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Economy of Barbados vs Nigeria compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $252B for Nigeria, ranking 157/197 and 54/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Barbados vs Nigeria GDP by year

Barbados
Nigeria
1x
Year GDP, current $
Barbados Nigeria
2024 $7,498,050,000 $252,261,880,141
2023 $7,223,250,000 $487,387,801,881
2022 $6,884,900,000 $646,950,257,578
2021 $5,947,550,000 $609,147,716,973
2020 $5,407,050,000 $598,586,817,819
2019 $6,161,850,000 $668,219,992,691
2018 $6,001,950,000 $421,739,251,509
2017 $5,683,150,000 $375,745,731,053
2016 $5,674,600,000 $404,649,125,252
2015 $5,698,150,000 $493,026,682,801
2014 $5,620,600,000 $574,183,763,412
2013 $5,667,200,000 $520,117,180,314
2012 $5,761,450,000 $463,971,018,239
2011 $5,663,100,000 $414,466,676,831
2010 $5,672,900,000 $366,990,417,129
2009 $4,466,809,600 $295,008,835,381
2008 $4,790,410,400 $339,476,276,258
2007 $4,675,767,950 $278,260,846,800
2006 $4,217,323,400 $238,454,997,161
2005 $3,819,500,000 $175,670,569,969
2004 $3,444,500,000 $135,764,731,646
2003 $3,209,500,000 $104,738,954,264
2002 $3,106,500,000 $95,054,059,303
2001 $3,054,500,000 $73,557,840,064
2000 $3,059,500,000 $69,171,451,627
1999 $2,951,822,205 $59,145,077,039
1998 $2,817,083,478 $218,416,200,673
1997 $2,498,384,130 $200,850,397,618
1996 $2,363,645,403 $185,730,236,700
1995 $2,216,974,096 $140,919,776,986
1994 $2,151,344,901 $80,399,613,064
1993 $2,063,342,117 $56,721,051,402
1992 $1,957,000,000 $52,058,181,854
1991 $2,020,583,702 $59,526,833,412
1990 $2,012,131,457 $54,035,795,388
1989 $2,006,165,167 $44,003,061,108
1988 $1,812,757,918 $49,648,470,440
1987 $1,704,370,308 $52,676,041,931
1986 $1,547,755,183 $54,805,852,581
1985 $1,409,536,121 $73,745,821,158
1984 $1,346,890,071 $73,484,359,521
1983 $1,236,016,507 $97,094,911,792
1982 $1,163,923,830 $142,769,363,314
1981 $1,114,204,743 $164,475,209,516
1980 $1,012,280,615 $64,201,788,123
1979 $670,362,452 $47,259,911,894
1978 $552,883,707 $36,527,862,209
1977 $495,097,668 $36,035,407,725
1976 $435,911,269 $36,308,883,249
1975 $402,178,605 $27,778,934,625
1974 $311,804,630 $24,846,641,318
1973 $260,767,828 $15,162,871,287
1972 $213,725,217 $12,274,416,018
1971 $186,826,503 $9,181,769,912
1970 $166,210,203 $12,546,094,982
1969 $141,393,142 $6,634,317,346
1968 $125,733,669 $5,200,997,920
1967 $125,554,009 $5,203,237,919
1966 $113,195,123 $6,366,917,453
1965 $105,021,997 $5,874,537,650
1964 $99,252,731 $5,552,931,319
1963 $99,893,761 $5,165,590,254
1962 $88,782,583 $4,909,399,176
1961 $85,363,759 $4,467,287,893
1960 $80,021,847 $4,196,174,502

