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Economy of Barbados vs Jamaica compared: GDP & Debt

Updated on by Georank

Barbados has a GDP of $8.02B compared to $22.7B for Jamaica, ranking 157/197 and 125/197 by economy size, respectively.

Barbados has $7.55B in government debt (94.2% of GDP), compared to $15.4B (67.7% of GDP) in Jamaica.

Barbados vs Jamaica GDP by year

Barbados
Jamaica
1x
Year GDP, current $
Barbados Jamaica
2025 $8,016,550,000 $22,704,903,218
2024 $7,597,571,450 $22,014,429,051
2023 $7,223,248,150 $21,418,797,833
2022 $6,886,644,900 $18,813,516,805
2021 $5,948,900,600 $15,963,885,376
2020 $5,403,246,950 $15,000,214,216
2019 $6,166,710,800 $17,026,269,263
2018 $6,001,101,550 $16,855,447,986
2017 $5,847,381,600 $15,783,583,237
2016 $5,679,029,450 $14,898,999,754
2015 $5,699,619,150 $14,963,589,916
2014 $5,684,901,000 $13,899,217,680
2013 $5,660,059,700 $14,264,205,153
2012 $5,486,500,500 $14,807,086,556
2011 $5,563,162,050 $14,444,661,522
2010 $5,428,683,250 $13,220,549,908
2009 $4,466,809,600 $12,120,458,115
2008 $4,790,410,400 $13,709,401,520
2007 $4,675,767,950 $12,799,600,047
2006 $4,217,323,400 $11,930,179,090
2005 $3,819,500,000 $11,243,865,778
2004 $3,444,500,000 $10,174,664,854
2003 $3,209,500,000 $9,430,234,811
2002 $3,106,500,000 $9,719,009,495
2001 $3,054,500,000 $9,194,727,831
2000 $3,059,500,000 $9,005,064,475
1999 $2,951,822,205 $8,887,057,997
1998 $2,817,083,478 $8,787,195,622
1997 $2,498,384,130 $8,400,041,724
1996 $2,363,645,403 $7,393,891,921
1995 $2,216,974,096 $6,577,520,643
1994 $2,151,344,901 $5,452,558,947
1993 $2,063,342,117 $5,440,075,676
1992 $1,957,000,000 $3,535,460,090
1991 $2,020,583,702 $4,106,207,649
1990 $2,012,131,457 $4,592,208,087
1989 $2,006,165,167 $4,404,937,853
1988 $1,812,757,918 $3,828,342,820
1987 $1,704,370,308 $3,287,007,322
1986 $1,547,755,183 $2,754,549,582
1985 $1,409,536,121 $2,100,239,019
1984 $1,346,890,071 $2,373,564,549
1983 $1,236,016,507 $3,619,262,277
1982 $1,163,923,830 $3,293,496,312
1981 $1,114,204,743 $2,979,027,966
1980 $1,012,280,615 $2,679,379,372
1979 $670,362,452 $2,425,064,229
1978 $552,883,707 $2,644,527,822
1977 $495,097,668 $3,249,733,140
1976 $435,911,269 $2,966,042,856
1975 $402,178,605 $2,860,442,750
1974 $311,804,630 $2,375,122,375
1973 $260,767,828 $1,905,917,553
1972 $213,725,217 $1,875,146,587
1971 $186,826,503 $1,539,861,816
1970 $166,210,203 $1,404,720,442
1969 $141,393,142 $1,191,239,047
1968 $125,733,669 $1,083,839,133
1967 $125,554,009 $1,148,014,311
1966 $113,195,123 $1,096,759,561
1965 $105,021,997 $972,159,611
1964 $99,252,731 $897,949,001
1963 $99,893,761 $826,706,669
1962 $88,782,583 $777,727,689
1961 $85,363,759 $748,043,501
1960 $80,021,847 $699,064,380

