Barbados has a GDP of $7.16B compared to $95.4B for Costa Rica, ranking 158/197 and 72/197 by economy size, respectively.
Barbados has $7.48B in government debt (99% of GDP), compared to $57B (59.7% of GDP) in Costa Rica.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Barbados
|
Costa Rica
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $80,021,847 | $1,704,405,288 | $507,513,830 | $4,791,476,273 |
| 1961 | $85,363,759 | $1,835,585,349 | $490,325,182 | $4,881,521,363 |
| 1962 | $88,782,583 | $2,001,903,306 | $479,180,824 | $5,147,192,861 |
| 1963 | $99,893,761 | $1,900,238,227 | $511,902,137 | $5,502,293,756 |
| 1964 | $99,252,731 | $1,995,342,789 | $542,578,367 | $5,703,625,343 |
| 1965 | $105,021,997 | $2,223,507,114 | $592,981,162 | $6,170,782,350 |
| 1966 | $113,195,123 | $2,312,522,359 | $647,305,630 | $6,600,843,859 |
| 1967 | $125,554,009 | $2,558,485,385 | $699,456,619 | $6,973,799,849 |
| 1968 | $125,733,669 | $2,735,579,172 | $773,841,494 | $7,564,711,134 |
| 1969 | $141,393,142 | $2,941,251,088 | $853,630,204 | $7,980,149,936 |
| 1970 | $166,210,203 | $3,220,946,507 | $984,830,158 | $8,578,911,307 |
| 1971 | $186,826,503 | $3,346,973,204 | $1,077,147,538 | $9,160,433,275 |
| 1972 | $213,725,217 | $3,389,606,971 | $1,238,251,696 | $9,909,577,643 |
| 1973 | $260,767,828 | $3,435,051,446 | $1,528,925,846 | $10,673,498,641 |
| 1974 | $311,804,630 | $3,275,292,656 | $1,666,544,754 | $11,265,333,466 |
| 1975 | $402,178,605 | $3,213,062,096 | $1,960,863,466 | $11,501,913,473 |
| 1976 | $435,911,269 | $3,353,158,383 | $2,412,555,426 | $12,136,538,956 |
| 1977 | $495,097,668 | $3,475,287,311 | $3,072,427,013 | $13,217,233,964 |
| 1978 | $552,883,707 | $3,644,774,964 | $3,523,208,810 | $14,045,648,796 |
| 1979 | $670,362,452 | $3,932,457,349 | $4,035,519,323 | $14,739,380,800 |
| 1980 | $1,012,280,615 | $4,104,426,257 | $4,831,447,001 | $14,850,205,527 |
| 1981 | $1,114,204,743 | $4,026,452,355 | $2,623,803,096 | $14,514,345,036 |
| 1982 | $1,163,923,830 | $3,829,118,402 | $2,606,623,555 | $13,456,892,436 |
| 1983 | $1,236,016,507 | $3,848,311,978 | $3,146,772,631 | $13,842,162,284 |
| 1984 | $1,346,890,071 | $3,986,865,604 | $3,660,477,856 | $14,952,872,322 |
| 1985 | $1,409,536,121 | $4,030,650,950 | $3,919,203,960 | $15,060,772,508 |
| 1986 | $1,547,755,183 | $4,236,382,092 | $4,418,983,871 | $15,894,574,653 |
| 1987 | $1,704,370,308 | $4,346,145,354 | $4,532,952,047 | $16,651,876,952 |
| 1988 | $1,812,757,918 | $4,498,494,363 | $4,614,629,898 | $17,223,393,910 |
| 1989 | $2,006,165,167 | $4,660,440,160 | $5,251,025,767 | $18,199,267,198 |
| 1990 | $2,012,131,457 | $4,506,291,754 | $5,711,687,787 | $18,845,898,693 |
| 1991 | $2,020,583,702 | $4,330,550,570 | $7,215,725,487 | $19,272,881,732 |
| 1992 | $1,957,000,000 | $4,084,033,071 | $8,579,754,758 | $21,046,199,573 |
| 1993 | $2,063,342,117 | $4,116,422,240 | $9,564,815,975 | $22,539,888,605 |
| 1994 | $2,151,344,901 | $4,199,194,541 | $10,489,903,725 | $23,558,472,567 |
| 1995 | $2,216,974,096 | $4,283,766,242 | $11,578,594,260 | $24,537,080,455 |
| 1996 | $2,363,645,403 | $4,454,109,195 | $11,678,424,507 | $24,868,443,787 |
| 1997 | $2,498,384,130 | $4,665,238,573 | $12,614,602,382 | $26,230,280,995 |
| 1998 | $2,817,083,478 | $4,839,180,328 | $13,684,255,947 | $28,107,138,541 |
| 1999 | $2,951,822,205 | $4,855,374,938 | $14,254,866,285 | $29,291,801,357 |
| 2000 | $3,059,500,000 | $5,071,302,668 | $15,013,629,662 | $30,425,018,574 |
| 2001 | $3,054,500,000 | $4,951,342,796 | $15,976,174,337 | $31,487,207,663 |
| 2002 | $3,106,500,000 | $4,990,329,769 | $16,578,820,687 | $32,563,086,628 |
| 2003 | $3,209,500,000 | $5,098,893,435 | $17,271,760,507 | $33,968,893,648 |
| 2004 | $3,444,500,000 | $5,170,869,329 | $18,610,594,846 | $35,471,881,179 |
| 2005 | $3,819,500,000 | $5,375,400,852 | $20,040,642,477 | $36,882,479,548 |
| 2006 | $4,217,323,400 | $5,701,717,045 | $22,715,540,324 | $39,584,746,492 |
| 2007 | $4,675,767,950 | $5,820,266,226 | $26,884,700,709 | $42,836,685,662 |
| 2008 | $4,790,410,400 | $5,857,135,319 | $30,801,745,700 | $44,866,362,741 |
| 2009 | $4,466,809,600 | $5,563,266,710 | $30,745,714,313 | $44,474,474,829 |
| 2010 | $5,191,188,500 | $5,439,889,540 | $37,658,616,952 | $46,858,459,461 |
| 2011 | $5,342,183,800 | $5,400,100,308 | $42,762,613,699 | $48,921,712,049 |
| 2012 | $5,271,257,500 | $5,383,181,192 | $47,231,655,432 | $51,310,359,848 |
| 2013 | $5,361,158,350 | $5,328,790,506 | $50,949,668,842 | $52,590,433,318 |
| 2014 | $5,365,976,700 | $5,333,181,722 | $52,016,408,854 | $54,453,244,251 |
| 2015 | $5,288,057,750 | $5,288,057,750 | $56,441,920,821 | $56,441,920,821 |
| 2016 | $5,330,761,500 | $5,382,816,061 | $58,847,019,610 | $58,814,921,621 |
| 2017 | $5,517,340,450 | $5,389,730,073 | $60,516,044,657 | $61,260,269,008 |
| 2018 | $5,629,916,200 | $5,326,451,133 | $62,420,164,992 | $62,862,779,083 |
| 2019 | $5,788,288,000 | $5,361,210,777 | $64,417,670,521 | $64,382,494,196 |
| 2020 | $5,168,344,450 | $4,554,114,648 | $62,395,610,760 | $61,631,202,098 |
| 2021 | $5,275,242,050 | $4,542,503,210 | $64,960,725,734 | $66,522,107,766 |
| 2022 | $6,257,303,500 | $5,352,561,585 | $69,243,626,029 | $69,549,856,033 |
| 2023 | $6,720,733,200 | $5,571,685,827 | $86,497,941,439 | $73,105,190,308 |
| 2024 | $7,165,000,000 | $5,783,409,907 | $95,350,423,177 | $76,264,229,554 |
Economic indicators
|
Barbados
|
Costa Rica
|
|
|---|---|---|
| Gross domestic product |
$7.16B
2024 |
$95.4B
2024 |
| GDP rank |