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Barbados vs Nigeria by year

Barbados
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $1,084 $9,087
2023 $25,584 $23,660 $2,139 $8,705
2022 $24,387 $22,193 $2,899 $8,305
2021 $21,080 $17,683 $2,787 $7,588
2020 $19,194 $16,555 $2,797 $7,415
2019 $21,912 $19,971 $3,190 $7,551
2018 $21,381 $19,777 $2,058 $7,158
2017 $20,285 $18,437 $1,876 $7,037
2016 $20,296 $19,176 $2,070 $7,072
2015 $20,424 $19,186 $2,586 $7,308
2014 $20,193 $18,595 $3,089 $7,396
2013 $20,410 $19,032 $2,873 $7,004
2012 $20,804 $19,605 $2,633 $6,671
2011 $20,508 $20,316 $2,418 $6,585
2010 $20,611 $20,033 $2,202 $6,301
2009 $16,295 $20,324 $1,820 $5,927
2008 $17,566 $21,376 $2,154 $5,607
2007 $17,235 $20,949 $1,816 $5,298
2006 $15,620 $20,076 $1,600 $4,975
2005 $14,214 $18,450 $1,211 $4,678
2004 $12,886 $17,299 $962 $4,381
2003 $12,076 $16,707 $763 $4,015
2002 $11,760 $16,133 $712 $3,770
2001 $11,640 $15,866 $566 $3,309
2000 $11,675 $15,914 $547 $3,139
1999 $11,244 $14,873 $481 $3,002
1998 $10,734 $14,621 $1,822 $3,022
1997 $9,522 $13,941 $1,720 $2,990
1996 $9,012 $13,090 $1,633 $2,931
1995 $8,460 $12,375 $1,272 $2,835
1994 $8,223 $11,900 $745 $2,853
1993 $7,905 $11,448 $540 $2,921
1992 $7,519 $11,127 $509 $2,991
1991 $7,790 $11,576 $597 $2,870
1990 $7,781 $11,687 $556 $2,840
1989 $7,773 - $465 -
1988 $7,033 - $540 -
1987 $6,625 - $588 -
1986 $6,031 - $628 -
1985 $5,510 - $869 -
1984 $5,284 - $890 -
1983 $4,866 - $1,207 -
1982 $4,599 - $1,822 -
1981 $4,417 - $2,162 -
1980 $4,025 - $870 -
1979 $2,668 - $661 -
1978 $2,198 - $527 -
1977 $1,968 - $536 -
1976 $1,734 - $556 -
1975 $1,601 - $438 -
1974 $1,243 - $403 -
1973 $1,042 - $252.4 -
1972 $856 - $209.5 -
1971 $750 - $160.5 -
1970 $666 - $224.5 -
1969 $567 - $121.4 -
1968 $506 - $97.3 -
1967 $508 - $99.5 -
1966 $462 - $124.4 -
1965 $433 - $117.3 -
1964 $414 - $113.3 -
1963 $421 - $107.7 -
1962 $377 - $104.5 -
1961 $366 - $97.1 -
1960 $347 - $93.1 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Nigeria ranks 136th at $9,087.

Economic indicators

Barbados Nigeria
Gross domestic product
$7.5B
2024
$252B
2024
GDP rank
157/197
2024
54/197
2024
GDP growth
2.48%
2023-2024
4.06%
2023-2024
GDP per capita
$26,545
2024
$1,084
2024
GDP per capita rank
46/197
2024
174/197
2024
GDP per capita, PPP
$24,823
2024
$9,087
2024
GDP per capita PPP rank
84/197
2024
136/197
2024
Government debt
$7.97B
2024
$99.2B
2024
Debt-to-GDP ratio
106.3%
2024
39.3%
2024
Government debt per person
$28,218
2024
$426
2024
Government debt per person rank
26/185
2024
170/185
2024
Average annual personal income after taxes
$18,869
2026
$1,104
2026
Market capitalization of domestic companies
$2.78B
2020
$54.4B
2024
Number of billionaires
1
2025
4
2025
Income share by richest 10%
25.8%
2016
26.3%
2022
Income share by poorest 10%
2.5%
2016
3%
2022
Government expenditure, % of GDP
30.2%
2024
12.3%
2024
Consumer prices inflation
-0.44%
2023-2024
33.2%
2023-2024
Central bank interest rate
2%
2020
27%
2025
Unemployment rate
6.54%
2023
3.45%
2024
Population
282798
243824469

