Barbados vs North Macedonia: Economic Indicators Comparison
North Macedonia with a GDP of $12.7B ranked the 135th largest economy in the world, while Barbados ranked 157th with $5.1B. By GDP 5-years average growth and GDP per capita, North Macedonia and Barbados ranked 110th vs 159th and 100th vs 50th, respectively.
Gross Domestic Product & Income
| Stat |  Barbados |  North Macedonia |
|---|---|---|
| GDP | $5.1B | $12.7B |
| GDP growth, 1 year | -0.5% | 2.7% |
| GDP growth, 5-years average | 0.7% | 2.6% |
| Population | 286k | 2.1M |
| GDP per capita | $18k | $6.1k |
| GDP per capita growth | -0.64% | 2.62% |
| Purchasing Power Parity conversion factor | 1.93 | 19.38 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.97 | 0.37 |
| GDP per capita, PPP adjusted | $19k | $16k |
| GNI, Atlas method | $4.4B | $11.4B |
| GNI per capita | $15k | $5.5k |
| GNI, PPP adjusted | $4.7B | $32.6B |
| GNI per capita, PPP adjusted | $16k | $16k |
Financial system and Human development
| Stat | Barbados | North Macedonia |
|---|---|---|
| Income Tax Rate | 40% | 10% |
| Corporate Tax Rate | 5.5% | 10% |
| Inflation, consumer prices | 3.6% | 1.5% |
| Inflation, GDP deflator | 3.6% | 4.3% |
| Unemployment | 9.6% | 21.6% |
| Economic Freedom Index | 61.4 | 69.5 |
| Personal Freedom Index | 8.22 | 8.17 |
| Human Freedom Index | 7.21 | 7.55 |
| Property Rights Index | 56.6 | 62.5 |
| Judical Effectiveness Index | 36.1 | 42.7 |
| Business Freedom Index | 69.4 | 80.6 |
| Fiscal Health Index | 63.1 | 87.7 |
| Labor Freedom Index | 60 | 67 |
| Investment Freedom Index | 70 | 65 |
| Financial Freedom Index | 60 | 60 |
| Trade Freedom Index | 56.6 | 86.2 |
| Monetary Freedom Index | 77.9 | 77.7 |
| Government Spending Index | 69.2 | 71 |
| Tax Burden Index | 73.6 | 91.5 |
| Government Integrity Index | 44 | 42.2 |
| Corruption Perceptions Index | 68 | 37 |
| Life expectancy at birth, years | 79 | 75.6 |
| Suicide mortality rate, per 100,000 people | 0.8 | 7.9 |
| