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Economy of Barbados vs El Salvador compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $35.4B for El Salvador, ranking 157/197 and 105/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $30.9B (87.5% of GDP) in El Salvador.

Barbados vs El Salvador GDP by year

Barbados
El Salvador
1x
Year GDP, current $
Barbados El Salvador
2024 $7,498,050,000 $35,364,960,000
2023 $7,223,250,000 $33,853,940,000
2022 $6,884,900,000 $31,870,120,000
2021 $5,947,550,000 $29,043,140,000
2020 $5,407,050,000 $24,921,190,000
2019 $6,161,850,000 $26,881,140,000
2018 $6,001,950,000 $26,020,850,000
2017 $5,683,150,000 $24,979,190,000
2016 $5,674,600,000 $24,191,430,000
2015 $5,698,150,000 $23,438,240,000
2014 $5,620,600,000 $22,593,470,000
2013 $5,667,200,000 $21,990,960,000
2012 $5,761,450,000 $21,386,150,000
2011 $5,663,100,000 $20,283,780,000
2010 $5,672,900,000 $18,447,920,000
2009 $4,466,809,600 $17,601,620,000
2008 $4,790,410,400 $17,986,890,000
2007 $4,675,767,950 $17,011,750,000
2006 $4,217,323,400 $15,999,890,000
2005 $3,819,500,000 $14,698,000,000
2004 $3,444,500,000 $13,724,810,900
2003 $3,209,500,000 $13,243,892,200
2002 $3,106,500,000 $12,664,190,300
2001 $3,054,500,000 $12,282,533,600
2000 $3,059,500,000 $11,784,927,700
1999 $2,951,822,205 $11,284,197,000
1998 $2,817,083,478 $10,936,669,900
1997 $2,498,384,130 $10,221,705,900
1996 $2,363,645,403 $9,586,327,800
1995 $2,216,974,096 $8,921,947,100
1994 $2,151,344,901 $7,679,384,000
1993 $2,063,342,117 $6,680,269,200
1992 $1,957,000,000 $5,813,399,300
1991 $2,020,583,702 $5,252,342,400
1990 $2,012,131,457 $4,817,542,204
1989 $2,006,165,167 $4,372,215,300
1988 $1,812,757,918 $4,189,880,000
1987 $1,704,370,308 $3,958,045,800
1986 $1,547,755,183 $3,771,663,200
1985 $1,409,536,121 $3,800,368,600
1984 $1,346,890,071 $3,661,683,400
1983 $1,236,016,507 $3,506,347,800
1982 $1,163,923,830 $3,399,189,100
1981 $1,114,204,743 $3,437,200,200
1980 $1,012,280,615 $3,573,959,900
1979 $670,362,452 $3,463,639,900
1978 $552,883,707 $3,127,960,000
1977 $495,097,668 $2,941,640,100
1976 $435,911,269 $2,328,280,100
1975 $402,178,605 $1,884,120,100
1974 $311,804,630 $1,665,880,000
1973 $260,767,828 $1,442,320,000
1972 $213,725,217 $1,263,720,000
1971 $186,826,503 $1,186,120,000
1970 $166,210,203 $1,132,920,000
1969 $141,393,142 $1,049,400,000
1968 $125,733,669 $1,009,760,100
1967 $125,554,009 $976,200,000
1966 $113,195,123 $929,520,000
1965 $105,021,997 $877,720,000
1964 $99,252,731 -
1963 $99,893,761 -
1962 $88,782,583 -
1961 $85,363,759 -
1960 $80,021,847 -

