Barbados has a GDP of $7.16B compared to $1.39B for Grenada, ranking 158/197 and 184/197 by economy size, respectively.
Barbados has $7.48B in government debt (99% of GDP), compared to $1.02B (71.4% of GDP) in Grenada.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Barbados
|
Grenada
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $80,021,847 | $1,704,405,288 | - | - |
| 1961 | $85,363,759 | $1,835,585,349 | - | - |
| 1962 | $88,782,583 | $2,001,903,306 | - | - |
| 1963 | $99,893,761 | $1,900,238,227 | - | - |
| 1964 | $99,252,731 | $1,995,342,789 | - | - |
| 1965 | $105,021,997 | $2,223,507,114 | - | - |
| 1966 | $113,195,123 | $2,312,522,359 | - | - |
| 1967 | $125,554,009 | $2,558,485,385 | - | - |
| 1968 | $125,733,669 | $2,735,579,172 | - | - |
| 1969 | $141,393,142 | $2,941,251,088 | - | - |
| 1970 | $166,210,203 | $3,220,946,507 | - | - |
| 1971 | $186,826,503 | $3,346,973,204 | - | - |
| 1972 | $213,725,217 | $3,389,606,971 | - | - |
| 1973 | $260,767,828 | $3,435,051,446 | - | - |
| 1974 | $311,804,630 | $3,275,292,656 | - | - |
| 1975 | $402,178,605 | $3,213,062,096 | - | - |
| 1976 | $435,911,269 | $3,353,158,383 | - | - |
| 1977 | $495,097,668 | $3,475,287,311 | $71,494,495 | $294,935,712 |
| 1978 | $552,883,707 | $3,644,774,964 | $88,322,386 | $310,689,415 |
| 1979 | $670,362,452 | $3,932,457,349 | $102,244,362 | $328,094,495 |
| 1980 | $1,012,280,615 | $4,104,426,257 | $110,900,457 | $326,339,899 |
| 1981 | $1,114,204,743 | $4,026,452,355 | $115,651,919 | $331,346,564 |
| 1982 | $1,163,923,830 | $3,829,118,402 | $125,435,590 | $345,012,163 |
| 1983 | $1,236,016,507 | $3,848,311,978 | $131,803,552 | $357,544,989 |
| 1984 | $1,346,890,071 | $3,986,865,604 | $145,533,311 | $370,303,858 |
| 1985 | $1,409,536,121 | $4,030,650,950 | $167,728,455 | $392,446,948 |
| 1986 | $1,547,755,183 | $4,236,382,092 | $187,589,523 | $420,680,655 |
| 1987 | $1,704,370,308 | $4,346,145,354 | $215,009,570 | $458,951,763 |
| 1988 | $1,812,757,918 | $4,498,494,363 | $236,357,524 | $472,567,906 |
| 1989 | $2,006,165,167 | $4,660,440,160 | $267,327,642 | $490,372,992 |
| 1990 | $2,012,131,457 | $4,506,291,754 | $278,098,763 | $510,049,757 |
| 1991 | $2,020,583,702 | $4,330,550,570 | $300,757,889 | $517,116,730 |
| 1992 | $1,957,000,000 | $4,084,033,071 | $310,160,444 | $512,715,298 |
| 1993 | $2,063,342,117 | $4,116,422,240 | $309,812,185 | $502,672,150 |
| 1994 | $2,151,344,901 | $4,199,194,541 | $325,111,815 | $511,185,185 |
| 1995 | $2,216,974,096 | $4,283,766,242 | $342,172,519 | $522,070,746 |
| 1996 | $2,363,645,403 | $4,454,109,195 | $366,911,444 | $545,241,472 |
| 1997 | $2,498,384,130 | $4,665,238,573 | $392,190,593 | $572,588,028 |
| 1998 | $2,817,083,478 | $4,839,180,328 | $445,903,593 | $639,887,179 |
| 1999 | $2,951,822,205 | $4,855,374,938 | $482,009,370 | $684,028,916 |
| 2000 | $3,059,500,000 | $5,071,302,668 | $520,044,370 | $717,463,922 |
| 2001 | $3,054,500,000 | $4,951,342,796 | $520,444,185 | $702,943,169 |
