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Economy of Barbados vs Ivory Coast compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.16B compared to $86.5B for Ivory Coast, ranking 158/197 and 76/197 by economy size, respectively.

Barbados has $7.48B in government debt (99% of GDP), compared to $51.3B (58.1% of GDP) in Ivory Coast.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Barbados
GDP, current $

GDP, constant 2015 $
Ivory Coast
GDP, current $

GDP, constant 2015 $
Year GDP
Barbados Ivory Coast
Current $ Constant $ Current $ Constant $
1960 $80,021,847 $1,704,405,288 $546,203,559 $5,492,745,890
1961 $85,363,759 $1,835,585,349 $618,245,634 $6,038,315,905
1962 $88,782,583 $2,001,903,306 $645,284,474 $6,112,405,708
1963 $99,893,761 $1,900,238,227 $761,047,198 $6,998,115,047
1964 $99,252,731 $1,995,342,789 $921,063,327 $8,230,699,197
1965 $105,021,997 $2,223,507,114 $919,771,229 $7,974,752,908
1966 $113,195,123 $2,312,522,359 $1,024,102,880 $8,898,018,736
1967 $125,554,009 $2,558,485,385 $1,082,922,725 $9,307,163,144
1968 $125,733,669 $2,735,579,172 $1,281,281,277 $10,475,049,116
1969 $141,393,142 $2,941,251,088 $1,361,360,293 $11,474,286,968
1970 $166,210,203 $3,220,946,507 $1,455,482,795 $12,664,747,894
1971 $186,826,503 $3,346,973,204 $1,584,128,509 $13,862,407,214
1972 $213,725,217 $3,389,606,971 $1,849,400,402 $14,449,705,425
1973 $260,767,828 $3,435,051,446 $2,508,421,426 $15,307,901,973
1974 $311,804,630 $3,275,292,656 $3,070,152,309 $15,970,333,193
1975 $402,178,605 $3,213,062,096 $3,893,839,190 $17,288,346,644
1976 $435,911,269 $3,353,158,383 $4,662,053,825 $19,521,378,207
1977 $495,097,668 $3,475,287,311 $6,265,068,189 $20,949,261,442
1978 $552,883,707 $3,644,774,964 $7,900,526,298 $23,234,711,410
1979 $670,362,452 $3,932,457,349 $9,142,933,967 $23,791,045,073
1980 $1,012,280,615 $4,104,426,257 $10,175,617,609 $21,184,094,378
1981 $1,114,204,743 $4,026,452,355 $8,432,589,942 $21,925,643,371
1982 $1,163,923,830 $3,829,118,402 $7,567,110,849 $21,969,674,962
1983 $1,236,016,507 $3,848,311,978 $6,838,184,773 $21,112,804,815
1984 $1,346,890,071 $3,986,865,604 $6,841,639,247 $20,542,492,760
1985 $1,409,536,121 $4,030,650,950 $6,977,650,644 $21,467,156,206
1986 $1,547,755,183 $4,236,382,092 $9,158,302,100 $22,166,845,697
1987 $1,704,370,308 $4,346,145,354 $10,087,654,465 $22,089,489,410
1988 $1,812,757,918 $4,498,494,363 $10,255,169,806 $22,340,532,915
1989 $2,006,165,167 $4,660,440,160 $9,757,410,645 $22,999,132,930
1990 $2,012,131,457 $4,506,291,754 $10,795,850,583 $22,747,083,497
1991 $2,020,583,702 $4,330,550,570 $10,492,628,581 $22,756,392,780
1992 $1,957,000,000 $4,084,033,071 $11,152,971,274 $22,700,739,607
1993 $2,063,342,117 $4,116,422,240 $11,045,760,288 $22,657,044,066
1994 $2,151,344,901 $4,199,194,541 $8,313,557,510 $22,840,839,521
1995 $2,216,974,096 $4,283,766,242 $11,000,146,267 $24,468,419,439
1996 $2,363,645,403 $4,454,109,195 $18,071,152,831 $26,359,663,692
1997 $2,498,384,130 $4,665,238,573 $18,047,558,038 $28,903,065,479
1998 $2,817,083,478 $4,839,180,328 $19,619,654,756 $30,135,465,006
1999 $2,951,822,205 $4,855,374,938 $18,870,992,456 $30,487,103,687
2000 $3,059,500,000 $5,071,302,668 $16,577,533,892 $30,406,072,178
2001 $3,054,500,000 $4,951,342,796 $16,810,537,044 $29,751,121,586
2002 $3,106,500,000 $4,990,329,769 $18,054,383,321 $28,938,759,334
2003 $3,209,500,000 $5,098,893,435 $21,251,754,340 $27,571,152,176
2004 $3,444,500,000 $5,170,869,329 $23,510,575,681 $28,449,303,912
2005 $3,819,500,000 $5,375,400,852 $24,036,918,703 $28,732,677,632
2006 $4,217,323,400 $5,701,717,045 $25,281,413,263 $29,541,668,753
2007 $4,675,767,950 $5,820,266,226 $28,760,090,953 $29,867,049,486
2008 $4,790,410,400 $5,857,135,319 $34,078,240,293 $31,295,490,701
2009 $4,466,809,600 $5,563,266,710 $33,886,813,250 $32,423,167,867
2010 $5,191,188,500 $5,439,889,540 $34,936,307,980 $34,643,522,419
2011 $5,342,183,800 $5,400,100,308 $36,693,710,801 $32,783,010,325
2012 $5,271,257,500 $5,383,181,192 $36,302,302,877 $35,281,210,701
2013 $5,361,158,350 $5,328,790,506 $42,760,235,485 $39,077,544,168
2014 $5,365,976,700 $5,333,181,722 $48,843,005,614 $42,739,891,584
2015 $5,288,057,750 $5,288,057,750 $45,815,005,169 $45,815,005,169
2016 $5,330,761,500 $5,382,816,061 $48,407,761,037 $49,101,205,369
2017 $5,517,340,450 $5,389,730,073 $52,512,343,997 $52,739,979,047
2018 $5,629,916,200 $5,326,451,133 $58,522,477,787 $55,294,253,264
2019 $5,788,288,000 $5,361,210,777 $60,382,894,697 $59,010,785,541
2020 $5,168,344,450 $4,554,114,648 $63,027,852,805 $59,423,700,881
2021 $5,275,242,050 $4,542,503,210 $72,794,636,649 $63,620,992,438
2022 $6,257,303,500 $5,352,561,585 $70,922,824,824 $67,692,661,917
2023 $6,720,733,200 $5,571,685,827 $79,618,056,324 $72,059,148,622
2024 $7,165,000,000 $5,783,409,907 $86,538,413,923 $76,346,667,965

