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Economy of Barbados vs Luxembourg compared: GDP & Debt

Updated on by Georank

Barbados has a GDP of $8.02B compared to $101B for Luxembourg, ranking 157/197 and 75/197 by economy size, respectively.

Barbados has $7.55B in government debt (94.2% of GDP), compared to $27.3B (27% of GDP) in Luxembourg.

Barbados vs Luxembourg GDP by year

Barbados
Luxembourg
1x
Year GDP, current $
Barbados Luxembourg
2025 $8,016,550,000 $101,157,829,491
2024 $7,597,571,450 $93,279,851,863
2023 $7,223,248,150 $88,788,881,539
2022 $6,886,644,900 $80,801,680,397
2021 $5,948,900,600 $86,386,759,695
2020 $5,403,246,950 $73,670,782,100
2019 $6,166,710,800 $69,872,035,114
2018 $6,001,101,550 $71,085,623,495
2017 $5,847,381,600 $65,712,180,343
2016 $5,679,029,450 $62,216,885,436
2015 $5,699,619,150 $60,071,584,216
2014 $5,684,901,000 $68,804,814,555
2013 $5,660,059,700 $65,203,276,467
2012 $5,486,500,500 $59,776,383,527
2011 $5,563,162,050 $61,696,281,326
2010 $5,428,683,250 $56,213,985,987
2009 $4,466,809,600 $54,467,289,898
2008 $4,790,410,400 $58,844,277,702
2007 $4,675,767,950 $51,587,401,416
2006 $4,217,323,400 $42,910,153,830
2005 $3,819,500,000 $37,672,311,223
2004 $3,444,500,000 $35,064,843,793
2003 $3,209,500,000 $29,667,268,248
2002 $3,106,500,000 $23,649,832,387
2001 $3,054,500,000 $21,387,550,720
2000 $3,059,500,000 $21,230,200,538
1999 $2,951,822,205 $21,899,317,599
1998 $2,817,083,478 $20,150,055,568
1997 $2,498,384,130 $19,563,836,265
1996 $2,363,645,403 $20,895,314,658
1995 $2,216,974,096 $20,853,093,870
1994 $2,151,344,901 $17,701,798,891
1993 $2,063,342,117 $15,925,521,222
1992 $1,957,000,000 $15,518,702,635
1991 $2,020,583,702 $13,834,219,728
1990 $2,012,131,457 $12,778,792,854
1989 $2,006,165,167 $10,037,674,038
1988 $1,812,757,918 $9,418,167,855
1987 $1,704,370,308 $8,320,902,215
1986 $1,547,755,183 $6,685,595,088
1985 $1,409,536,121 $4,577,211,767
1984 $1,346,890,071 $4,438,435,493
1983 $1,236,016,507 $4,524,217,751
1982 $1,163,923,830 $4,602,316,793
1981 $1,114,204,743 $5,053,665,797
1980 $1,012,280,615 $6,019,805,490
1979 $670,362,452 $5,516,982,664
1978 $552,883,707 $4,718,539,772
1977 $495,097,668 $3,789,321,328
1976 $435,911,269 $3,423,586,207
1975 $402,178,605 $3,123,333,333
1974 $311,804,630 $3,183,637,117
1973 $260,767,828 $2,609,875,802
1972 $213,725,217 $1,901,697,370
1971 $186,826,503 $1,518,773,421
1970 $166,210,203 $1,457,768,455
1969 $141,393,142 $1,245,432,991
1968 $125,733,669 $1,075,561,623
1967 $125,554,009 $983,052,315
1966 $113,195,123 $976,717,015
1965 $105,021,997 $929,477,285
1964 $99,252,731 $910,877,686
1963 $99,893,761 $797,902,154
1962 $88,782,583 $747,846,862
1961 $85,363,759 $710,163,719
1960 $80,021,847 $709,941,874

