $1,319 $3,464
2020 $19,194 $16,555 $1,200 $3,245
2019 $21,912 $19,971 $1,131 $3,149
2018 $21,381 $19,777 $1,152 $2,965
2017 $20,285 $18,437 $1,055 $2,886
2016 $20,296 $19,176 $1,011 $2,842
2015 $20,424 $19,186 $1,002 $2,725
2014 $20,193 $18,595 $1,204 $2,670
2013 $20,410 $19,032 $1,169 $2,512
2012 $20,804 $19,605 $1,072 $2,346
2011 $20,508 $20,316 $1,059 $2,265
2010 $20,611 $20,033 $973 $2,220
2009 $16,295 $20,324 $1,024 $2,213
2008 $17,566 $21,376 $1,061 $2,215
2007 $17,235 $20,949 $912 $2,136
2006 $15,620 $20,076 $809 $2,021
2005 $14,214 $18,450 $779 $1,946
2004 $12,886 $17,299 $759 $1,915
2003 $12,076 $16,707 $676 $1,842
2002 $11,760 $16,133 $546 $1,800
2001 $11,640 $15,866 $492 $1,746
2000 $11,675 $15,914 $487 $1,671
1999 $11,244 $14,873 $525 $1,592
1998 $10,734 $14,621 $362 $1,537
1997 $9,522 $13,941 $345 $1,508
1996 $9,012 $13,090 $369 $1,444
1995 $8,460 $12,375 $348 $1,395
1994 $8,223 $11,900 $262.1 $1,316
1993 $7,905 $11,448 $387 $1,311
1992 $7,519 $11,127 $302 $1,265
1991 $7,790 $11,576 $365 $1,239
1990 $7,781 $11,687 $371 $1,186
1989 $7,773 - $293.3 -
1988 $7,033 - $326 -
1987 $6,625 - $324 -
1986 $6,031 - $285.8 -
1985 $5,510 - $230.4 -
1984 $5,284 - $238.6 -
1983 $4,866 - $256 -
1982 $4,599 - $305 -
1981 $4,417 - $320 -
1980 $4,025 - $358 -
1979 $2,668 - $311 -
1978 $2,198 - $249.8 -
1977 $1,968 - $207 -
1976 $1,734 - $197.7 -
1975 $1,601 - $196.5 -
1974 $1,243 - $164.9 -
1973 $1,042 - $153.6 -
1972 $856 - $127.9 -
1971 $750 - $106.9 -
1970 $666 - $108.8 -
1969 $567 - $110.3 -
1968 $506 - $111.2 -
1967 $508 - $106.6 -
1966 $462 - $107.6 -
1965 $433 - $105.1 -
1964 $414 - $99.8 -
1963 $421 - $95.7 -
1962 $377 - $90.8 -
1961 $366 - $92.1 -
1960 $347 - $89.9 -

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

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

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $1,485 in Benin, ranking 162/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Benin ranks 162nd at $4,435.

Economic indicators

Barbados Benin
Gross domestic product
$7.5B
2024
$21.5B
2024
GDP rank
157/197
2024
126/197
2024
GDP growth
2.48%
2023-2024
7.45%
2023-2024
GDP per capita
$26,545
2024
$1,485
2024
GDP per capita rank
46/197
2024
162/197
2024
GDP per capita, PPP
$24,823
2024
$4,435
2024
GDP per capita PPP rank
84/197
2024
162/197
2024
Government debt
$7.97B
2024
$11.5B
2024
Debt-to-GDP ratio
106.3%
2024
53.4%
2024
Government debt per person
$28,218
2024
$794
2024
Government debt per person rank
26/185
2024
151/185
2024
Average annual personal income after taxes
$18,869
2026
$1,091
2026
Market capitalization of domestic companies
$2.78B
2020
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
25.8%
2016
27.2%
2021
Income share by poorest 10%
2.5%
2016
3.1%
2021
Government expenditure, % of GDP
30.2%
2024
18.1%
2024
Consumer prices inflation
-0.44%
2023-2024
1.2%
2023-2024
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.54%
2023
1.69%
2022
Population
282798
15272847