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

GeoRank.org/economy/barbados/el-salvador | CC BY

GDP per capita in Barbados vs El Salvador by year

Barbados
GDP per capita

GDP per capita, PPP
El Salvador
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados El Salvador
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $5,580 $13,264
2023 $25,584 $23,660 $5,365 $12,680
2022 $24,387 $22,193 $5,075 $11,876
2021 $21,080 $17,683 $4,643 $10,810
2020 $19,194 $16,555 $3,997 $9,393
2019 $21,912 $19,971 $4,320 $9,757
2018 $21,381 $19,777 $4,184 $9,204
2017 $20,285 $18,437 $4,020 $8,965
2016 $20,296 $19,176 $3,901 $8,456
2015 $20,424 $19,186 $3,790 $7,934
2014 $20,193 $18,595 $3,666 $7,504
2013 $20,410 $19,032 $3,582 $7,093
2012 $20,804 $19,605 $3,498 $6,708
2011 $20,508 $20,316 $3,331 $6,594
2010 $20,611 $20,033 $3,040 $6,248
2009 $16,295 $20,324 $2,910 $6,063
2008 $17,566 $21,376 $2,983 $6,175
2007 $17,235 $20,949 $2,831 $5,949
2006 $15,620 $20,076 $2,666 $5,695
2005 $14,214 $18,450 $2,447 $5,292
2004 $12,886 $17,299 $2,286 $4,998
2003 $12,076 $16,707 $2,208 $4,829
2002 $11,760 $16,133 $2,115 $4,672
2001 $11,640 $15,866 $2,058 $4,543
2000 $11,675 $15,914 $1,983 $4,422
1999 $11,244 $14,873 $1,908 $4,298
1998 $10,734 $14,621 $1,860 $4,171
1997 $9,522 $13,941 $1,749 $4,043
1996 $9,012 $13,090 $1,651 $3,880
1995 $8,460 $12,375 $1,548 $3,808
1994 $8,223 $11,900 $1,344 $3,591
1993 $7,905 $11,448 $1,180 $3,390
1992 $7,519 $11,127 $1,041 $3,171
1991 $7,790 $11,576 $956 $2,945
1990 $7,781 $11,687 $892 $2,856
1989 $7,773 - $825 -
1988 $7,033 - $806 -
1987 $6,625 - $777 -
1986 $6,031 - $755 -
1985 $5,510 - $776 -
1984 $5,284 - $763 -
1983 $4,866 - $745 -
1982 $4,599 - $735 -
1981 $4,417 - $752 -
1980 $4,025 - $787 -
1979 $2,668 - $773 -
1978 $2,198 - $712 -
1977 $1,968 - $684 -
1976 $1,734 - $553 -
1975 $1,601 - $457 -
1974 $1,243 - $413 -
1973 $1,042 - $366 -
1972 $856 - $329 -
1971 $750 - $316 -
1970 $666 - $309 -
1969 $567 - $293.4 -
1968 $506 - $290.1 -
1967 $508 - $288.4 -
1966 $462 - $282.4 -
1965 $433 - $274.3 -
1964 $414 - - -
1963 $421 - - -
1962 $377 - - -
1961 $366 - - -
1960 $347 - - -

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

GeoRank.org/economy/barbados/el-salvador | CC BY

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $5,580 in El Salvador, ranking 116/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while El Salvador ranks 120th at $13,264.

Economic indicators

Barbados El Salvador
Gross domestic product
$7.5B
2024
$35.4B
2024
GDP rank
157/197
2024
105/197
2024
GDP growth
2.48%
2023-2024
2.6%
2023-2024
GDP per capita
$26,545
2024
$5,580
2024
GDP per capita rank
46/197
2024
116/197
2024
GDP per capita, PPP
$24,823
2024
$13,264
2024
GDP per capita PPP rank
84/197
2024
120/197
2024
Government debt
$7.97B
2024
$30.9B
2024
Debt-to-GDP ratio
106.3%
2024
87.5%
2024
Government debt per person
$28,218
2024
$4,883
2024
Government debt per person rank
26/185
2024
81/185
2024
Average annual personal income after taxes
$18,869
2026
$4,768
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
29.7%
2023
Income share by poorest 10%
2.5%
2016
1.9%
2023
Government expenditure, % of GDP
30.2%
2024
31.4%
2024
Consumer prices inflation
-0.44%
2023-2024
0.85%
2023-2024
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.54%
2023
2.71%
2024
Population
282798
6399793