Economic indicators

Barbados Ivory Coast
Gross domestic product
$7.16B
2024
$86.5B
2024
GDP rank
158/197
2024
76/197
2024
GDP growth
6.61%
2023-2024
8.69%
2023-2024
GDP per capita
$25,366
2024
$2,710
2024
GDP per capita rank
47/197
2024
142/197
2024
GDP per capita, PPP
$22,672
2024
$7,653
2024
Government debt
$7.48B
2024
$51.3B
2024
Debt-to-GDP ratio
99%
2025
58.1%
2025
Government debt per person
$26,478
2024
$1,606
2024
Government debt per person rank
27/185
2024
125/185
2024
Average annual personal income after taxes
$17,631
2025
$2,373
2025
Market capitalization of domestic companies
$2.78B
2020
$7.33B
2020
Number of billionaires
1
2025
n/a
Income share by richest 10%
25.8%
2016
27.8%
2021
Income share by poorest 10%
2.5%
2016
3.1%
2021
Government expenditure, % of GDP
27.7%
2025
20.4%
2025
Consumer prices inflation
-0.46%
2023-2024
3.47%
2023-2024
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.54%
2023
2.31%
2022
Population
282698
33340347

GDP per capita in Barbados vs Ivory Coast

Barbados' GDP per capita is $25,366, ranking 47/197, compared to $2,710 in Ivory Coast, ranking 142/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 85th at $22,672, while Ivory Coast ranks 144th at $7,653.