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

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

GDP per capita in Barbados vs Luxembourg by year

Barbados
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $28,365 - $147,252 -
2024 $26,897 $24,823 $137,782 $155,941
2023 $25,584 $23,660 $133,231 $150,508
2022 $24,393 $22,193 $123,720 $146,919
2021 $21,084 $17,683 $134,966 $136,772
2020 $19,181 $16,555 $116,860 $122,067
2019 $21,929 $19,971 $112,697 $121,372
2018 $21,378 $19,777 $116,927 $116,638
2017 $20,871 $18,437 $110,193 $114,986
2016 $20,311 $19,176 $106,899 $113,365
2015 $20,429 $19,186 $105,462 $107,860
2014 $20,424 $18,595 $123,679 $105,296
2013 $20,384 $19,032 $120,000 $100,925
2012 $19,811 $19,605 $112,585 $96,636
2011 $20,146 $20,316 $119,025 $94,475
2010 $19,723 $20,033 $110,886 $90,336
2009 $16,295 $20,324 $109,420 $86,919
2008 $17,566 $21,376 $120,422 $90,971
2007 $17,235 $20,949 $107,475 $85,126
2006 $15,620 $20,076 $90,789 $78,861
2005 $14,214 $18,450 $80,988 $68,788
2004 $12,886 $17,299 $76,545 $64,686
2003 $12,076 $16,707 $65,689 $60,192
2002 $11,760 $16,133 $53,006 $58,576
2001 $11,640 $15,866 $48,440 $56,136
2000 $11,675 $15,914 $48,660 $55,136
1999 $11,244 $14,873 $50,872 $49,845
1998 $10,734 $14,621 $47,445 $44,270
1997 $9,522 $13,941 $46,642 $42,488
1996 $9,012 $13,090 $50,444 $39,722
1995 $8,460 $12,375 $51,032 $38,345
1994 $8,223 $11,900 $43,933 $37,551
1993 $7,905 $11,448 $40,067 $35,899
1992 $7,519 $11,127 $39,571 $34,108
1991 $7,790 $11,576 $35,747 $33,191
1990 $7,781 $11,687 $33,465 $29,949
1989 $7,773 - $26,618 -
1988 $7,033 - $25,219 -
1987 $6,625 - $22,443 -
1986 $6,031 - $18,150 -
1985 $5,510 - $12,482 -
1984 $5,284 - $12,127 -
1983 $4,866 - $12,374 -
1982 $4,599 - $12,591 -
1981 $4,417 - $13,837 -
1980 $4,025 - $16,531 -
1979 $2,668 - $15,204 -
1978 $2,198 - $13,034 -
1977 $1,968 - $10,486 -
1976 $1,734 - $9,491 -
1975 $1,601 - $8,701 -
1974 $1,243 - $8,967 -
1973 $1,042 - $7,447 -
1972 $856 - $5,487 -
1971 $750 - $4,435 -
1970 $666 - $4,298 -
1969 $567 - $3,690 -
1968 $506 - $3,203 -
1967 $508 - $2,935 -
1966 $462 - $2,925 -
1965 $433 - $2,804 -
1964 $414 - $2,779 -
1963 $421 - $2,462 -
1962 $377 - $2,332 -
1961 $366 - $2,241 -
1960 $347 - $2,261 -

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

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

Barbados' GDP per capita is $28,365, ranking 48/197, compared to $147,252 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Luxembourg ranks 1st at $155,941.

Economic indicators

Barbados Luxembourg
Gross domestic product
$8.02B
2025
$101B
2025
GDP rank
157/197
2025
75/197
2025
GDP growth
2.7%
2024-2025
0.64%
2024-2025
GDP per capita
$28,365
2025
$147,252
2025
GDP per capita rank
48/197
2025
3/197
2025
GDP per capita, PPP
$24,823
2024
$155,941
2024
GDP per capita PPP rank
84/197
2024
1/197
2024
Government debt
$7.55B
2025
$27.3B
2025
Debt-to-GDP ratio
94.2%
2025
27%
2025
Government debt per person
$26,731
2025
$39,717
2025
Government debt per person rank
28/185
2025
18/185
2025
Average annual personal income after taxes
$19,127
2026
$71,808
2026
Market capitalization of domestic companies
$2.78B
2020
$69.4B
2025
Number of millionaires n/a
85,000
2026
Number of billionaires
1
2026
1
2026
Income share by richest 10%
25.8%
2016
25%
2023
Income share by poorest 10%
2.5%
2016
2.8%
2023
Government expenditure, % of GDP
27%
2025
48.3%
2025
Consumer prices inflation
0.85%
2024-2025
2.26%
2024-2025
Central bank interest rate
2%
2020
n/a
Unemployment rate
6.03%
2024
6.5%
2025
Population
282789
697802