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Barbados vs Jamaica by year

Barbados
GDP per capita

GDP per capita, PPP
Jamaica
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Jamaica
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $28,365 - $8,003 -
2024 $26,897 $24,823 $7,754 $12,890
2023 $25,584 $23,660 $7,542 $12,651
2022 $24,393 $22,193 $6,626 $11,888
2021 $21,084 $17,683 $5,626 $10,431
2020 $19,181 $16,555 $5,299 $9,764
2019 $21,929 $19,971 $6,031 $10,845
2018 $21,378 $19,777 $5,977 $10,753
2017 $20,871 $18,437 $5,605 $10,466
2016 $20,311 $19,176 $5,302 $9,948
2015 $20,429 $19,186 $5,339 $9,476
2014 $20,424 $18,595 $4,975 $9,210
2013 $20,384 $19,032 $5,124 $9,101
2012 $19,811 $19,605 $5,341 $8,831
2011 $20,146 $20,316 $5,233 $8,809
2010 $19,723 $20,033 $4,810 $8,521
2009 $16,295 $20,324 $4,428 $8,580
2008 $17,566 $21,376 $5,030 $8,952
2007 $17,235 $20,949 $4,716 $8,893
2006 $15,620 $20,076 $4,417 $8,577
2005 $14,214 $18,450 $4,184 $8,127
2004 $12,886 $17,299 $3,808 $7,854
2003 $12,076 $16,707 $3,550 $7,593
2002 $11,760 $16,133 $3,681 $7,226
2001 $11,640 $15,866 $3,504 $7,019
2000 $11,675 $15,914 $3,453 $6,816
1999 $11,244 $14,873 $3,432 $6,653
1998 $10,734 $14,621 $3,419 $6,543
1997 $9,522 $13,941 $3,297 $6,682
1996 $9,012 $13,090 $2,929 $6,706
1995 $8,460 $12,375 $2,631 $6,657
1994 $8,223 $11,900 $2,203 $6,435
1993 $7,905 $11,448 $2,221 $6,279
1992 $7,519 $11,127 $1,458 $5,664
1991 $7,790 $11,576 $1,710 $5,485
1990 $7,781 $11,687 $1,930 $5,106
1989 $7,773 - $1,865 -
1988 $7,033 - $1,632 -
1987 $6,625 - $1,411 -
1986 $6,031 - $1,191 -
1985 $5,510 - $917 -
1984 $5,284 - $1,048 -
1983 $4,866 - $1,619 -
1982 $4,599 - $1,494 -
1981 $4,417 - $1,370 -
1980 $4,025 - $1,249 -
1979 $2,668 - $1,144 -
1978 $2,198 - $1,262 -
1977 $1,968 - $1,569 -
1976 $1,734 - $1,450 -
1975 $1,601 - $1,417 -
1974 $1,243 - $1,193 -
1973 $1,042 - $972 -
1972 $856 - $971 -
1971 $750 - $809 -
1970 $666 - $748 -
1969 $567 - $642 -
1968 $506 - $591 -
1967 $508 - $633 -
1966 $462 - $612 -
1965 $433 - $549 -
1964 $414 - $514 -
1963 $421 - $480 -
1962 $377 - $458 -
1961 $366 - $447 -
1960 $347 - $424 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Barbados' GDP per capita is $28,365, ranking 48/197, compared to $8,003 in Jamaica, ranking 98/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Jamaica ranks 121st at $12,890.

Economic indicators

Barbados Jamaica
Gross domestic product
$8.02B
2025
$22.7B
2025
GDP rank
157/197
2025
125/197
2025
GDP growth
2.7%
2024-2025
0.08%
2024-2025
GDP per capita
$28,365
2025
$8,003
2025
GDP per capita rank
48/197
2025
98/197
2025
GDP per capita, PPP
$24,823
2024
$12,890
2024
GDP per capita PPP rank
84/197
2024
121/197
2024
Government debt
$7.55B
2025
$15.4B
2025
Debt-to-GDP ratio
94.2%
2025
67.7%
2025
Government debt per person
$26,731
2025
$5,419
2025
Government debt per person rank
28/185
2025
80/185
2025
Average annual personal income after taxes
$19,127
2026
$8,390
2026
Market capitalization of domestic companies
$2.78B
2020
$11.6B
2025
Number of billionaires
1
2026
n/a
Income share by richest 10%
25.8%
2016
29.6%
2021
Income share by poorest 10%
2.5%
2016
2.2%
2021
Government expenditure, % of GDP
27%
2025
33.8%
2025
Consumer prices inflation
0.85%
2024-2025
4%
2024-2025
Central bank interest rate
2%
2020
5.75%
2025
Unemployment rate
6.03%
2024
3.02%
2023
Population
282789
2834177