Spending and national debt comparison by year

Barbados
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Barbados Nigeria
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 12.3% 39.3%
2023 28.8% 113.4% 10.4% 36.3%
2022 30.3% 116.9% 10.6% 29.8%
2021 32.5% 130.2% 9.09% 26.6%
2020 30.3% 128.4% 8.73% 25.7%
2019 23.9% 109.5% 8.87% 21.4%
2018 26.9% 115% 9.1% 20.4%
2017 29.8% 143.6% 8.51% 18%
2016 30.7% 136.5% 6.93% 17.4%
2015 31.4% 131.9% 7.85% 14.9%
2014 29% 122% 9.49% 12.9%
2013 30.8% 118.6% 10% 13%
2012 30.6% 109.4% 10.5% 12.5%
2011 27.7% 98.7% 12.3% 12.4%
2010 29.7% 96% 11.8% 6.67%
2009 29.5% 88.5% 11% 6.12%
2008 28.1% 72.6% 10.2% 5.17%
2007 27.8% 69% 12.9% 5.76%
2006 27.2% 69.8% 8.75% 6.68%
2005 28.7% 68.2% 12.6% 13.4%
2004 28.5% 66.5% 13% 25.2%
2003 29.8% 66.6% 16.5% 29.9%
2002 31% 66.1% 13.8% 30.7%
2001 22% 62.6% 21.9% 37.7%
2000 20.8% 56.6% 17.6% 40.9%
1999 19.7% 50.1% 14.9% 46.1%
1998 19% 50.5% 11.2% 15.8%
1997 21.5% 56.9% 9.68% 17.1%
1996 20.5% 56.1% 7.87% 17.9%
1995 18.6% 55.9% 8.87% 24.2%
1994 17% 55% 12.1% 39.7%
1993 - - 20% 50.4%
1992 - - 15.9% 49.8%
1991 - - 13.6% 53.2%
1990 - - 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 39.3% in Nigeria, ranking 18/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Nigeria
1x
Year Deficit/surplus, % of GDP
Barbados Nigeria
2024 -0.89% -1.57%
2023 -1.71% -3.12%
2022 -1.96% -4%
2021 -4.65% -3.97%
2020 -4.16% -4.03%
2019 3.08% -3.31%
2018 -0.34% -3.06%
2017 -3.89% -3.85%
2016 -4.88% -3.3%
2015 -8.16% -2.7%
2014 -6.57% -1.72%
2013 -8.98% -1.89%
2012 -7.07% -0.09%
2011 -3.63% 0.31%
2010 -7.55% -2.96%
2009 -6.56% -3.78%
2008 -4.1% 4.05%
2007 -4.34% -0.79%
2006 -3.41% 6.22%
2005 -3.03% 3.49%
2004 -2.97% 3.9%
2003 -3.08% -1.56%
2002 -5.28% 0.95%
2001 4.07% -2.29%
2000 4.94% 2.89%
1999 5.39% -1.39%
1998 6.03% -3.47%
1997 5.64% 1.14%
1996 3.76% 3.37%
1995 6.22% 2.52%
1994 6.72% -2.96%
1993 - -6.07%
1992 - 0.94%
1991 - -1.18%
1990 - -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/barbados/nigeria | 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 Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Nigeria ran a deficit in 21 years. On average, Barbados posted an annual deficit equal to 1.66% of GDP, compared to deficit of 0.87% of GDP for Nigeria.