Spending and national debt comparison by year

Barbados
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Barbados Luxembourg
Government spending Government debt Government spending Government debt
2025 27% 94.2% 48.3% 27%
2024 28.1% 98.9% 46.8% 26.3%
2023 26.5% 104.1% 46.4% 24.7%
2022 26.9% 104% 44.3% 24.9%
2021 27.1% 108.6% 42.4% 24.2%
2020 30.6% 129.6% 47% 24.5%
2019 22.2% 101.6% 43.1% 22.3%
2018 25% 107.2% 42.3% 20.9%
2017 28% 134.6% 41.3% 21.8%
2016 28.6% 127.1% 40% 19.6%
2015 29.2% 122.5% 40.4% 21.1%
2014 27.4% 115.1% 40.6% 21.9%
2013 29.1% 111.7% 41.2% 22.4%
2012 28.9% 103.5% 41.8% 20.8%
2011 26.5% 94.4% 41.5% 18.5%
2010 28% 90.3% 42% 19.1%
2009 27.8% 83.5% 42.7% 15.3%
2008 27.1% 69.8% 37.9% 14.6%
2007 26.1% 64.9% 37.4% 8.09%
2006 25% 64.1% 39.4% 8.21%
2005 26.4% 62.7% 43.4% 7.95%
2004 26.2% 61% 43.7% 7.83%
2003 27.7% 61.8% 43.3% 7.43%
2002 29.1% 62% 41.8% 7.45%
2001 20.7% 59% 38.1% 7.62%
2000 19.7% 53.6% 38% 7.49%
1999 18.5% 47% 41.7% 8.39%
1998 17.8% 47.2% 43.9% 9.51%
1997 19.6% 52% 44.2% 10.1%
1996 19.1% 52.3% 42.5% 10.2%
1995 17.3% 52% 42% 10.3%
1994 15.9% 51.4% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08).

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

In 2025, Barbados' government spending was $2.16B, accounting for 27% of its GDP, while Luxembourg spent $48.8B, or 48.3% of GDP.

Debt-to-GDP ratio is 94.2% in Barbados and 27% in Luxembourg, ranking 28/185 and 165/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Luxembourg
1x
Year Deficit/surplus, % of GDP
Barbados Luxembourg
2025 -0.31% -0.96%
2024 -0.84% 0.89%
2023 -1.57% -0.65%
2022 -1.74% 0.21%
2021 -3.88% 1.11%
2020 -4.19% -3.09%
2019 2.86% 2.68%
2018 -0.32% 3.17%
2017 -3.64% 1.37%
2016 -4.55% 1.89%
2015 -7.58% 1.3%
2014 -6.2% 1.33%
2013 -8.46% 0.84%
2012 -6.69% 0.5%
2011 -3.47% 0.65%
2010 -7.1% -0.26%
2009 -6.19% -0.21%
2008 -3.94% 3.37%
2007 -4.08% 4.35%
2006 -3.13% 1.9%
2005 -2.78% -0.21%
2004 -2.73% -1.39%
2003 -2.86% 0.28%
2002 -4.96% 2.03%
2001 3.83% 5.62%
2000 4.68% 5.55%
1999 5.06% 3.24%
1998 5.63% 2.98%
1997 5.15% 2.65%
1996 3.5% 2.37%
1995 5.79% 2.71%
1994 6.28% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08).