Spending and national debt comparison by year

Barbados
Spending

Debt
Jamaica
Spending

Debt
1x
Year % of GDP
Barbados Jamaica
Government spending Government debt Government spending Government debt
2025 27% 94.2% 33.8% 67.7%
2024 28.1% 98.9% 30.1% 62.5%
2023 26.5% 104.1% 27.7% 66.5%
2022 26.9% 104% 27.1% 70.2%
2021 27.1% 108.6% 27.6% 86.3%
2020 30.6% 129.6% 30.1% 101.3%
2019 22.2% 101.6% 27.5% 87.7%
2018 25% 107.2% 27.5% 88.3%
2017 28% 134.6% 26.9% 95.1%
2016 28.6% 127.1% 26.5% 106.9%
2015 29.2% 122.5% 25.9% 115.9%
2014 27.4% 115.1% 26.1% 134.4%
2013 29.1% 111.7% 26.3% 135.2%
2012 28.9% 103.5% 29.1% 140.3%
2011 26.5% 94.4% 31.2% 135.9%
2010 28% 90.3% 32.3% 137.8%
2009 27.8% 83.5% 37.7% 138.3%
2008 27.1% 69.8% 33.9% 123.8%
2007 26.1% 64.9% 30.6% 111.6%
2006 25% 64.1% 30.1% 114.2%
2005 26.4% 62.7% 28.6% 121.5%
2004 26.2% 61% 30.7% 116.9%
2003 27.7% 61.8% 31.1% 120.1%
2002 29.1% 62% 30.1% 115.4%
2001 20.7% 59% 27.8% 105.3%
2000 19.7% 53.6% 25.7% 89.5%
1999 18.5% 47% 27.9% 80.7%
1998 17.8% 47.2% 27.9% 75.6%
1997 19.6% 52% 27.6% 74.4%
1996 19.1% 52.3% 27.4% 70.2%
1995 17.3% 52% 22.1% 85.2%
1994 15.9% 51.4% 19.9% 90.4%
1993 - - 19.6% 106.2%
1992 - - 18.2% 100.4%
1991 - - 19.9% 175.1%
1990 - - 22.6% 128.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08).

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

In 2025, Barbados' government spending was $2.16B, accounting for 27% of its GDP, while Jamaica spent $7.68B, or 33.8% of GDP.

Debt-to-GDP ratio is 94.2% in Barbados and 67.7% in Jamaica, ranking 28/185 and 62/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Jamaica
1x
Year Deficit/surplus, % of GDP
Barbados Jamaica
2025 -0.31% -3.77%
2024 -0.84% 0.22%
2023 -1.57% 0.04%
2022 -1.74% 0.26%
2021 -3.88% 0.84%
2020 -4.19% -2.87%
2019 2.86% 0.85%
2018 -0.32% 1.1%
2017 -3.64% 0.42%
2016 -4.55% -0.18%
2015 -7.58% -0.28%
2014 -6.2% -0.48%
2013 -8.46% 0.12%
2012 -6.69% -3.97%
2011 -3.47% -6.24%
2010 -7.1% -6.17%
2009 -6.19% -10.8%
2008 -3.94% -7.32%
2007 -4.08% -3.7%
2006 -3.13% -4.74%
2005 -2.78% -3.22%
2004 -2.73% -4.56%
2003 -2.86% -5.42%
2002 -4.96% -6.55%
2001 3.83% -4.77%
2000 4.68% -0.78%
1999 5.06% -3.41%
1998 5.63% -5.73%
1997 5.15% -6.39%
1996 3.5% -5.25%
1995 5.79% 1.53%
1994 6.28% 2.4%
1993 - 2.37%
1992 - 2.83%
1991 - 3.14%
1990 - 2.06%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Barbados' government deficit, the difference between spending and revenue, was $24.8M, equivalent to 0.31% of GDP. This compares to Jamaica's deficit of $856M, or 3.77% of GDP.

Over the past 32 years, Barbados recorded a fiscal deficit in 23 of those years, while Jamaica ran a deficit in 22 years. On average, Barbados posted an annual deficit equal to 1.51% of GDP, compared to deficit of 2.78% of GDP for Jamaica.