Barbados
GDP per capita

GDP per capita, PPP
Ivory Coast
GDP per capita

GDP per capita, PPP
Year Current $
Barbados Ivory Coast
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $347 - $148.7 -
1961 $366 - $162.3 -
1962 $377 - $163.1 -
1963 $421 - $185.1 -
1964 $414 - $215.5 -
1965 $433 - $207 -
1966 $462 - $221.8 -
1967 $508 - $225.6 -
1968 $506 - $256.8 -
1969 $567 - $262.2 -
1970 $666 - $269 -
1971 $750 - $280.3 -
1972 $856 - $313 -
1973 $1,042 - $406 -
1974 $1,243 - $474 -
1975 $1,601 - $575 -
1976 $1,734 - $661 -
1977 $1,968 - $856 -
1978 $2,198 - $1,039 -
1979 $2,668 - $1,157 -
1980 $4,025 - $1,238 -
1981 $4,417 - $986 -
1982 $4,599 - $849 -
1983 $4,866 - $737 -
1984 $5,284 - $709 -
1985 $5,510 - $695 -
1986 $6,031 - $877 -
1987 $6,625 - $930 -
1988 $7,033 - $910 -
1989 $7,773 - $833 -
1990 $7,781 $11,072 $886 $2,693
1991 $7,790 $10,966 $827 $2,677
1992 $7,519 $10,541 $845 $2,625
1993 $7,905 $10,845 $804 $2,577
1994 $8,223 $11,274 $582 $2,551
1995 $8,460 $11,723 $740 $2,683
1996 $9,012 $12,401 $1,170 $2,832
1997 $9,522 $13,207 $1,125 $3,040
1998 $10,734 $13,851 $1,177 $3,086
1999 $11,244 $14,090 $1,096 $3,065
2000 $11,675 $15,076 $937 $3,041
2001 $11,640 $15,030 $925 $2,962
2002 $11,760 $15,283 $968 $2,851
2003 $12,076 $15,827 $1,111 $2,702
2004 $12,886 $16,388 $1,200 $2,794
2005 $14,214 $17,478 $1,198 $2,842
2006 $15,620 $19,019 $1,230 $2,942
2007 $17,235 $19,846 $1,368 $2,985
2008 $17,566 $20,250 $1,584 $3,116
2009 $16,295 $19,253 $1,540 $3,177
2010 $18,860 $18,978 $1,554 $3,361
2011 $19,346 $19,165 $1,597 $3,176
2012 $19,034 $17,937 $1,547 $3,291
2013 $19,308 $18,005 $1,786 $3,619
2014 $19,278 $17,753 $1,991 $4,074
2015 $18,954 $17,805 $1,815 $4,404
2016 $19,066 $18,014 $1,863 $4,531
2017 $19,693 $17,899 $1,964 $4,690
2018 $20,056 $18,551 $2,131 $4,946
2019 $20,584 $18,760 $2,142 $5,516
2020 $18,347 $15,824 $2,180 $5,544
2021 $18,697 $15,684 $2,456 $6,045
2022 $22,164 $19,786 $2,333 $6,719
2023 $23,804 $21,336 $2,555 $7,227
2024 $25,366 $22,672 $2,710 $7,653

Spending and national debt comparison

In 2024, Barbados' government spending was $2.14B, accounting for 27.7% of its GDP, while Ivory Coast's spent $17.6B, or 20.4% of GDP.

Debt-to-GDP ratio is 99% in Barbados and 58.1% in Ivory Coast, ranking 24/185 and 90/185, respectively.