Spending and national debt comparison by year

Barbados
Spending

Debt
El Salvador
Spending

Debt
1x
Year % of GDP
Barbados El Salvador
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 31.4% 87.5%
2023 28.8% 113.4% 30.5% 85.1%
2022 30.3% 116.9% 28.7% 83.7%
2021 32.5% 130.2% 31.1% 88%
2020 30.3% 128.4% 32.7% 95.4%
2019 23.9% 109.5% 27.8% 77.9%
2018 26.9% 115% 27.6% 77%
2017 29.8% 143.6% 28.1% 77.1%
2016 30.7% 136.5% 27.5% 75.2%
2015 31.4% 131.9% 27.1% 73.5%
2014 29% 122% 27.6% 71.8%
2013 30.8% 118.6% 28.5% 69.7%
2012 30.6% 109.4% 27.4% 70%
2011 27.7% 98.7% 25.3% 65.6%
2010 29.7% 96% 25.6% 66.8%
2009 29.5% 88.5% 26% 65.8%
2008 28.1% 72.6% 24.5% 54.2%
2007 27.8% 69% 22.8% 52.2%
2006 27.2% 69.8% 23.4% 52.6%
2005 28.7% 68.2% 22.4% 46.3%
2004 28.5% 66.5% 21.5% 46.8%
2003 29.8% 66.6% 22.6% 46%
2002 31% 66.1% 22.5% 43.8%
2001 22% 62.6% 21.7% 37.8%
2000 20.8% 56.6% 21% 29.6%
1999 19.7% 50.1% 19.7% 28%
1998 19% 50.5% 19.3% 25.7%
1997 21.5% 56.9% 18.6% 27.8%
1996 20.5% 56.1% 21% 28.5%
1995 18.6% 55.9% 18.6% 28%
1994 17% 55% 18.9% 30.5%
1993 - - 18.5% 31.9%
1992 - - 20.8% 36.4%
1991 - - 18.5% 43.3%
1990 - - 15.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/barbados/el-salvador | CC BY

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while El Salvador spent $11.1B, or 31.4% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 87.5% in El Salvador, ranking 18/185 and 36/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

El Salvador
1x
Year Deficit/surplus, % of GDP
Barbados El Salvador
2024 -0.89% -4.55%
2023 -1.71% -4.69%
2022 -1.96% -2.68%
2021 -4.65% -5.53%
2020 -4.16% -8.18%
2019 3.08% -3.07%
2018 -0.34% -2.71%
2017 -3.89% -2.53%
2016 -4.88% -3.1%
2015 -8.16% -3.63%
2014 -6.57% -4.02%
2013 -8.98% -4.46%
2012 -7.07% -3.81%
2011 -3.63% -4.47%
2010 -7.55% -4.97%
2009 -6.56% -6.65%
2008 -4.1% -3.8%
2007 -4.34% -2.32%
2006 -3.41% -3.42%
2005 -3.03% -3.47%
2004 -2.97% -2.76%
2003 -3.08% -4.23%
2002 -5.28% -5.5%
2001 4.07% -4.95%
2000 4.94% -3.45%
1999 5.39% -3.08%
1998 6.03% -2.94%
1997 5.64% -1.97%
1996 3.76% -2.7%
1995 6.22% -0.18%
1994 6.72% -0.94%
1993 - -1.42%
1992 - -4.29%
1991 - -2.3%
1990 - -0.61%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/barbados/el-salvador | 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 El Salvador's deficit of $1.61B, or 4.55% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while El Salvador ran a deficit in 31 years. On average, Barbados posted an annual deficit equal to 1.66% of GDP, compared to deficit of 3.7% of GDP for El Salvador.