158/197
2024 |
72/197
2024 |
| GDP growth |
6.61%
2023-2024 |
10.2%
2023-2024 |
| GDP per capita |
$25,366
2024 |
$18,587
2024 |
| GDP per capita rank |
47/197
2024 |
62/197
2024 |
| GDP per capita, PPP |
$22,672
2024 |
$30,063
2024 |
| Government debt |
$7.48B
2024 |
$57B
2024 |
| Debt-to-GDP ratio |
99%
2025 |
59.7%
2025 |
| Government debt per person |
$26,478
2024 |
$11,106
2024 |
| Government debt per person rank |
27/185
2024 |
51/185
2024 |
| Average annual personal income after taxes |
$17,631
2025 |
$12,322
2025 |
| Market capitalization of domestic companies |
$2.78B
2020 |
$2.23B
2022 |
| Number of billionaires |
1
2025 |
n/a |
| Income share by richest 10% |
25.8%
2016 |
34.2%
2024 |
| Income share by poorest 10% |
2.5%
2016 |
1.7%
2024 |
| Government expenditure, % of GDP |
27.7%
2025 |
18.3%
2025 |
| Consumer prices inflation |
-0.46%
2023-2024 |
-0.41%
2023-2024 |
| Central bank interest rate |
2%
2020 |
3.75%
2025 |
| Unemployment rate |
6.54%
2023 |
6.94%
2024 |
| Population |
282698
|
5170484
|
GDP per capita in Barbados vs Costa Rica
Barbados' GDP per capita is $25,366, ranking 47/197, compared to $18,587 in Costa Rica, ranking 62/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 85th at $22,672, while Costa Rica ranks 73rd at $30,063.
| Year | Current $ | |||
|---|---|---|---|---|
|
Barbados
|
Costa Rica
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $347 | - | $382 | - |
| 1961 | $366 | - | $356 | - |
| 1962 | $377 | - | $335 | - |
| 1963 | $421 | - | $346 | - |
| 1964 | $414 | - | $354 | - |
| 1965 | $433 | - | $374 | - |
| 1966 | $462 | - | $395 | - |
| 1967 | $508 | - | $414 | - |
| 1968 | $506 | - | $445 | - |
| 1969 | $567 | - | $477 | - |
| 1970 | $666 | - | $536 | - |
| 1971 | $750 | - | $570 | - |
| 1972 | $856 | - | $639 | - |
| 1973 | $1,042 | - | $769 | - |
| 1974 | $1,243 | - | $817 | - |
| 1975 | $1,601 | - | $937 | - |
| 1976 | $1,734 | - | $1,123 | - |
| 1977 | $1,968 | - | $1,393 | - |
| 1978 | $2,198 | - | $1,556 | - |
| 1979 | $2,668 | - | $1,735 | - |
| 1980 | $4,025 | - | $2,021 | - |
| 1981 | $4,417 | - | $1,068 | - |
| 1982 | $4,599 | - | $1,032 | - |
| 1983 | $4,866 | - | $1,213 | - |
| 1984 | $5,284 | - | $1,372 | - |
| 1985 | $5,510 | - | $1,429 | - |
| 1986 | $6,031 | - | $1,569 | - |
| 1987 | $6,625 | - | $1,567 | - |
| 1988 | $7,033 | - | $1,555 | - |
| 1989 | $7,773 | - | $1,725 | - |
| 1990 | $7,781 | $11,072 | $1,830 | $5,021 |
| 1991 | $7,790 | $10,966 | $2,253 | $5,175 |
| 1992 | $7,519 | $10,541 | $2,612 | $5,635 |
| 1993 | $7,905 | $10,845 | $2,840 | $6,025 |
| 1994 | $8,223 | $11,274 | $3,040 | $6,276 |
| 1995 | $8,460 | $11,723 | $3,275 | $6,515 |
| 1996 | $9,012 | $12,401 | $3,227 | $6,568 |
| 1997 | $9,522 | $13,207 | $3,408 | $6,890 |