GeoRank.org/economy/barbados/luxembourg | 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 Luxembourg's deficit of $976M, or 0.96% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 23 of those years, while Luxembourg ran a deficit in 7 years. On average, Barbados posted an annual deficit equal to 1.76% of GDP, compared to surplus of 1.49% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Barbados

Luxembourg
1x
Year Consumer prices inflation
Barbados Luxembourg
2025 0.85% 2.26%
2024 1.45% 2.05%
2023 3.19% 3.74%
2022 - 6.34%
2021 - 2.53%
2020 - 0.82%
2019 1.68% 1.74%
2018 3.11% 1.53%
2017 4.66% 1.73%
2016 1.28% 0.29%
2015 -1.11% 0.47%
2014 1.77% 0.63%
2013 1.81% 1.73%
2012 4.53% 2.66%
2011 9.43% 3.41%
2010 5.82% 2.27%
2009 3.64% 0.37%
2008 8.11% 3.4%
2007 4.03% 2.31%
2006 7.31% 2.67%
2005 6.08% 2.49%
2004 1.39% 2.23%
2003 1.62% 2.05%
2002 0.13% 2.07%
2001 2.58% 2.66%
2000 2.44% 3.15%
1999 1.56% 1.03%
1998 -1.27% 0.96%
1997 7.71% 1.37%

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

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

Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.22%, compared with 2.1% in Luxembourg. In 2025, inflation was 0.85% in Barbados and 2.26% in Luxembourg.

Top exports between countries

Barbados
Export category Export value
Textiles & consumer goods $12K
Luxembourg
Export category Export value
Metals $205K
Chemicals & pharma $113K
Machinery & equipment $23K
Wood & paper products $1K

Balance of trade

Barbados Luxembourg
Current account balance
-$296M
2017
$5.29B
2025
Current account balance ranking
96/190
2017
31/190
2025
Current account balance, % of GDP
-5.07%
2017
+5.23%
2025
Goods imports
$1.53B
2017
$30.9B
2025
Goods exports
$705M
2017
$33B
2025
Service imports
$687M
2017
$133B
2025
Service exports
$1.52B
2017
$167B
2025
Imports of goods and services, % of GDP n/a
159.4%
2025
Exports of goods and services, % of GDP
14.5%
2026
190.5%
2025

Economic freedom indices

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

Barbados Luxembourg
Economic freedom 70.4 79.7
Economic freedom ranking 34/197 7/197
Property rights 76.4 96.6
Government integrity 71.3 88.7
Judicial effectiveness 87.3 99.1
Tax burden 83.2 62.3
Government spending 74.5 36.9
Fiscal health 76.5 98.6
Business freedom 72.3 89.5
Labor freedom 54.3 56.7
Monetary freedom 80.8 74.1
Trade freedom 48.2 79.4
Investment freedom 60 95
Financial freedom 60 80

Economic freedom comparison by year

Barbados
Luxembourg
1x
Year Economic freedom index
Barbados Luxembourg
2026 70.4 79.7
2025 68.9 79.5
2024 66.8 79.2
2023 69.8 78.4
2022 71.3 80.6
2021 65 76
2020 61.4 75.8
2019 64.7 75.9
2018 57 76.4
2017 54.5 75.9
2016 68.3 73.9
2015 67.9 73.2
2014 68.3 74.2
2013 69.3 74.2
2012 69 74.5
2011 68.5 76.2
2010 68.3 75.4
2009 71.5 75.2
2008 71.3 74.7
2007 70 74.6
2006 71.9 75.3
2005 70.1 76.3
2004 69.4 78.9
2003 71.3 79.9
2002 73.6 79.4
2001 71.5 80.1
2000 69.5 76.4
1999 66.7 72.4
1998 67.9 72.7
1997 64.5 72.8
1996 62.3 72.5

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Luxembourg
Services, % of GDP
75.8%
2024
81.4%
2025
Industry, % of GDP
12.2%
2024
8.88%
2025
Agriculture, forestry, and fishing, % of GDP
1.55%
2024
0.23%
2025
GNI, Atlas method
$7.65B
2025
$65.8B
2025
GNI per capita, PPP
$24,840
2025
$106,640
2025
Total reserves including gold
$1.65B
2024
$3.06B
2025
Total reserves ranking
131/177
2024
120/177
2025
Net foreign direct investment
-$208M
2017
$196B
2025
Net inflows of foreign direct investment
$303M
2024
$106B
2024
Net outflows of foreign direct investment
$18.6M
2024
$109B
2024
Poverty at national poverty lines
25.7%
2016
17.3%
2021
Gross capital formation, % of GDP n/a
15.5%
2025

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/luxembourg | 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 (1994–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2022–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.

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.