Spending and national debt comparison by year

Barbados
Spending

Debt
Benin
Spending

Debt
1x
Year % of GDP
Barbados Benin
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 18.1% 53.4%
2023 28.8% 113.4% 19.2% 54.9%
2022 30.3% 116.9% 19.9% 54.2%
2021 32.5% 130.2% 19.9% 50.3%
2020 30.3% 128.4% 19.1% 46.1%
2019 23.9% 109.5% 14.3% 40.4%
2018 26.9% 115% 16.5% 40.8%
2017 29.8% 143.6% 17.7% 39.4%
2016 30.7% 136.5% 15.4% 35.9%
2015 31.4% 131.9% 18.2% 30.9%
2014 29% 122% 14.2% 22.3%
2013 30.8% 118.6% 14.9% 18.5%
2012 30.6% 109.4% 14.2% 19.5%
2011 27.7% 98.7% 14.7% 21.9%
2010 29.7% 96% 14.1% 21%
2009 29.5% 88.5% 17% 18.7%
2008 28.1% 72.6% 14.5% 18.3%
2007 27.8% 69% 15.8% 14.3%
2006 27.2% 69.8% 13% 8.37%
2005 28.7% 68.2% 14.1% 27%
2004 28.5% 66.5% 13.4% 21.5%
2003 29.8% 66.6% 13.7% 23.4%
2002 31% 66.1% 15.3% 30.8%
2001 22% 62.6% 15.4% 38%
2000 20.8% 56.6% 15.6% 39.6%
1999 19.7% 50.1% 10.7% 39.4%
1998 19% 50.5% 10.9% 39.2%
1997 21.5% 56.9% 12.7% 42.9%
1996 20.5% 56.1% 13.3% 43.4%
1995 18.6% 55.9% 14.8% 48.3%
1994 17% 55% 13.6% 64.6%
1993 - - 12% 41.9%
1992 - - 13.5% 41.8%
1991 - - 12.6% 44%
1990 - - 13.3% 45.3%
1989 - - 17.1% 50.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1997, retrieved 2026-02-20).

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

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Benin spent $3.88B, or 18.1% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 53.4% in Benin, ranking 18/185 and 99/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Benin
1x
Year Deficit/surplus, % of GDP
Barbados Benin
2024 -0.89% -3.06%
2023 -1.71% -4.13%
2022 -1.96% -5.55%
2021 -4.65% -5.71%
2020 -4.16% -4.68%
2019 3.08% -0.53%
2018 -0.34% -2.96%
2017 -3.89% -4.18%
2016 -4.88% -4.29%
2015 -8.16% -5.55%
2014 -6.57% -1.65%
2013 -8.98% -1.37%
2012 -7.07% -0.22%
2011 -3.63% -0.98%
2010 -7.55% -0.28%
2009 -6.56% -2.24%
2008 -4.1% -0.04%
2007 -4.34% 0.22%
2006 -3.41% -0.15%
2005 -3.03% -1.52%
2004 -2.97% -0.7%
2003 -3.08% -1.07%
2002 -5.28% -3.33%
2001 4.07% -3.27%
2000 4.94% -3.69%
1999 5.39% 1.94%
1998 6.03% 1.83%
1997 5.64% 0.47%
1996 3.76% -0.11%
1995 6.22% -1.91%
1994 6.72% -1.57%
1993 - -0.41%
1992 - -1.98%
1991 - -2.25%
1990 - -2.37%
1989 - 0.89%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989, retrieved 2026-02-20).

GeoRank.org/economy/barbados/benin | 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 Benin's deficit of $658M, or 3.06% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Benin ran a deficit in 27 years. On average, Barbados posted an annual deficit equal to 1.66% of GDP, compared to deficit of 1.94% of GDP for Benin.