Inflation comparison by year

Inflation
Barbados

Jamaica
1x
Year Consumer prices inflation
Barbados Jamaica
2025 0.85% 4%
2024 1.45% 5.41%
2023 3.19% 6.47%
2022 - 10.3%
2021 - 5.86%
2020 - 5.23%
2019 1.68% 3.91%
2018 3.11% 3.74%
2017 4.66% 4.38%
2016 1.28% 2.35%
2015 -1.11% 3.69%
2014 1.77% 8.27%
2013 1.81% 9.34%
2012 4.53% 6.87%
2011 9.43% 7.56%
2010 5.82% 12.6%
2009 3.64% 9.59%
2008 8.11% 22%
2007 4.03% 9.24%
2006 7.31% 8.56%
2005 6.08% 15.1%
2004 1.39% 13.6%
2003 1.62% 10.1%
2002 0.13% 7.08%
2001 2.58% 6.8%
2000 2.44% 8.17%
1999 1.56% 5.95%
1998 -1.27% 8.63%
1997 7.71% 9.66%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.22%, compared with 8.08% in Jamaica. In 2025, inflation was 0.85% in Barbados and 4% in Jamaica.

Top exports between countries

Barbados
Export category Export value
Processed food, beverages & tobacco $10.7M
Chemicals & pharma $6.33M
Raw materials & minerals $5.3M
Metals $3.86M
Raw agricultural goods $2.57M
Wood & paper products $1.64M
Machinery & equipment $1.54M
Textiles & consumer goods $208K
Miscellaneous $130K
Precious metals & jewellery $6K
Jamaica
Export category Export value
Processed food, beverages & tobacco $10M
Animal & marine products $4.61M
Raw materials & minerals $2.6M
Raw agricultural goods $1.89M
Chemicals & pharma $1.39M
Machinery & equipment $854K
Textiles & consumer goods $829K
Metals $465K
Wood & paper products $256K
Miscellaneous $114K

Balance of trade

Barbados Jamaica
Current account balance
-$296M
2017
$679M
2024
Current account balance ranking
96/190
2017
53/190
2024
Current account balance, % of GDP
-5.07%
2017
+3.08%
2024
Goods imports
$1.53B
2017
$6.07B
2024
Goods exports
$705M
2017
$1.87B
2024
Service imports
$687M
2017
$3.46B
2024
Service exports
$1.52B
2017
$5.26B
2024
Imports of goods and services, % of GDP n/a
52.1%
2019
Exports of goods and services, % of GDP
14.5%
2026
38%
2019

Economic freedom indices

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

Barbados Jamaica
Economic freedom 70.4 68.2
Economic freedom ranking 34/197 48/197
Property rights 76.4 66.8
Government integrity 71.3 49.4
Judicial effectiveness 87.3 75.6
Tax burden 83.2 76.3
Government spending 74.5 76
Fiscal health 76.5 92.2
Business freedom 72.3 68.5
Labor freedom 54.3 59.2
Monetary freedom 80.8 74.2
Trade freedom 48.2 70.4
Investment freedom 60 60
Financial freedom 60 50

Economic freedom comparison by year

Barbados
Jamaica
1x
Year Economic freedom index
Barbados Jamaica
2026 70.4 68.2
2025 68.9 68.7
2024 66.8 68.1
2023 69.8 68.1
2022 71.3 67.4
2021 65 69
2020 61.4 68.5
2019 64.7 68.6
2018 57 69.1
2017 54.5 69.5
2016 68.3 67.5
2015 67.9 67.7
2014 68.3 66.7
2013 69.3 66.8
2012 69 65.1
2011 68.5 65.7
2010 68.3 65.5
2009 71.5 65.2
2008 71.3 65.7
2007 70 65.5
2006 71.9 66.4
2005 70.1 67
2004 69.4 66.7
2003 71.3 67
2002 73.6 61.7
2001 71.5 63.7
2000 69.5 65.5
1999 66.7 64.7
1998 67.9 67.1
1997 64.5 67.7
1996 62.3 66.7
1995 - 64.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 68.2 for Jamaica, ranking 48/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Jamaica
Services, % of GDP
75.8%
2024
59.8%
2025
Industry, % of GDP
12.2%
2024
16.3%
2025
Agriculture, forestry, and fishing, % of GDP
1.55%
2024
8.74%
2025
GNI, Atlas method
$7.65B
2025
$22.1B
2025
GNI per capita, PPP
$24,840
2025
$13,090
2025
Total reserves including gold
$1.65B
2024
$6.3B
2025
Total reserves ranking
131/177
2024
92/177
2025
Net foreign direct investment
-$208M
2017
-$304M
2024
Net inflows of foreign direct investment
$303M
2024
$305M
2024
Net outflows of foreign direct investment
$18.6M
2024
$1.07M
2024
Servicing debt to the IMF, % of GNI n/a
11.3%
2024
Poverty at national poverty lines
25.7%
2016
8.2%
2023
Gross capital formation, % of GDP n/a
22.6%
2019

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2024–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.