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Economy of Barbados vs Ecuador compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $125B for Ecuador, ranking 157/197 and 62/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $67B (53.8% of GDP) in Ecuador.

Barbados vs Ecuador GDP by year

Barbados
Ecuador
1x
Year GDP, current $
Barbados Ecuador
2024 $7,498,050,000 $124,676,074,700
2023 $7,223,250,000 $121,147,057,000
2022 $6,884,900,000 $116,133,121,000
2021 $5,947,550,000 $107,179,074,000
2020 $5,407,050,000 $95,865,473,000
2019 $6,161,850,000 $107,595,830,000
2018 $6,001,950,000 $107,478,961,000
2017 $5,683,150,000 $104,467,486,000
2016 $5,674,600,000 $97,671,433,000
2015 $5,698,150,000 $97,209,558,000
2014 $5,620,600,000 $102,717,794,000
2013 $5,667,200,000 $96,570,334,000
2012 $5,761,450,000 $87,735,048,000
2011 $5,663,100,000 $78,986,648,000
2010 $5,672,900,000 $68,151,329,000
2009 $4,466,809,600 $60,094,978,000
2008 $4,790,410,400 $61,139,438,000
2007 $4,675,767,950 $49,848,725,000
2006 $4,217,323,400 $45,690,762,000
2005 $3,819,500,000 $40,278,849,000
2004 $3,444,500,000 $35,194,947,000
2003 $3,209,500,000 $30,965,208,000
2002 $3,106,500,000 $27,054,197,000
2001 $3,054,500,000 $23,127,055,000
2000 $3,059,500,000 $17,539,454,727
1999 $2,951,822,205 $19,645,272,636
1998 $2,817,083,478 $27,981,896,948
1997 $2,498,384,130 $28,162,053,027
1996 $2,363,645,403 $25,226,393,197
1995 $2,216,974,096 $24,432,884,442
1994 $2,151,344,901 $22,708,673,337
1993 $2,063,342,117 $18,938,717,359
1992 $1,957,000,000 $18,094,238,119
1991 $2,020,583,702 $16,988,535,268
1990 $2,012,131,457 $15,239,272,612
1989 $2,006,165,167 $13,890,823,705
1988 $1,812,757,918 $13,051,881,851
1987 $1,704,370,308 $13,945,426,859
1986 $1,547,755,183 $15,314,138,472
1985 $1,409,536,121 $17,149,088,413
1984 $1,346,890,071 $16,912,509,092
1983 $1,236,016,507 $17,152,477,037
1982 $1,163,923,830 $19,929,846,396
1981 $1,114,204,743 $21,810,759,354
1980 $1,012,280,615 $17,881,508,242
1979 $670,362,452 $14,175,160,902
1978 $552,883,707 $11,922,497,876
1977 $495,097,668 $11,026,342,618
1976 $435,911,269 $9,091,921,030
1975 $402,178,605 $7,731,674,472
1974 $311,804,630 $6,599,257,044
1973 $260,767,828 $3,891,754,150
1972 $213,725,217 $3,185,986,087
1971 $186,826,503 $2,754,219,271
1970 $166,210,203 $2,862,503,139
1969 $141,393,142 $3,112,165,727
1968 $125,733,669 $2,582,179,864
1967 $125,554,009 $2,553,595,172
1966 $113,195,123 $2,429,308,639
1965 $105,021,997 $2,387,047,396
1964 $99,252,731 $2,244,146,103
1963 $99,893,761 $1,824,343,871
1962 $88,782,583 $1,518,207,703
1961 $85,363,759 $1,753,850,955
1960 $80,021,847 $2,069,464,937

