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Economy of Barbados vs Hungary compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $223B for Hungary, ranking 157/197 and 55/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $164B (73.5% of GDP) in Hungary.

Barbados vs Hungary GDP by year

Barbados
Hungary
1x
Year GDP, current $
Barbados Hungary
2024 $7,498,050,000 $222,722,738,926
2023 $7,223,250,000 $213,240,316,635
2022 $6,884,900,000 $177,002,580,544
2021 $5,947,550,000 $183,282,685,440
2020 $5,407,050,000 $158,468,487,754
2019 $6,161,850,000 $164,936,682,034
2018 $6,001,950,000 $161,184,691,014
2017 $5,683,150,000 $143,335,098,992
2016 $5,674,600,000 $128,983,560,865
2015 $5,698,150,000 $125,244,126,623
2014 $5,620,600,000 $141,128,696,412
2013 $5,667,200,000 $135,646,053,779
2012 $5,761,450,000 $128,470,269,690
2011 $5,663,100,000 $141,712,804,954
2010 $5,672,900,000 $131,898,737,241
2009 $4,466,809,600 $130,807,441,076
2008 $4,790,410,400 $158,228,265,916
2007 $4,675,767,950 $140,123,326,896
2006 $4,217,323,400 $115,604,111,412
2005 $3,819,500,000 $113,098,237,571
2004 $3,444,500,000 $104,015,363,080
2003 $3,209,500,000 $85,190,469,121
2002 $3,106,500,000 $67,636,468,625
2001 $3,054,500,000 $53,800,068,066
2000 $3,059,500,000 $47,275,954,429
1999 $2,951,822,205 $49,160,204,397
1998 $2,817,083,478 $48,784,412,624
1997 $2,498,384,130 $47,398,564,799
1996 $2,363,645,403 $46,833,767,124
1995 $2,216,974,096 $46,577,614,589
1994 $2,151,344,901 $43,307,949,890
1993 $2,063,342,117 $40,256,233,360
1992 $1,957,000,000 $38,857,339,125
1991 $2,020,583,702 $34,867,307,353
1990 $2,012,131,457 $34,478,360,679
1989 $2,006,165,167 $30,422,508,938
1988 $1,812,757,918 $29,799,838,597
1987 $1,704,370,308 $27,232,016,527
1986 $1,547,755,183 $24,778,163,812
1985 $1,409,536,121 $21,510,643,750
1984 $1,346,890,071 $21,242,726,264
1983 $1,236,016,507 $21,910,365,258
1982 $1,163,923,830 $24,141,667,188
1981 $1,114,204,743 $23,705,883,892
1980 $1,012,280,615 $23,116,977,148
1979 $670,362,452 $19,959,731,325
1978 $552,883,707 $17,286,744,154
1977 $495,097,668 $14,783,674,055
1976 $435,911,269 $13,235,612,079
1975 $402,178,605 $11,420,392,515
1974 $311,804,630 $10,016,338,179
1973 $260,767,828 $9,138,292,402
1972 $213,725,217 $7,379,313,742
1971 $186,826,503 $6,291,568,221
1970 $166,210,203 $5,780,929,203
1969 $141,393,142 $5,429,812,387
1968 $125,733,669 $4,886,222,555
1967 $125,554,009 -
1966 $113,195,123 -
1965 $105,021,997 -
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/hungary | CC BY