Barbados
Government spending

Government debt
Ivory Coast
Government spending

Government debt
Year % of GDP
Barbados Ivory Coast
Government spending Government debt Government spending Government debt
1994 17% 55% - -
1995 18.6% 55.9% - -
1996 20.5% 56.1% - -
1997 21.5% 56.9% 15.2% 84.2%
1998 19% 50.5% 14.6% 75.2%
1999 19.7% 50.1% 13.7% 78%
2000 20.8% 56.6% 12.9% 74%
2001 22% 62.6% 11.4% 71.2%
2002 31% 66.1% 13.1% 63%
2003 29.8% 66.6% 12.7% 56.4%
2004 28.5% 66.5% 13.5% 56.7%
2005 28.7% 68.2% 13.6% 58.2%
2006 27.2% 69.8% 14.5% 57.5%
2007 27.8% 69% 14.8% 53.5%
2008 28.1% 72.6% 14.6% 51.2%
2009 29.5% 88.5% 14.4% 46.5%
2010 29.7% 96% 14.5% 45.6%
2011 27.7% 98.7% 13.2% 50%
2012 30.6% 109.4% 16.1% 24.7%
2013 30.8% 118.6% 15.9% 24.6%
2014 29% 122% 15.2% 26.7%
2015 31.4% 131.9% 16.5% 29.2%
2016 30.7% 136.5% 17.6% 31.1%
2017 29.8% 143.6% 18.1% 32.6%
2018 26.9% 115% 17.6% 35.3%
2019 23.9% 109.5% 17.2% 37.2%
2020 30.3% 128.4% 20.4% 46.3%
2021 32.5% 130.2% 20.5% 50.2%
2022 30.3% 116.9% 21.9% 56%
2023 28.8% 113.4% 21.3% 57.5%
2024 29.9% 104.4% 20.4% 59.3%
2025 27.7% 99% 20.4% 58.1%

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 Ivory Coast's deficit of -$3.43B, or -3.97% of GDP.

Over the past 28 years, Barbados recorded a fiscal deficit in 22 of those years, while Ivory Coast ran a deficit in 27 years. On average, Barbados posted an annual deficit equal to -2.45% of GDP, compared to deficit of -2.1% of GDP for Ivory Coast.

Deficit/surplus
Barbados

Ivory Coast
Year Deficit/surplus, % of GDP
Barbados Ivory Coast
1994 6.72% -
1995 6.22% -
1996 3.76% -
1997 5.64% -0.75%
1998 6.03% -0.7%
1999 5.39% -1.27%
2000 4.94% -0.83%
2001 4.07% 0.7%
2002 -5.28% -0.64%
2003 -3.08% -1.26%
2004 -2.97% -1.04%
2005 -3.03% -1.03%
2006 -3.41% -1.03%
2007 -4.34% -0.39%
2008 -4.1% -0.21%
2009 -6.56% -1%
2010 -7.55% -1.34%
2011 -3.63% -2.89%
2012 -7.07% -2.28%
2013 -8.98% -1.62%
2014 -6.57% -1.57%
2015 -8.16% -2.04%
2016 -4.88% -2.98%
2017 -3.89% -3.27%
2018 -0.34% -2.9%
2019 3.08% -2.22%
2020 -4.16% -5.42%
2021 -4.65% -4.86%
2022 -1.96% -6.74%
2023 -1.71% -5.19%
2024 -1.33% -3.97%
2025 -0.27% -3.02%

Inflation comparison by year

Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.58%, compared with 2.56% in Ivory Coast. In 2024, inflation was -0.46% in Barbados and 3.47% in Ivory Coast.