| 1998 | $10,734 | $13,851 | $3,617 | $7,306 |
| 1999 | $11,244 | $14,090 | $3,691 | $7,563 |
| 2000 | $11,675 | $15,076 | $3,813 | $7,879 |
| 2001 | $11,640 | $15,030 | $3,985 | $8,190 |
| 2002 | $11,760 | $15,283 | $4,068 | $8,461 |
| 2003 | $12,076 | $15,827 | $4,173 | $8,863 |
| 2004 | $12,886 | $16,388 | $4,431 | $9,365 |
| 2005 | $14,214 | $17,478 | $4,703 | $9,899 |
| 2006 | $15,620 | $19,019 | $5,257 | $10,800 |
| 2007 | $17,235 | $19,846 | $6,138 | $11,842 |
| 2008 | $17,566 | $20,250 | $6,937 | $12,472 |
| 2009 | $16,295 | $19,253 | $6,833 | $12,274 |
| 2010 | $18,860 | $18,978 | $8,266 | $12,928 |
| 2011 | $19,346 | $19,165 | $9,276 | $13,614 |
| 2012 | $19,034 | $17,937 | $10,127 | $14,464 |
| 2013 | $19,308 | $18,005 | $10,803 | $15,232 |
| 2014 | $19,278 | $17,753 | $10,911 | $16,394 |
| 2015 | $18,954 | $17,805 | $11,715 | $17,525 |
| 2016 | $19,066 | $18,014 | $12,091 | $19,202 |
| 2017 | $19,693 | $17,899 | $12,317 | $20,499 |
| 2018 | $20,056 | $18,551 | $12,590 | $21,498 |
| 2019 | $20,584 | $18,760 | $12,885 | $23,340 |
| 2020 | $18,347 | $15,824 | $12,394 | $22,100 |
| 2021 | $18,697 | $15,684 | $12,838 | $23,853 |
| 2022 | $22,164 | $19,786 | $13,626 | $25,925 |
| 2023 | $23,804 | $21,336 | $16,942 | $28,075 |
| 2024 | $25,366 | $22,672 | $18,587 | $30,063 |
Spending and national debt comparison
In 2024, Barbados' government spending was $2.14B, accounting for 27.7% of its GDP, while Costa Rica's spent $18B, or 18.3% of GDP.
Debt-to-GDP ratio is 99% in Barbados and 59.7% in Costa Rica, ranking 24/185 and 83/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Barbados
|
Costa Rica
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | - | - | 12.5% | 16.1% |
| 1961 | - | - | 13.2% | 20.3% |
| 1962 | - | - | 14% | 19.7% |
| 1963 | - | - | 13.3% | 21.8% |
| 1964 | - | - | 13.5% | 22.7% |
| 1965 | - | - | 13.8% | 24.1% |
| 1966 | - | - | 14.3% | 24.8% |
| 1967 | - | - | 14.7% | 26.7% |
| 1968 | - | - | 13.8% | 27.7% |
| 1969 | - | - | 14.5% | 26.1% |
| 1970 | - | - | 14.9% | 28.6% |
| 1971 | - | - | 17.5% | 30.4% |
| 1972 | - | - | 17.2% | 31.8% |
| 1973 | - | - | 18.4% | 32.8% |
| 1974 | - | - | 18.3% | 30.3% |
| 1975 | - | - | 19.1% | 26.1% |
| 1976 | - | - | 20.1% | 29.5% |
| 1977 | - | - | 19.3% | 27.8% |
| 1978 | - | - | 23.2% | 41.7% |
| 1979 | - | - | 24.9% | 39.5% |
| 1980 | - | - | 25% | 37.7% |
| 1981 | - | - | 21% | 32.3% |
| 1982 | - | - | 18.4% | 31.8% |
| 1983 | - | - | 23.6% | 29.8% |
| 1984 | - | - | 22.8% | 25.2% |
| 1985 | - | - | 21.8% | 22.8% |
| 1986 | - | - | 26.4% | 26.1% |
| 1987 | - | - | 27.2% | 21.2% |
| 1988 | - | - | 24.5% | 18.2% |
| 1989 | - | - | 26.1% | 19.3% |
| 1990 | - | - | 18.9% | 18.5% |
| 1991 | - | - | 14% | 28.4% |