Inflation comparison by year

Inflation
Barbados

Benin
1x
Year Consumer prices inflation
Barbados Benin
2024 -0.44% 1.2%
2023 9.79% 2.7%
2022 - 1.4%
2021 - 1.7%
2020 - 3%
2019 4.1% -0.9%
2018 3.67% 0.8%
2017 4.66% 1.8%
2016 1.28% -0.8%
2015 -1.11% 0.2%
2014 1.77% -0.6%
2013 1.81% 0.4%
2012 4.53% 6.7%
2011 9.43% 2.7%
2010 5.82% 2.1%
2009 3.64% 0.9%
2008 8.11% 7.4%
2007 4.03% 1.3%
2006 7.31% 3.8%
2005 6.08% 5.4%
2004 1.39% 0.9%
2003 1.62% 1.5%
2002 0.13% 2.4%
2001 2.58% 4%
2000 2.44% 4.2%
1999 1.56% 0.3%
1998 -1.27% 5.8%
1997 7.71% 3.8%

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/benin | CC BY

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 2.29% in Benin. In 2024, inflation was -0.44% in Barbados and 1.2% in Benin.

Top exports between countries

Barbados
Export category Export value
Benin
Export category Export value
Textiles & consumer goods $3K

Balance of trade

Barbados Benin
Current account balance
-$296M
2017
-$1.61B
2023
Current account balance ranking
100/190
2017
135/190
2023
Current account balance, % of GDP
-5.22%
2017
-8.18%
2023
Goods imports
$1.53B
2017
$4.65B
2023
Goods exports
$705M
2017
$4.05B
2023
Service imports
$687M
2017
$1.54B
2023
Service exports
$1.52B
2017
$461M
2023
Imports of goods and services, % of GDP n/a
21.8%
2024
Exports of goods and services, % of GDP
14.5%
2025
18.8%
2024

Economic freedom indices

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

Barbados Benin
Economic freedom 70.4 60
Economic freedom ranking 34/197 96/197
Property rights 76.4 46.4
Government integrity 71.3 44.1
Judicial effectiveness 87.3 47.7
Tax burden 83.2 69.4
Government spending 74.5 89.1
Fiscal health 76.5 65.4
Business freedom 72.3 53.3
Labor freedom 54.3 60.2
Monetary freedom 80.8 82.1
Trade freedom 48.2 62.6
Investment freedom 60 50
Financial freedom 60 50

Economic freedom comparison by year

Barbados
Benin
1x
Year Economic freedom index
Barbados Benin
2026 70.4 60
2025 68.9 58.5
2024 66.8 57.7
2023 69.8 59.8
2022 71.3 61
2021 65 59.6
2020 61.4 55.2
2019 64.7 55.3
2018 57 56.7
2017 54.5 59.2
2016 68.3 59.3
2015 67.9 58.8
2014 68.3 57.1
2013 69.3 57.6
2012 69 55.7
2011 68.5 56
2010 68.3 55.4
2009 71.5 55.4
2008 71.3 55.2
2007 70 55.1
2006 71.9 54
2005 70.1 52.3
2004 69.4 54.6
2003 71.3 54.9
2002 73.6 57.3
2001 71.5 60.1
2000 69.5 61.5
1999 66.7 60.6
1998 67.9 61.7
1997 64.5 61.3
1996 62.3 54.5

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 60 for Benin, ranking 96/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Benin
Services, % of GDP
75.5%
2024
48.9%
2024
Industry, % of GDP
12.4%
2024
17.4%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
24.2%
2024
GNI, Atlas method
$7.1B
2024
$20.6B
2024
GNI per capita, PPP
$23,850
2024
$4,390
2024
Total reserves including gold
$1.65B
2024
n/a
Total reserves ranking
131/177
2024
n/a
Net foreign direct investment
-$208M
2017
-$430M
2023
Net inflows of foreign direct investment
$303M
2024
$543M
2024
Net outflows of foreign direct investment
$18.6M
2024
$60.3M
2024
Servicing debt to the IMF, % of GNI n/a
5.38%
2024
Poverty at national poverty lines
25.7%
2016
36.2%
2021
Gross capital formation, % of GDP n/a
35.1%
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/benin | 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 (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1989–1997, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2022, retrieved 2026-02-08)

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.