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

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

GDP per capita in Barbados vs Ecuador by year

Barbados
GDP per capita

GDP per capita, PPP
Ecuador
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Ecuador
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $6,875 $15,840
2023 $25,584 $23,660 $6,738 $15,919
2022 $24,387 $22,193 $6,516 $15,198
2021 $21,080 $17,683 $6,061 $13,507
2020 $19,194 $16,555 $5,464 $11,527
2019 $21,912 $19,971 $6,205 $12,543
2018 $21,381 $19,777 $6,304 $12,187
2017 $20,285 $18,437 $6,233 $11,793
2016 $20,296 $19,176 $5,918 $10,881
2015 $20,424 $19,186 $5,976 $10,878
2014 $20,193 $18,595 $6,406 $11,836
2013 $20,410 $19,032 $6,109 $11,296
2012 $20,804 $19,605 $5,634 $10,245
2011 $20,508 $20,316 $5,154 $9,769
2010 $20,611 $20,033 $4,520 $8,969
2009 $16,295 $20,324 $4,053 $8,662
2008 $17,566 $21,376 $4,195 $8,663
2007 $17,235 $20,949 $3,479 $8,112
2006 $15,620 $20,076 $3,244 $7,885
2005 $14,214 $18,450 $2,909 $7,457
2004 $12,886 $17,299 $2,586 $6,980
2003 $12,076 $16,707 $2,316 $6,475
2002 $11,760 $16,133 $2,059 $6,282
2001 $11,640 $15,866 $1,791 $5,999
2000 $11,675 $15,914 $1,382 $5,728
1999 $11,244 $14,873 $1,575 $5,638
1998 $10,734 $14,621 $2,284 $5,940
1997 $9,522 $13,941 $2,341 $5,793
1996 $9,012 $13,090 $2,136 $5,560
1995 $8,460 $12,375 $2,108 $5,469
1994 $8,223 $11,900 $1,997 $5,339
1993 $7,905 $11,448 $1,698 $5,112
1992 $7,519 $11,127 $1,655 $4,998
1991 $7,790 $11,576 $1,587 $4,887
1990 $7,781 $11,687 $1,455 $4,632
1989 $7,773 - $1,356 -
1988 $7,033 - $1,304 -
1987 $6,625 - $1,426 -
1986 $6,031 - $1,604 -
1985 $5,510 - $1,842 -
1984 $5,284 - $1,864 -
1983 $4,866 - $1,940 -
1982 $4,599 - $2,314 -
1981 $4,417 - $2,601 -
1980 $4,025 - $2,190 -
1979 $2,668 - $1,783 -
1978 $2,198 - $1,541 -
1977 $1,968 - $1,465 -
1976 $1,734 - $1,242 -
1975 $1,601 - $1,086 -
1974 $1,243 - $954 -
1973 $1,042 - $579 -
1972 $856 - $488 -
1971 $750 - $434 -
1970 $666 - $465 -
1969 $567 - $521 -
1968 $506 - $445 -
1967 $508 - $454 -
1966 $462 - $445 -
1965 $433 - $450 -
1964 $414 - $436 -
1963 $421 - $365 -
1962 $377 - $312 -
1961 $366 - $371 -
1960 $347 - $451 -

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

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

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $6,875 in Ecuador, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Ecuador ranks 110th at $15,840.

Economic indicators

Barbados Ecuador
Gross domestic product
$7.5B
2024
$125B
2024
GDP rank
157/197
2024
62/197
2024
GDP growth
2.48%
2023-2024
-2%
2023-2024
GDP per capita
$26,545
2024
$6,875
2024
GDP per capita rank
46/197
2024
103/197
2024
GDP per capita, PPP
$24,823
2024
$15,840
2024
GDP per capita PPP rank
84/197
2024
110/197
2024
Government debt
$7.97B
2024
$67B
2024
Debt-to-GDP ratio
106.3%
2024
53.8%
2024
Government debt per person
$28,218
2024
$3,695
2024
Government debt per person rank
26/185
2024
93/185
2024
Average annual personal income after taxes
$18,869
2026
$5,894
2026
Market capitalization of domestic companies
$2.78B
2020
$747M
2000
Number of billionaires
1
2025
n/a
Income share by richest 10%
25.8%
2016
33.4%
2024
Income share by poorest 10%
2.5%
2016
1.5%
2024
Government expenditure, % of GDP
30.2%
2024
38.1%
2024
Consumer prices inflation
-0.44%
2023-2024
1.55%
2023-2024
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.54%
2023
3.39%
2024
Population
282798
18487749