Inflation comparison by year

Inflation
Barbados

Nigeria
1x
Year Consumer prices inflation
Barbados Nigeria
2024 -0.44% 33.2%
2023 9.79% 24.7%
2022 - 18.8%
2021 - 17%
2020 - 13.2%
2019 4.1% 11.4%
2018 3.67% 12.1%
2017 4.66% 16.5%
2016 1.28% 15.7%
2015 -1.11% 9.01%
2014 1.77% 8.05%
2013 1.81% 8.5%
2012 4.53% 12.2%
2011 9.43% 10.8%
2010 5.82% 13.7%
2009 3.64% 12.5%
2008 8.11% 11.6%
2007 4.03% 5.39%
2006 7.31% 8.23%
2005 6.08% 17.9%
2004 1.39% 15%
2003 1.62% 14%
2002 0.13% 12.9%
2001 2.58% 18.9%
2000 2.44% 6.93%
1999 1.56% 6.62%
1998 -1.27% 10%
1997 7.71% 8.53%

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

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

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 13.3% in Nigeria. In 2024, inflation was -0.44% in Barbados and 33.2% in Nigeria.

Top exports between countries

Barbados
Export category Export value
Miscellaneous $2K
Precious metals & jewellery $1K
Nigeria
Export category Export value

Balance of trade

Barbados Nigeria
Current account balance
-$296M
2017
$17.2B
2024
Current account balance ranking
100/190
2017
20/190
2024
Current account balance, % of GDP
-5.22%
2017
+6.82%
2024
Goods imports
$1.53B
2017
$39.8B
2024
Goods exports
$705M
2017
$53B
2024
Service imports
$687M
2017
$17.9B
2024
Service exports
$1.52B
2017
$4.57B
2024
Imports of goods and services, % of GDP n/a
16.9%
1960
Exports of goods and services, % of GDP
14.5%
2025
9.24%
1960

Economic freedom indices

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

Barbados Nigeria
Economic freedom 70.4 54.8
Economic freedom ranking 34/197 132/197
Property rights 76.4 29.7
Government integrity 71.3 23.5
Judicial effectiveness 87.3 34.4
Tax burden 83.2 84.6
Government spending 74.5 96.3
Fiscal health 76.5 83.5
Business freedom 72.3 50.3
Labor freedom 54.3 75.4
Monetary freedom 80.8 56.1
Trade freedom 48.2 64.4
Investment freedom 60 30
Financial freedom 60 30

Economic freedom comparison by year

Barbados
Nigeria
1x
Year Economic freedom index
Barbados Nigeria
2026 70.4 54.8
2025 68.9 53.4
2024 66.8 53.1
2023 69.8 53.9
2022 71.3 54.4
2021 65 58.7
2020 61.4 57.2
2019 64.7 57.3
2018 57 58.5
2017 54.5 57.1
2016 68.3 57.5
2015 67.9 55.6
2014 68.3 54.3
2013 69.3 55.1
2012 69 56.3
2011 68.5 56.7
2010 68.3 56.8
2009 71.5 55.1
2008 71.3 55.1
2007 70 55.6
2006 71.9 48.7
2005 70.1 48.4
2004 69.4 49.2
2003 71.3 49.5
2002 73.6 50.9
2001 71.5 49.6
2000 69.5 53.1
1999 66.7 55.7
1998 67.9 52.3
1997 64.5 52.8
1996 62.3 47.4
1995 - 47.3

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

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 54.8 for Nigeria, ranking 132/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Nigeria
Services, % of GDP
75.5%
2024
53.7%
2024
Industry, % of GDP
12.4%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
25.9%
2024
GNI, Atlas method
$7.1B
2024
$396B
2024
GNI per capita, PPP
$23,850
2024
$8,850
2024
Total reserves including gold
$1.65B
2024
$38.6B
2024
Total reserves ranking
131/177
2024
51/177
2024
Net foreign direct investment
-$208M
2017
-$672M
2024
Net inflows of foreign direct investment
$303M
2024
$1.08B
2024
Net outflows of foreign direct investment
$18.6M
2024
$408M
2024
Servicing debt to the IMF, % of GNI n/a
5.48%
2024
Poverty at national poverty lines
25.7%
2016
56.2%
2023

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/nigeria | 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 (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.