| 2002 | $3,106,500,000 | $4,990,329,769 | $540,336,926 | $727,105,600 |
| 2003 | $3,209,500,000 | $5,098,893,435 | $591,018,407 | $795,918,681 |
| 2004 | $3,444,500,000 | $5,170,869,329 | $599,118,593 | $790,765,503 |
| 2005 | $3,819,500,000 | $5,375,400,852 | $695,555,556 | $895,749,021 |
| 2006 | $4,217,323,400 | $5,701,717,045 | $698,700,667 | $859,960,907 |
| 2007 | $4,675,767,950 | $5,820,266,226 | $758,683,593 | $912,620,191 |
| 2008 | $4,790,410,400 | $5,857,135,319 | $825,976,037 | $921,267,657 |
| 2009 | $4,466,809,600 | $5,563,266,710 | $771,275,556 | $860,341,635 |
| 2010 | $5,191,188,500 | $5,439,889,540 | $771,014,815 | $855,944,031 |
| 2011 | $5,342,183,800 | $5,400,100,308 | $778,655,556 | $862,490,065 |
| 2012 | $5,271,257,500 | $5,383,181,192 | $799,881,481 | $852,529,700 |
| 2013 | $5,361,158,350 | $5,328,790,506 | $842,618,519 | $872,573,509 |
| 2014 | $5,365,976,700 | $5,333,181,722 | $911,496,296 | $936,638,938 |
| 2015 | $5,288,057,750 | $5,288,057,750 | $997,007,407 | $997,007,407 |
| 2016 | $5,330,761,500 | $5,382,816,061 | $1,061,640,741 | $1,034,291,536 |
| 2017 | $5,517,340,450 | $5,389,730,073 | $1,125,685,185 | $1,080,200,383 |
| 2018 | $5,629,916,200 | $5,326,451,133 | $1,166,514,815 | $1,127,312,678 |
| 2019 | $5,788,288,000 | $5,361,210,777 | $1,213,485,185 | $1,134,939,081 |
| 2020 | $5,168,344,450 | $4,554,114,648 | $1,043,411,111 | $978,809,799 |
| 2021 | $5,275,242,050 | $4,542,503,210 | $1,122,800,000 | $1,024,691,294 |
| 2022 | $6,257,303,500 | $5,352,561,585 | $1,231,732,104 | $1,099,706,286 |
| 2023 | $6,720,733,200 | $5,571,685,827 | $1,323,985,600 | $1,151,169,921 |
| 2024 | $7,165,000,000 | $5,783,409,907 | $1,391,435,993 | $1,193,683,309 |
Economic indicators
|
Barbados
|
Grenada
|
|
|---|---|---|
| Gross domestic product |
$7.16B
2024 |
$1.39B
2024 |
| GDP rank |
158/197
2024 |
184/197
2024 |
| GDP growth |
6.61%
2023-2024 |
5.09%
2023-2024 |
| GDP per capita |
$25,366
2024 |
$11,872
2024 |
| GDP per capita rank |
47/197
2024 |
80/197
2024 |
| GDP per capita, PPP |
$22,672
2024 |
$20,167
2024 |
| Government debt |
$7.48B
2024 |
$1.02B
2024 |
| Debt-to-GDP ratio |
99%
2025 |
71.4%
2025 |
| Government debt per person |
$26,478
2024 |
$8,688
2024 |
| Government debt per person rank |
27/185
2024 |
62/185
2024 |
| Average annual personal income after taxes |
$17,631
2025 |
$11,039
2025 |
| 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 |
33.7%
2018 |
| Income share by poorest 10% |
2.5%
2016 |
2.1%
2018 |
| Government expenditure, % of GDP |
27.7%
2025 |
39.6%
2025 |
| Consumer prices inflation |
-0.46%
2023-2024 |
1.09%
2023-2024 |
| Central bank interest rate |
2%
2020 |
n/a |
| Unemployment rate |
6.54%
2023 |
6.34%
2023 |
| Population |
282698
|
117349
|
GDP per capita in Barbados vs Grenada
Barbados' GDP per capita is $25,366, ranking 47/197, compared to $11,872 in Grenada, ranking 80/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 85th at $22,672, while Grenada ranks 95th at $20,167.