Inflation comparison by year

Inflation
Barbados

El Salvador
1x
Year Consumer prices inflation
Barbados El Salvador
2024 -0.44% 0.85%
2023 9.79% 4.05%
2022 - 7.2%
2021 - 3.47%
2020 - -0.37%
2019 4.1% 0.08%
2018 3.67% 1.09%
2017 4.66% 1.01%
2016 1.28% 0.6%
2015 -1.11% -0.73%
2014 1.77% 1.14%
2013 1.81% 0.76%
2012 4.53% 1.73%
2011 9.43% 5.13%
2010 5.82% 1.18%
2009 3.64% 1.06%
2008 8.11% 6.71%
2007 4.03% 4.58%
2006 7.31% 4.04%
2005 6.08% 4.69%
2004 1.39% 4.45%
2003 1.62% 2.12%
2002 0.13% 1.87%
2001 2.58% 3.75%
2000 2.44% 2.27%
1999 1.56% 0.51%
1998 -1.27% 2.55%
1997 7.71% 4.49%

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

GeoRank.org/economy/barbados/el-salvador | CC BY

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 2.51% in El Salvador. In 2024, inflation was -0.44% in Barbados and 0.85% in El Salvador.

Top exports between countries

Barbados
Export category Export value
Chemicals & pharma $88K
Machinery & equipment $1K
El Salvador
Export category Export value
Chemicals & pharma $540K
Wood & paper products $136K
Processed food, beverages & tobacco $105K
Textiles & consumer goods $30K
Machinery & equipment $11K
Miscellaneous $6K
Metals $4K

Balance of trade

Barbados El Salvador
Current account balance
-$296M
2017
-$633M
2024
Current account balance ranking
100/190
2017
110/190
2024
Current account balance, % of GDP
-5.22%
2017
-1.79%
2024
Goods imports
$1.53B
2017
$15.1B
2024
Goods exports
$705M
2017
$5.59B
2024
Service imports
$687M
2017
$3.26B
2024
Service exports
$1.52B
2017
$6B
2024
Imports of goods and services, % of GDP n/a
51.9%
2024
Exports of goods and services, % of GDP
14.5%
2025
32.8%
2024

Economic freedom indices

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

Barbados El Salvador
Economic freedom 70.4 57.7
Economic freedom ranking 34/197 114/197
Property rights 76.4 42.7
Government integrity 71.3 31.5
Judicial effectiveness 87.3 15.3
Tax burden 83.2 76.8
Government spending 74.5 72.7
Fiscal health 76.5 59.4
Business freedom 72.3 65.7
Labor freedom 54.3 51.6
Monetary freedom 80.8 70.6
Trade freedom 48.2 76.4
Investment freedom 60 70
Financial freedom 60 60

Economic freedom comparison by year

Barbados
El Salvador
1x
Year Economic freedom index
Barbados El Salvador
2026 70.4 57.7
2025 68.9 56.6
2024 66.8 54.4
2023 69.8 56
2022 71.3 59.6
2021 65 61
2020 61.4 61.6
2019 64.7 61.8
2018 57 63.2
2017 54.5 64.1
2016 68.3 65.1
2015 67.9 65.7
2014 68.3 66.2
2013 69.3 66.7
2012 69 68.7
2011 68.5 68.8
2010 68.3 69.9
2009 71.5 69.8
2008 71.3 68.5
2007 70 68.9
2006 71.9 69.6
2005 70.1 71.5
2004 69.4 71.2
2003 71.3 71.5
2002 73.6 73
2001 71.5 73
2000 69.5 76.3
1999 66.7 75.1
1998 67.9 70.2
1997 64.5 70.5
1996 62.3 70.1
1995 - 69.1

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

GeoRank.org/economy/barbados/el-salvador | CC BY

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 57.7 for El Salvador, ranking 114/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados El Salvador
Services, % of GDP
75.5%
2024
61%
2024
Industry, % of GDP
12.4%
2024
22.4%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
4.38%
2024
GNI, Atlas method
$7.1B
2024
$32.5B
2024
GNI per capita, PPP
$23,850
2024
$12,420
2024
Total reserves including gold
$1.65B
2024
$3.7B
2024
Total reserves ranking
131/177
2024
110/177
2024
Net foreign direct investment
-$208M
2017
-$636M
2024
Net inflows of foreign direct investment
$303M
2024
$924M
2024
Net outflows of foreign direct investment
$18.6M
2024
$288M
2024
Servicing debt to the IMF, % of GNI n/a
35%
2024
Poverty at national poverty lines
25.7%
2016
27.2%
2023
Gross capital formation, % of GDP n/a
20.3%
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/el-salvador | 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 (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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.