| 1992 | - | - | 13.7% | 23.3% |
| 1993 | - | - | 13.8% | 24.4% |
| 1994 | 17% | 55% | 17.4% | 27% |
| 1995 | 18.6% | 55.9% | 16.4% | 29.1% |
| 1996 | 20.5% | 56.1% | 17.3% | 33.7% |
| 1997 | 21.5% | 56.9% | 16.3% | 30.6% |
| 1998 | 19% | 50.5% | 16% | 40.7% |
| 1999 | 19.7% | 50.1% | 16.7% | 39% |
| 2000 | 20.8% | 56.6% | 16.9% | 38.9% |
| 2001 | 22% | 62.6% | 17.3% | 39.6% |
| 2002 | 31% | 66.1% | 18.6% | 41.4% |
| 2003 | 29.8% | 66.6% | 17.6% | 40.6% |
| 2004 | 28.5% | 66.5% | 17% | 41% |
| 2005 | 28.7% | 68.2% | 15.9% | 37.3% |
| 2006 | 27.2% | 69.8% | 15.2% | 33% |
| 2007 | 27.8% | 69% | 14.6% | 27% |
| 2008 | 28.1% | 72.6% | 15.2% | 24% |
| 2009 | 29.5% | 88.5% | 16.7% | 26% |
| 2010 | 29.7% | 96% | 18% | 28.1% |
| 2011 | 27.7% | 98.7% | 17.2% | 29.5% |
| 2012 | 30.6% | 109.4% | 17.3% | 33.7% |
| 2013 | 30.8% | 118.6% | 18.5% | 35.1% |
| 2014 | 29% | 122% | 18.4% | 37.4% |
| 2015 | 31.4% | 131.9% | 18.8% | 39.8% |
| 2016 | 30.7% | 136.5% | 18.8% | 44.1% |
| 2017 | 29.8% | 143.6% | 19.2% | 47.1% |
| 2018 | 26.9% | 115% | 18.9% | 51.8% |
| 2019 | 23.9% | 109.5% | 21.7% | 56.4% |
| 2020 | 30.3% | 128.4% | 22.3% | 66.9% |
| 2021 | 32.5% | 130.2% | 20.8% | 67.6% |
| 2022 | 30.3% | 116.9% | 19.2% | 63% |
| 2023 | 28.8% | 113.4% | 18.5% | 61.1% |
| 2024 | 29.9% | 104.4% | 18.9% | 59.8% |
| 2025 | 27.7% | 99% | 18.3% | 59.7% |
Government deficit by year
In 2024, Barbados' government deficit, the difference between spending and revenue, was -$95.1M, equivalent to -1.33% of GDP. This compares to Costa Rica's deficit of -$3.61B, or -3.78% of GDP.
Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Costa Rica ran a deficit in 29 years. On average, Barbados posted an annual deficit equal to -1.67% of GDP, compared to deficit of -3.98% of GDP for Costa Rica.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Barbados
|
Costa Rica
|
|
| 1956 | - | 0.05% |
| 1957 | - | 0.3% |
| 1958 | - | 0% |
| 1959 | - | 0.49% |
| 1960 | - | -0.19% |
| 1961 | - | -0.71% |
| 1962 | - | -1.99% |
| 1963 | - | -2.01% |
| 1964 | - | -1.51% |
| 1965 | - | -1.71% |
| 1966 | - | -2.12% |
| 1967 | - | -3.03% |
| 1968 | - | -1.72% |
| 1969 | - | -1.61% |
| 1970 | - | -1.41% |
| 1971 | - | -4.72% |
| 1972 | - | -4.54% |
| 1973 | - | -2.41% |
| 1974 | - | 0.26% |
| 1975 | - | -1.13% |
| 1976 | - | -2.42% |
| 1977 | - | -2.63% |
| 1978 | - | -4.12% |
| 1979 | - | -6.6% |
| 1980 | - | -7.24% |
| 1981 | - | -3.14% |
| 1982 | - | -0.94% |
| 1983 | - | -1.84% |
| 1984 | - | -0.5% |
| 1985 | - | -1.06% |
| 1986 | - | -4.26% |
| 1987 | - | -2.57% |
| 1988 | - | 0.57% |
| 1989 | - | -1.55% |
| 1990 | - | -4.4% |
| 1991 | - | -2.41% |
| 1992 | - | -1.51% |
| 1993 | - | -1.52% |
| 1994 | 6.72% | -5.46% |
| 1995 | 6.22% | -3.68% |
| 1996 | 3.76% | -4.32% |