GDP per capita in Barbados vs Hungary by year

Barbados
GDP per capita

GDP per capita, PPP
Hungary
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Hungary
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $23,292 $48,552
2023 $25,584 $23,660 $22,231 $46,592
2022 $24,387 $22,193 $18,428 $44,366
2021 $21,080 $17,683 $19,031 $38,887
2020 $19,194 $16,555 $16,387 $35,584
2019 $21,912 $19,971 $17,013 $35,627
2018 $21,381 $19,777 $16,605 $32,258
2017 $20,285 $18,437 $14,736 $29,728
2016 $20,296 $19,176 $13,216 $28,179
2015 $20,424 $19,186 $12,783 $26,938
2014 $20,193 $18,595 $14,353 $25,796
2013 $20,410 $19,032 $13,739 $24,592
2012 $20,804 $19,605 $12,950 $23,205
2011 $20,508 $20,316 $14,211 $22,992
2010 $20,611 $20,033 $13,190 $21,691
2009 $16,295 $20,324 $13,051 $20,691
2008 $17,566 $21,376 $15,763 $20,709
2007 $17,235 $20,949 $13,935 $19,089
2006 $15,620 $20,076 $11,478 $18,362
2005 $14,214 $18,450 $11,212 $17,091
2004 $12,886 $17,299 $10,291 $16,251
2003 $12,076 $16,707 $8,410 $15,460
2002 $11,760 $16,133 $6,658 $14,532
2001 $11,640 $15,866 $5,281 $13,223
2000 $11,675 $15,914 $4,630 $11,872
1999 $11,244 $14,873 $4,802 $10,892
1998 $10,734 $14,621 $4,752 $10,415
1997 $9,522 $13,941 $4,606 $9,846
1996 $9,012 $13,090 $4,542 $9,388
1995 $8,460 $12,375 $4,509 $9,222
1994 $8,223 $11,900 $4,187 $8,888
1993 $7,905 $11,448 $3,887 $8,441
1992 $7,519 $11,127 $3,747 $8,284
1991 $7,790 $11,576 $3,361 $8,352
1990 $7,781 $11,687 $3,324 $9,169
1989 $7,773 - $2,902 -
1988 $7,033 - $2,812 -
1987 $6,625 - $2,566 -
1986 $6,031 - $2,331 -
1985 $5,510 - $2,020 -
1984 $5,284 - $1,991 -
1983 $4,866 - $2,050 -
1982 $4,599 - $2,255 -
1981 $4,417 - $2,213 -
1980 $4,025 - $2,158 -
1979 $2,668 - $1,865 -
1978 $2,198 - $1,618 -
1977 $1,968 - $1,388 -
1976 $1,734 - $1,249 -
1975 $1,601 - $1,083 -
1974 $1,243 - $956 -
1973 $1,042 - $876 -
1972 $856 - $710 -
1971 $750 - $607 -
1970 $666 - $559 -
1969 $567 - $527 -
1968 $506 - $476 -
1967 $508 - - -
1966 $462 - - -
1965 $433 - - -
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/hungary | CC BY

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $23,292 in Hungary, ranking 55/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Hungary ranks 48th at $48,552.

Economic indicators

Barbados Hungary
Gross domestic product
$7.5B
2024
$223B
2024
GDP rank
157/197
2024
55/197
2024
GDP growth
2.48%
2023-2024
0.56%
2023-2024
GDP per capita
$26,545
2024
$23,292
2024
GDP per capita rank
46/197
2024
55/197
2024
GDP per capita, PPP
$24,823
2024
$48,552
2024
GDP per capita PPP rank
84/197
2024
48/197
2024
Government debt
$7.97B
2024
$164B
2024
Debt-to-GDP ratio
106.3%
2024
73.5%
2024
Government debt per person
$28,218
2024
$17,109
2024
Government debt per person rank
26/185
2024
37/185
2024
Average annual personal income after taxes
$18,869
2026
$16,996
2026
Market capitalization of domestic companies
$2.78B
2020
$41.5B
2024
Number of millionaires n/a
24,692
2025
Number of billionaires
1
2025
4
2025
Income share by richest 10%
25.8%
2016
24.4%
2022
Income share by poorest 10%
2.5%
2016
2.8%
2022
Government expenditure, % of GDP
30.2%
2024
46.9%
2024
Consumer prices inflation
-0.44%
2023-2024
3.7%
2023-2024
Central bank interest rate
2%
2020
6.5%
2024
Unemployment rate
6.54%
2023
4.47%
2024
Population
282798
9475525