| Year | Current $ | |||
|---|---|---|---|---|
|
Barbados
|
Grenada
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $347 | - | - | - |
| 1961 | $366 | - | - | - |
| 1962 | $377 | - | - | - |
| 1963 | $421 | - | - | - |
| 1964 | $414 | - | - | - |
| 1965 | $433 | - | - | - |
| 1966 | $462 | - | - | - |
| 1967 | $508 | - | - | - |
| 1968 | $506 | - | - | - |
| 1969 | $567 | - | - | - |
| 1970 | $666 | - | - | - |
| 1971 | $750 | - | - | - |
| 1972 | $856 | - | - | - |
| 1973 | $1,042 | - | - | - |
| 1974 | $1,243 | - | - | - |
| 1975 | $1,601 | - | - | - |
| 1976 | $1,734 | - | - | - |
| 1977 | $1,968 | - | $737 | - |
| 1978 | $2,198 | - | $917 | - |
| 1979 | $2,668 | - | $1,071 | - |
| 1980 | $4,025 | - | $1,173 | - |
| 1981 | $4,417 | - | $1,230 | - |
| 1982 | $4,599 | - | $1,329 | - |
| 1983 | $4,866 | - | $1,388 | - |
| 1984 | $5,284 | - | $1,524 | - |
| 1985 | $5,510 | - | $1,745 | - |
| 1986 | $6,031 | - | $1,938 | - |
| 1987 | $6,625 | - | $2,205 | - |
| 1988 | $7,033 | - | $2,404 | - |
| 1989 | $7,773 | - | $2,697 | - |
| 1990 | $7,781 | $11,072 | $2,782 | $4,553 |
| 1991 | $7,790 | $10,966 | $2,984 | $4,733 |
| 1992 | $7,519 | $10,541 | $3,053 | $4,761 |
| 1993 | $7,905 | $10,845 | $3,026 | $4,742 |
| 1994 | $8,223 | $11,274 | $3,152 | $4,889 |
| 1995 | $8,460 | $11,723 | $3,294 | $5,062 |
| 1996 | $9,012 | $12,401 | $3,508 | $5,347 |
| 1997 | $9,522 | $13,207 | $3,725 | $5,673 |
| 1998 | $10,734 | $13,851 | $4,206 | $6,368 |
| 1999 | $11,244 | $14,090 | $4,516 | $6,857 |
| 2000 | $11,675 | $15,076 | $4,840 | $7,306 |
| 2001 | $11,640 | $15,030 | $4,820 | $7,283 |
| 2002 | $11,760 | $15,283 | $4,984 | $7,621 |
| 2003 | $12,076 | $15,827 | $5,428 | $8,469 |
| 2004 | $12,886 | $16,388 | $5,480 | $8,606 |
| 2005 | $14,214 | $17,478 | $6,339 | $10,016 |
| 2006 | $15,620 | $19,019 | $6,344 | $9,877 |
| 2007 | $17,235 | $19,846 | $6,865 | $10,728 |
| 2008 | $17,566 | $20,250 | $7,448 | $11,001 |
| 2009 | $16,295 | $19,253 | $6,933 | $10,303 |
| 2010 | $18,860 | $18,978 | $6,910 | $10,344 |
| 2011 | $19,346 | $19,165 | $6,947 | $10,592 |
| 2012 | $19,034 | $17,937 | $7,093 | $10,575 |
| 2013 | $19,308 | $18,005 | $7,425 | $11,199 |
| 2014 | $19,278 | $17,753 | $7,986 | $12,229 |
| 2015 | $18,954 | $17,805 | $8,694 | $13,214 |
| 2016 | $19,066 | $18,014 | $9,221 | $13,978 |
| 2017 | $19,693 | $17,899 | $9,751 | $15,041 |
| 2018 | $20,056 | $18,551 | $10,083 | $15,975 |
| 2019 | $20,584 | $18,760 | $10,463 | $16,446 |
| 2020 | $18,347 | $15,824 | $8,969 | $14,361 |
| 2021 | $18,697 | $15,684 | $9,622 | $15,298 |
| 2022 | $22,164 | $19,786 | $10,535 | $17,555 |
| 2023 | $23,804 | $21,336 | $11,308 | $19,010 |
| 2024 | $25,366 | $22,672 | $11,872 | $20,167 |
Spending and national debt comparison
In 2024, Barbados' government spending was $2.14B, accounting for 27.7% of its GDP, while Grenada's spent $518M, or 39.6% of GDP.