Spending and national debt comparison by year

Barbados
Spending

Debt
Ecuador
Spending

Debt
1x
Year % of GDP
Barbados Ecuador
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 38.1% 53.8%
2023 28.8% 113.4% 39.5% 54.3%
2022 30.3% 116.9% 38.9% 57.2%
2021 32.5% 130.2% 37.5% 61.8%
2020 30.3% 128.4% 40.2% 63.6%
2019 23.9% 109.5% 39.8% 52.1%
2018 26.9% 115% 40.9% 49.5%
2017 29.8% 143.6% 40.5% 47.4%
2016 30.7% 136.5% 44.1% 46.1%
2015 31.4% 131.9% 44.1% 36.4%
2014 29% 122% 45.9% 28.2%
2013 30.8% 118.6% 46.7% 23.4%
2012 30.6% 109.4% 43.2% 19.3%
2011 27.7% 98.7% 39.6% 18.6%
2010 29.7% 96% 35.4% 18.4%
2009 29.5% 88.5% 34.3% 19.7%
2008 28.1% 72.6% 35.6% 24.9%
2007 27.8% 69% 24.7% 29.6%
2006 27.2% 69.8% 21.7% 33.1%
2005 28.7% 68.2% 22% 35.8%
2004 28.5% 66.5% 21.3% 40.2%
2003 29.8% 66.6% 21.3% 47.2%
2002 31% 66.1% 22.8% 55%
2001 22% 62.6% 21.4% 63.8%
2000 20.8% 56.6% 24.3% 92.2%
1999 19.7% 50.1% 24.1% 105.2%
1998 19% 50.5% 21.5% 70.3%
1997 21.5% 56.9% 22% 61.5%
1996 20.5% 56.1% 22.7% 69.3%
1995 18.6% 55.9% 22% 70.5%
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 (1995–2000, retrieved 2026-02-20).

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

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Ecuador spent $47.5B, or 38.1% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 53.8% in Ecuador, ranking 18/185 and 98/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Ecuador
1x
Year Deficit/surplus, % of GDP
Barbados Ecuador
2024 -0.89% -1.28%
2023 -1.71% -3.48%
2022 -1.96% 0.04%
2021 -4.65% -1.59%
2020 -4.16% -7.38%
2019 3.08% -3.47%
2018 -0.34% -2.8%
2017 -3.89% -5.77%
2016 -4.88% -10.3%
2015 -8.16% -6.87%
2014 -6.57% -8.11%
2013 -8.98% -8.17%
2012 -7.07% -2.83%
2011 -3.63% -0.13%
2010 -7.55% -1.39%
2009 -6.56% -3.71%
2008 -4.1% 0.57%
2007 -4.34% 2.66%
2006 -3.41% 2.92%
2005 -3.03% 0.66%
2004 -2.97% 1.94%
2003 -3.08% 1.05%
2002 -5.28% 0.74%
2001 4.07% 0.03%
2000 4.94% -0.32%
1999 5.39% -4.82%
1998 6.03% -5.1%
1997 5.64% -2.83%
1996 3.76% -3.44%
1995 6.22% -2.02%
1994 6.72% -

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

GeoRank.org/economy/barbados/ecuador | 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 Ecuador's deficit of $1.59B, or 1.28% of GDP.

Over the past 30 years, Barbados recorded a fiscal deficit in 22 of those years, while Ecuador ran a deficit in 21 years. On average, Barbados posted an annual deficit equal to 1.94% of GDP, compared to deficit of 2.51% of GDP for Ecuador.