| 1997 | 5.64% | -3.39% |
| 1998 | 6.03% | -2.96% |
| 1999 | 5.39% | -2.88% |
| 2000 | 4.94% | -3.68% |
| 2001 | 4.07% | -3.47% |
| 2002 | -5.28% | -4.99% |
| 2003 | -3.08% | -3.43% |
| 2004 | -2.97% | -3.42% |
| 2005 | -3.03% | -2.09% |
| 2006 | -3.41% | -1.04% |
| 2007 | -4.34% | 0.56% |
| 2008 | -4.1% | 0.18% |
| 2009 | -6.56% | -3.25% |
| 2010 | -7.55% | -4.96% |
| 2011 | -3.63% | -3.91% |
| 2012 | -7.07% | -4.22% |
| 2013 | -8.98% | -5.25% |
| 2014 | -6.57% | -5.45% |
| 2015 | -8.16% | -5.52% |
| 2016 | -4.88% | -5.09% |
| 2017 | -3.89% | -5.88% |
| 2018 | -0.34% | -5.66% |
| 2019 | 3.08% | -6.68% |
| 2020 | -4.16% | -8.38% |
| 2021 | -4.65% | -5.09% |
| 2022 | -1.96% | -2.81% |
| 2023 | -1.71% | -3.25% |
| 2024 | -1.33% | -3.78% |
| 2025 | -0.27% | -3.23% |
Inflation comparison by year
Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.58%, compared with 7.03% in Costa Rica. In 2024, inflation was -0.46% in Barbados and -0.41% in Costa Rica.
| Year | Inflation | ||
|---|---|---|---|
|
Barbados
|
Costa Rica
|
Barbados
|
Costa Rica
|
| 1996 | 2.39% | 17.5% | |
| 1997 | 7.71% | 13.2% | |
| 1998 | -1.27% | 11.7% | |
| 1999 | 1.56% | 10% | |
| 2000 | 2.44% | 11% | |
| 2001 | 2.58% | 11.3% | |
| 2002 | 0.13% | 9.17% | |
| 2003 | 1.62% | 9.45% | |
| 2004 | 1.39% | 12.3% | |
| 2005 | 6.08% | 13.8% | |
| 2006 | 7.31% | 11.5% | |
| 2007 | 4.03% | 9.36% | |
| 2008 | 8.11% | 13.4% | |
| 2009 | 3.64% | 7.84% | |
| 2010 | 5.82% | 5.66% | |
| 2011 | 9.43% | 4.88% | |
| 2012 | 4.53% | 4.5% | |
| 2013 | 1.81% | 5.23% | |
| 2014 | 1.77% | 4.52% | |
| 2015 | -1.11% | 0.8% | |
| 2016 | 1.28% | -0.02% | |
| 2017 | 4.66% | 1.63% | |
| 2018 | 3.67% | 2.22% | |
| 2019 | 4.1% | 2.1% | |
| 2020 | - | 0.72% | |
| 2021 | - | 1.73% | |
| 2022 | - | 8.27% | |
| 2023 | 9.79% | 0.53% | |
| 2024 | -0.46% | -0.41% | |
Top exports between countries
|
Barbados
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $356K |
| Machinery & equipment | $22K |
| Textiles & consumer goods | $3K |
| Miscellaneous | $1K |
| Precious metals & jewellery | $1K |
|
Costa Rica
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $10.2M |
| Textiles & consumer goods | $2.01M |
| Raw materials & minerals | $1.41M |
| Chemicals & pharma | $685K |
| Machinery & equipment | $627K |
| Wood & paper products | $375K |
| Metals | $368K |
| Raw agricultural goods | $12K |
| Miscellaneous | $6K |
Balance of trade
|
Barbados
|
Costa Rica
|
|
|---|---|---|
Current account balance
|
-$296M
2017 |
-$1.29B
2024 |
| Current account balance ranking |
97/189
2017 |
129/189
2024 |
| Current account balance, % of GDP |
-5.37%
2017 |
-1.35%
2024 |
| Goods imports |
$1.53B
2017 |
$23.2B
2024 |
| Goods exports |
$705M
2017 |
$20.7B
2024 |
| Service imports |
$687M
2017 |
$7.29B
2024 |
| Service exports |
$1.52B
2017 |
$16.1B
2024 |
| Imports of goods and services, % of GDP | n/a |
32.8%
2024 |
| Exports of goods and services, % of GDP |
14.5%
2025 |
38.5%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Barbados
|
Costa Rica
|
|
|---|---|---|
| Economic freedom | 68.9 | 68.6 |
| Economic freedom ranking | 42/197 | 47/197 |
| Property rights | 72.8 | 65.9 |
| Government integrity | 71.7 | 60.4 |
| Judicial effectiveness | 86.9 | 75.7 |
| Tax burden | 83.6 | 78.5 |
| Government spending | 74.1 | 88.6 |
| Fiscal health | 68.8 | 70.8 |
| Business freedom | 73.1 | 80.3 |
| Labor freedom | 56.4 | 62.1 |
| Monetary freedom | 78.4 | 74.9 |
| Trade freedom | 40.8 | 75.4 |
| Investment freedom | 60 | 50 |
| Financial freedom | 60 | 40 |
Economic freedom by year comparison
The Economic Freedom Index for Barbados is 68.9, ranking 42/197, compared to 68.6 for Costa Rica, ranking 47/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Barbados
|
Costa Rica
|
|
| 1995 | - | 68 |
| 1996 | 62.3 | 66.4 |
| 1997 | 64.5 | 65.6 |
| 1998 | 67.9 | 65.6 |
| 1999 | 66.7 | 67.4 |
| 2000 | 69.5 | 68.4 |
| 2001 | 71.5 | 67.6 |
| 2002 | 73.6 | 67.5 |
| 2003 | 71.3 | 67 |
| 2004 | 69.4 | 66.4 |
| 2005 | 70.1 | 66.1 |
| 2006 | 71.9 | 65.9 |
| 2007 | 70 | 64 |
| 2008 | 71.3 | 64.2 |
| 2009 | 71.5 | 66.4 |
| 2010 | 68.3 | 65.9 |
| 2011 | 68.5 | 67.3 |
| 2012 | 69 | 68 |
| 2013 | 69.3 | 67 |
| 2014 | 68.3 | 66.9 |
| 2015 | 67.9 | 67.2 |
| 2016 | 68.3 | 67.4 |
| 2017 | 54.5 | 65 |
| 2018 | 57 | 65.6 |
| 2019 | 64.7 | 65.3 |
| 2020 | 61.4 | 65.8 |
| 2021 | 65 | 64.2 |
| 2022 | 71.3 | 65.4 |
| 2023 | 69.8 | 66.5 |
| 2024 | 66.8 | 67.7 |
| 2025 | 68.9 | 68.6 |
More economic indicators
|
Barbados
|
Costa Rica
|
|
|---|---|---|
| Services, % of GDP |
75.4%
2023 |
68.8%
2024 |
| Industry, % of GDP |
13.2%
2023 |
19.7%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.85%
2023 |
3.56%
2024 |
|
GNI, Atlas method
|
$6.68B
2024 |
$80.2B
2024 |
| GNI per capita, PPP |
$21,740
2024 |
$27,880
2024 |
| Total reserves including gold |
$1.65B
2024 |
$14.2B
2024 |
| Total reserves ranking |
131/177
2024 |
70/177
2024 |
|
Net foreign direct investment
|
-$208M
2017 |
-$4.28B
2024 |
|
Net inflows of foreign direct investment
|
$303M
2024 |
$5.28B
2024 |
|
Net outflows of foreign direct investment
|
$18.6M
2024 |
$1B
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
6.31%
2023 |
| Poverty at national poverty lines |
25.7%
2016 |
20.3%
2024 |
|
Gross capital formation, % of GDP
|
n/a |
15.7%
2024 |
GDP per capita map
GDP per capita
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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.
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.