Debt-to-GDP ratio is 99% in Barbados and 71.4% in Grenada, ranking 24/185 and 53/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Barbados
|
Grenada
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | - | - | 29% | 46.2% |
| 1991 | - | - | 26.8% | 42% |
| 1992 | - | - | 21.8% | 40.1% |
| 1993 | - | - | 23.1% | 45.3% |
| 1994 | 17% | 55% | 24.7% | 45.7% |
| 1995 | 18.6% | 55.9% | 23.2% | 43.1% |
| 1996 | 20.5% | 56.1% | 26.3% | 43.9% |
| 1997 | 21.5% | 56.9% | 26.6% | 41.4% |
| 1998 | 19% | 50.5% | 25.3% | 40.3% |
| 1999 | 19.7% | 50.1% | 23.7% | 34.5% |
| 2000 | 20.8% | 56.6% | 25.6% | 41.6% |
| 2001 | 22% | 62.6% | 29.6% | 44.6% |
| 2002 | 31% | 66.1% | 35.7% | 79.1% |
| 2003 | 29.8% | 66.6% | 28.7% | 79.6% |
| 2004 | 28.5% | 66.5% | 24.7% | 94.7% |
| 2005 | 28.7% | 68.2% | 26.6% | 87.3% |
| 2006 | 27.2% | 69.8% | 32.4% | 92.9% |
| 2007 | 27.8% | 69% | 27.7% | 89.1% |
| 2008 | 28.1% | 72.6% | 27.9% | 83.9% |
| 2009 | 29.5% | 88.5% | 27.2% | 91.1% |
| 2010 | 29.7% | 96% | 28% | 96.2% |
| 2011 | 27.7% | 98.7% | 28.3% | 102.8% |
| 2012 | 30.6% | 109.4% | 26.2% | 101.5% |
| 2013 | 30.8% | 118.6% | 28.1% | 105.4% |
| 2014 | 29% | 122% | 28.7% | 99.3% |
| 2015 | 31.4% | 131.9% | 25.3% | 90.1% |
| 2016 | 30.7% | 136.5% | 23.5% | 81.6% |
| 2017 | 29.8% | 143.6% | 22.6% | 70.4% |
| 2018 | 26.9% | 115% | 22.4% | 68.5% |
| 2019 | 23.9% | 109.5% | 21.6% | 62.7% |
| 2020 | 30.3% | 128.4% | 32.7% | 89.5% |
| 2021 | 32.5% | 130.2% | 31.2% | 86.6% |
| 2022 | 30.3% | 116.9% | 31.8% | 78.8% |
| 2023 | 28.8% | 113.4% | 28.9% | 75.2% |
| 2024 | 29.9% | 104.4% | 37.2% | 73.2% |
| 2025 | 27.7% | 99% | 39.6% | 71.4% |
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 Grenada's surplus of $92.9M, or 6.68% of GDP.
Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Grenada ran a deficit in 22 years. On average, Barbados posted an annual deficit equal to -1.67% of GDP, compared to deficit of -1.91% of GDP for Grenada.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Barbados
|
Grenada
|
|
| 1990 | - | -7.78% |
| 1991 | - | -4.34% |
| 1992 | - | -1.46% |
| 1993 | - | -0.16% |
| 1994 | 6.72% | -2.85% |
| 1995 | 6.22% | -0.46% |
| 1996 | 3.76% | -3.02% |
| 1997 | 5.64% | -4.94% |
| 1998 | 6.03% | -2.39% |
| 1999 | 5.39% | -1.7% |
| 2000 | 4.94% | -2.07% |
| 2001 | 4.07% | -6.05% |
| 2002 | -5.28% | -13.9% |
| 2003 | -3.08% | -2.81% |
| 2004 | -2.97% | -0.57% |
| 2005 | -3.03% | 0.9% |
| 2006 | -3.41% | -5.23% |
| 2007 | -4.34% | -5.91% |
| 2008 | -4.1% | -3.72% |
| 2009 | -6.56% | -4.4% |
| 2010 | -7.55% | -4.07% |
| 2011 | -3.63% | -4.86% |
| 2012 | -7.07% | -5.44% |
| 2013 | -8.98% | -7.25% |
| 2014 | -6.57% | -4.2% |
| 2015 | -8.16% | -0.8% |
| 2016 | -4.88% | 2.69% |
| 2017 | -3.89% | 3.01% |
| 2018 | -0.34% | 4.59% |
| 2019 | 3.08% | 4.97% |
| 2020 | -4.16% | -4.54% |
| 2021 | -4.65% | 0.31% |
| 2022 | -1.96% | 0.95% |
| 2023 | -1.71% | 8.01% |
| 2024 | -1.33% | 6.68% |
| 2025 | -0.27% | -8.85% |
Inflation comparison by year
Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.58%, compared with 1.85% in Grenada. In 2024, inflation was -0.46% in Barbados and 1.09% in Grenada.