Inflation comparison by year

Inflation
Barbados

Ecuador
1x
Year Consumer prices inflation
Barbados Ecuador
2024 -0.44% 1.55%
2023 9.79% 2.22%
2022 - 3.47%
2021 - 0.13%
2020 - -0.34%
2019 4.1% 0.27%
2018 3.67% -0.22%
2017 4.66% 0.42%
2016 1.28% 1.73%
2015 -1.11% 3.97%
2014 1.77% 3.59%
2013 1.81% 2.72%
2012 4.53% 5.1%
2011 9.43% 4.47%
2010 5.82% 3.55%
2009 3.64% 5.16%
2008 8.11% 8.4%
2007 4.03% 2.28%
2006 7.31% 3.3%
2005 6.08% 2.17%
2004 1.39% 2.74%
2003 1.62% 7.93%
2002 0.13% 12.5%
2001 2.58% 37.7%
2000 2.44% 96.1%
1999 1.56% 52.2%
1998 -1.27% 36.1%
1997 7.71% 30.7%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 11.8% in Ecuador. In 2024, inflation was -0.44% in Barbados and 1.55% in Ecuador.

Top exports between countries

Barbados
Export category Export value
Miscellaneous $5K
Ecuador
Export category Export value
Processed food, beverages & tobacco $656K
Machinery & equipment $363K
Textiles & consumer goods $251K
Chemicals & pharma $111K
Metals $89K
Raw materials & minerals $41K
Wood & paper products $8K
Miscellaneous $7K

Balance of trade

Barbados Ecuador
Current account balance
-$296M
2017
$7.06B
2024
Current account balance ranking
100/190
2017
27/190
2024
Current account balance, % of GDP
-5.22%
2017
+5.66%
2024
Goods imports
$1.53B
2017
$27.9B
2024
Goods exports
$705M
2017
$34.7B
2024
Service imports
$687M
2017
$6.18B
2024
Service exports
$1.52B
2017
$3.86B
2024
Imports of goods and services, % of GDP n/a
26.9%
2024
Exports of goods and services, % of GDP
14.5%
2025
30.3%
2024

Economic freedom indices

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

Barbados Ecuador
Economic freedom 70.4 55.6
Economic freedom ranking 34/197 127/197
Property rights 76.4 33.2
Government integrity 71.3 33
Judicial effectiveness 87.3 48.1
Tax burden 83.2 74.2
Government spending 74.5 54.9
Fiscal health 76.5 90.3
Business freedom 72.3 64.3
Labor freedom 54.3 56.9
Monetary freedom 80.8 76.3
Trade freedom 48.2 66.4
Investment freedom 60 30
Financial freedom 60 40

Economic freedom comparison by year

Barbados
Ecuador
1x
Year Economic freedom index
Barbados Ecuador
2026 70.4 55.6
2025 68.9 55.8
2024 66.8 55
2023 69.8 55
2022 71.3 54.3
2021 65 52.4
2020 61.4 51.3
2019 64.7 46.9
2018 57 48.5
2017 54.5 49.3
2016 68.3 48.6
2015 67.9 49.2
2014 68.3 48
2013 69.3 46.9
2012 69 48.3
2011 68.5 47.1
2010 68.3 49.3
2009 71.5 52.5
2008 71.3 55.2
2007 70 55.3
2006 71.9 54.6
2005 70.1 52.9
2004 69.4 54.4
2003 71.3 54.1
2002 73.6 53.1
2001 71.5 55.1
2000 69.5 59.8
1999 66.7 62.9
1998 67.9 62.8
1997 64.5 61
1996 62.3 60.1
1995 - 57.7

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

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 55.6 for Ecuador, ranking 127/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Ecuador
Services, % of GDP
75.5%
2024
57.2%
2024
Industry, % of GDP
12.4%
2024
26.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
9.48%
2024
GNI, Atlas method
$7.1B
2024
$117B
2024
GNI per capita, PPP
$23,850
2024
$15,410
2024
Total reserves including gold
$1.65B
2024
$6.91B
2024
Total reserves ranking
131/177
2024
87/177
2024
Net foreign direct investment
-$208M
2017
-$438M
2024
Net inflows of foreign direct investment
$303M
2024
$443M
2024
Net outflows of foreign direct investment
$18.6M
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
7%
2024
Poverty at national poverty lines
25.7%
2016
28%
2024
Gross capital formation, % of GDP n/a
18.5%
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/ecuador | 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 (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, 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.