Spending and national debt comparison by year

Barbados
Spending

Debt
Hungary
Spending

Debt
1x
Year % of GDP
Barbados Hungary
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 46.9% 73.5%
2023 28.8% 113.4% 49.2% 73%
2022 30.3% 116.9% 48.7% 73.9%
2021 32.5% 130.2% 48.1% 76.2%
2020 30.3% 128.4% 51% 78.7%
2019 23.9% 109.5% 45.8% 65%
2018 26.9% 115% 45.9% 68.8%
2017 29.8% 143.6% 46.6% 72%
2016 30.7% 136.5% 46.7% 74.6%
2015 31.4% 131.9% 50.4% 75.7%
2014 29% 122% 50% 76.5%
2013 30.8% 118.6% 50.1% 77.2%
2012 30.6% 109.4% 49.2% 78.4%
2011 27.7% 98.7% 49.1% 80.5%
2010 29.7% 96% 48.9% 80.2%
2009 29.5% 88.5% 50.7% 78.2%
2008 28.1% 72.6% 48.8% 71.8%
2007 27.8% 69% 49.9% 65.6%
2006 27.2% 69.8% 51.4% 64.5%
2005 28.7% 68.2% 49.4% 60.6%
2004 28.5% 66.5% 48.8% 58.9%
2003 29.8% 66.6% 49.2% 58.2%
2002 31% 66.1% 51% 55.6%
2001 22% 62.6% 47.2% 52.2%
2000 20.8% 56.6% 47.3% 55.6%
1999 19.7% 50.1% 48.9% 60.3%
1998 19% 50.5% 50.7% 60.4%
1997 21.5% 56.9% 49.5% 62.2%
1996 20.5% 56.1% 50.9% 71.2%
1995 18.6% 55.9% 55% 83.9%
1994 17% 55% - 86.2%
1993 - - - 87.2%
1992 - - - 76.5%
1991 - - - 74.2%
1990 - - - 63.7%
1989 - - - 70.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1994, retrieved 2026-02-20).

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

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Hungary spent $104B, or 46.9% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 73.5% in Hungary, ranking 18/185 and 49/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Hungary
1x
Year Deficit/surplus, % of GDP
Barbados Hungary
2024 -0.89% -4.92%
2023 -1.71% -6.75%
2022 -1.96% -6.17%
2021 -4.65% -7.11%
2020 -4.16% -7.49%
2019 3.08% -2.02%
2018 -0.34% -2.05%
2017 -3.89% -2.45%
2016 -4.88% -1.79%
2015 -8.16% -2%
2014 -6.57% -2.77%
2013 -8.98% -2.6%
2012 -7.07% -2.33%
2011 -3.63% -5.22%
2010 -7.55% -4.44%
2009 -6.56% -4.76%
2008 -4.1% -3.78%
2007 -4.34% -5.09%
2006 -3.41% -9.27%
2005 -3.03% -7.79%
2004 -2.97% -6.6%
2003 -3.08% -7.19%
2002 -5.28% -8.79%
2001 4.07% -4%
2000 4.94% -3.04%
1999 5.39% -5.27%
1998 6.03% -7.41%
1997 5.64% -5.54%
1996 3.76% -4.36%
1995 6.22% -8.57%
1994 6.72% -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -0.17%
1942 - 0.31%
1941 - 0.2%
1940 - -0.07%
1939 - 0.19%
1938 - -0.11%
1937 - -0.01%
1936 - 0.08%
1935 - 0.03%
1934 - 0.04%
1933 - -0.03%
1932 - -0.22%
1931 - -0.32%
1930 - -0.26%
1929 - 0.02%
1928 - 0.12%
1927 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1943, retrieved 2026-02-20).

GeoRank.org/economy/barbados/hungary | 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 Hungary's deficit of $10.9B, or 4.92% of GDP.

Over the past 30 years, Barbados recorded a fiscal deficit in 22 of those years, while Hungary ran a deficit in 30 years. On average, Barbados posted an annual deficit equal to 1.94% of GDP, compared to deficit of 5.05% of GDP for Hungary.