| Year | Inflation | ||
|---|---|---|---|
|
Barbados
|
Grenada
|
Barbados
|
Grenada
|
| 1996 | 2.39% | 2.03% | |
| 1997 | 7.71% | 1.24% | |
| 1998 | -1.27% | 1.38% | |
| 1999 | 1.56% | 0.58% | |
| 2000 | 2.44% | 2.18% | |
| 2001 | 2.58% | 3.14% | |
| 2002 | 0.13% | 1.07% | |
| 2003 | 1.62% | 2.15% | |
| 2004 | 1.39% | 2.31% | |
| 2005 | 6.08% | 3.48% | |
| 2006 | 7.31% | 4.25% | |
| 2007 | 4.03% | 3.86% | |
| 2008 | 8.11% | 8.03% | |
| 2009 | 3.64% | -0.31% | |
| 2010 | 5.82% | 3.44% | |
| 2011 | 9.43% | 3.03% | |
| 2012 | 4.53% | 2.41% | |
| 2013 | 1.81% | -0.04% | |
| 2014 | 1.77% | -0.98% | |
| 2015 | -1.11% | -0.52% | |
| 2016 | 1.28% | 1.65% | |
| 2017 | 4.66% | 0.91% | |
| 2018 | 3.67% | 0.8% | |
| 2019 | 4.1% | 0.6% | |
| 2020 | - | -0.74% | |
| 2021 | - | 1.22% | |
| 2022 | - | 2.58% | |
| 2023 | 9.79% | 2.7% | |
| 2024 | -0.46% | 1.09% | |
Top exports between countries
|
Barbados
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $3.53M |
| Chemicals & pharma | $3.5M |
| Machinery & equipment | $944K |
| Wood & paper products | $911K |
| Metals | $728K |
| Animal & marine products | $667K |
| Raw materials & minerals | $378K |
| Textiles & consumer goods | $196K |
| Miscellaneous | $129K |
| Raw agricultural goods | $43K |
|
Grenada
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $824K |
| Wood & paper products | $391K |
| Animal & marine products | $83K |
| Chemicals & pharma | $74K |
| Processed food, beverages & tobacco | $51K |
| Textiles & consumer goods | $39K |
| Miscellaneous | $25K |
| Metals | $18K |
| Raw agricultural goods | $14K |
Balance of trade
|
Barbados
|
Grenada
|
|
|---|---|---|
Current account balance
|
-$296M
2017 |
-$271M
2024 |
| Current account balance ranking |
97/189
2017 |
96/189
2024 |
| Current account balance, % of GDP |
-5.37%
2017 |
-19.5%
2024 |
| Goods imports |
$1.53B
2017 |
$562M
2024 |
| Goods exports |
$705M
2017 |
$70.4M
2024 |
| Service imports |
$687M
2017 |
$429M
2024 |
| Service exports |
$1.52B
2017 |
$789M
2024 |
| Exports of goods and services, % of GDP |
14.5%
2025 |
16%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Barbados
|
Grenada
|
|
|---|---|---|
| Economic freedom | 68.9 | 63 |
| Economic freedom ranking | 42/197 | 81/197 |
| Property rights | 72.8 | n/a |
| Government integrity | 71.7 | n/a |
| Judicial effectiveness | 86.9 | n/a |
| Tax burden | 83.6 | n/a |
| Government spending | 74.1 | n/a |
| Fiscal health | 68.8 | n/a |
| Business freedom | 73.1 | n/a |
| Labor freedom | 56.4 | n/a |
| Monetary freedom | 78.4 | n/a |
| Trade freedom | 40.8 | n/a |
| Investment freedom | 60 | n/a |
| Financial freedom | 60 | n/a |
More economic indicators
|
Barbados
|
Grenada
|
|
|---|---|---|
| Services, % of GDP |
75.4%
2023 |
65.2%
2024 |
| Industry, % of GDP |
13.2%
2023 |
14.8%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.85%
2023 |
2.75%
2024 |
|
GNI, Atlas method
|
$6.68B
2024 |
$1.24B
2024 |
| GNI per capita, PPP |
$21,740
2024 |
$18,240
2024 |
| Total reserves including gold |
$1.65B
2024 |
$423M
2024 |
| Total reserves ranking |
131/177
2024 |
161/177
2024 |
|
Net foreign direct investment
|
-$208M
2017 |
-$223M
2024 |
|
Net inflows of foreign direct investment
|
$303M
2024 |
$226M
2024 |
|
Net outflows of foreign direct investment
|
$18.6M
2024 |
$2.72M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
4.67%
2023 |
| Poverty at national poverty lines |
25.7%
2016 |
38%
2020 |
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GDP per capita
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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.