Inflation
Barbados

Ivory Coast
Year Inflation
Barbados Ivory Coast Barbados Ivory Coast
1996 2.39% 2.48%
1997 7.71% 4.02%
1998 -1.27% 4.61%
1999 1.56% 0.7%
2000 2.44% 2.53%
2001 2.58% 4.36%
2002 0.13% 3.08%
2003 1.62% 3.3%
2004 1.39% 1.46%
2005 6.08% 3.89%
2006 7.31% 2.47%
2007 4.03% 1.89%
2008 8.11% 6.31%
2009 3.64% 1.02%
2010 5.82% 1.23%
2011 9.43% 4.91%
2012 4.53% 1.3%
2013 1.81% 2.58%
2014 1.77% 0.45%
2015 -1.11% 1.25%
2016 1.28% 0.72%
2017 4.66% 0.69%
2018 3.67% 0.36%
2019 4.1% -1.11%
2020 - 2.43%
2021 - 4.09%
2022 - 5.28%
2023 9.79% 4.39%
2024 -0.46% 3.47%

Top exports between countries

Barbados
Export category Export value
Ivory Coast
Export category Export value
Wood & paper products $117K

Balance of trade

Barbados Ivory Coast
Current account balance
-$296M
2017
-$9.21B
2023
Current account balance ranking
97/189
2017
175/189
2023
Current account balance, % of GDP
-5.37%
2017
-11.6%
2023
Goods imports
$1.53B
2017
$15.4B
2023
Goods exports
$705M
2017
$17.1B
2023
Service imports
$687M
2017
$8.78B
2023
Service exports
$1.52B
2017
$1.5B
2023
Imports of goods and services, % of GDP n/a
27.1%
2024
Exports of goods and services, % of GDP
14.5%
2025
27.6%
2024

Economic freedom indices

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

Barbados Ivory Coast
Economic freedom 68.9 57.8
Economic freedom ranking 42/197 112/197
Property rights 72.8 46.3
Government integrity 71.7 36.6
Judicial effectiveness 86.9 31.1
Tax burden 83.6 82.2
Government spending 74.1 86.3
Fiscal health 68.8 42.4
Business freedom 73.1 65.2
Labor freedom 56.4 56.8
Monetary freedom 78.4 66.5
Trade freedom 40.8 70
Investment freedom 60 60
Financial freedom 60 50

Economic freedom by year comparison

The Economic Freedom Index for Barbados is 68.9, ranking 42/197, compared to 57.8 for Ivory Coast, ranking 112/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Barbados
Ivory Coast
Year Economic freedom index
Barbados Ivory Coast
1995 - 53.4
1996 62.3 49.9
1997 64.5 50.5
1998 67.9 51.3
1999 66.7 51.7
2000 69.5 50.2
2001 71.5 54.8
2002 73.6 57.3
2003 71.3 56.7
2004 69.4 57.8
2005 70.1 56.6
2006 71.9 56.2
2007 70 54.9
2008 71.3 53.9
2009 71.5 55
2010 68.3 54.1
2011 68.5 55.4
2012 69 54.3
2013 69.3 54.1
2014 68.3 57.7
2015 67.9 58.5
2016 68.3 60
2017 54.5 63
2018 57 62
2019 64.7 62.4
2020 61.4 59.7
2021 65 61.7
2022 71.3 61.6
2023 69.8 60.4
2024 66.8 58.4
2025 68.9 57.8

More economic indicators

Barbados Ivory Coast
Services, % of GDP
75.4%
2023
53.9%
2024
Industry, % of GDP
13.2%
2023
22.1%
2024
Agriculture, forestry, and fishing, % of GDP
1.85%
2023
17.9%
2024
GNI, Atlas method
$6.68B
2024
$80.2B
2024
GNI per capita, PPP
$21,740
2024
$7,350
2024
Total reserves including gold
$1.65B
2024
n/a
Total reserves ranking
131/177
2024
n/a
Net foreign direct investment
-$208M
2017
-$2B
2023
Net inflows of foreign direct investment
$303M
2024
$3.8B
2024
Net outflows of foreign direct investment
$18.6M
2024
$563M
2024
Servicing debt to the IMF, % of GNI
n/a
4.64%
2023
Poverty at national poverty lines
25.7%
2016
37.5%
2021
Gross capital formation, % of GDP
n/a
24.5%
2024

GDP per capita map

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.

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.