Inflation comparison by year

Inflation
Barbados

Hungary
1x
Year Consumer prices inflation
Barbados Hungary
2024 -0.44% 3.7%
2023 9.79% 17.1%
2022 - 14.6%
2021 - 5.11%
2020 - 3.33%
2019 4.1% 3.34%
2018 3.67% 2.85%
2017 4.66% 2.35%
2016 1.28% 0.39%
2015 -1.11% -0.06%
2014 1.77% -0.23%
2013 1.81% 1.73%
2012 4.53% 5.65%
2011 9.43% 3.93%
2010 5.82% 4.86%
2009 3.64% 4.21%
2008 8.11% 6.04%
2007 4.03% 7.96%
2006 7.31% 3.93%
2005 6.08% 3.56%
2004 1.39% 6.74%
2003 1.62% 4.66%
2002 0.13% 5.27%
2001 2.58% 9.12%
2000 2.44% 9.8%
1999 1.56% 10%
1998 -1.27% 14.2%
1997 7.71% 18.3%

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

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

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 6.16% in Hungary. In 2024, inflation was -0.44% in Barbados and 3.7% in Hungary.

Top exports between countries

Barbados
Export category Export value
Hungary
Export category Export value
Chemicals & pharma $384K
Machinery & equipment $238K
Wood & paper products $97K
Raw materials & minerals $59K
Processed food, beverages & tobacco $57K
Textiles & consumer goods $35K
Metals $9K
Animal & marine products $4K

Balance of trade

Barbados Hungary
Current account balance
-$296M
2017
$3.52B
2024
Current account balance ranking
100/190
2017
36/190
2024
Current account balance, % of GDP
-5.22%
2017
+1.58%
2024
Goods imports
$1.53B
2017
$130B
2024
Goods exports
$705M
2017
$129B
2024
Service imports
$687M
2017
$27.9B
2024
Service exports
$1.52B
2017
$38.9B
2024
Imports of goods and services, % of GDP n/a
71.1%
2024
Exports of goods and services, % of GDP
14.5%
2025
75.4%
2024

Economic freedom indices

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

Barbados Hungary
Economic freedom 70.4 62.5
Economic freedom ranking 34/197 86/197
Property rights 76.4 67.3
Government integrity 71.3 44
Judicial effectiveness 87.3 61.9
Tax burden 83.2 85.1
Government spending 74.5 30.2
Fiscal health 76.5 32.7
Business freedom 72.3 70.8
Labor freedom 54.3 56.5
Monetary freedom 80.8 72.1
Trade freedom 48.2 79.4
Investment freedom 60 80
Financial freedom 60 70

Economic freedom comparison by year

Barbados
Hungary
1x
Year Economic freedom index
Barbados Hungary
2026 70.4 62.5
2025 68.9 61.4
2024 66.8 61.2
2023 69.8 64.1
2022 71.3 66.9
2021 65 67.2
2020 61.4 66.4
2019 64.7 65
2018 57 66.7
2017 54.5 65.8
2016 68.3 66
2015 67.9 66.8
2014 68.3 67
2013 69.3 67.3
2012 69 67.1
2011 68.5 66.6
2010 68.3 66.1
2009 71.5 66.8
2008 71.3 67.6
2007 70 64.8
2006 71.9 65
2005 70.1 63.5
2004 69.4 62.7
2003 71.3 63
2002 73.6 64.5
2001 71.5 65.6
2000 69.5 64.4
1999 66.7 59.6
1998 67.9 56.9
1997 64.5 55.3
1996 62.3 56.8
1995 - 55.2

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

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 62.5 for Hungary, ranking 86/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Hungary
Services, % of GDP
75.5%
2024
59.5%
2024
Industry, % of GDP
12.4%
2024
23.7%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
2.71%
2024
GNI, Atlas method
$7.1B
2024
$199B
2024
GNI per capita, PPP
$23,850
2024
$47,290
2024
Total reserves including gold
$1.65B
2024
$46.4B
2024
Total reserves ranking
131/177
2024
42/177
2024
Net foreign direct investment
-$208M
2017
-$15.8B
2024
Net inflows of foreign direct investment
$303M
2024
-$62.2B
2024
Net outflows of foreign direct investment
$18.6M
2024
-$78B
2024
Poverty at national poverty lines
25.7%
2016
12.1%
2021
Gross capital formation, % of GDP n/a
23.5%
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/hungary | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1927–1994, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  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.

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.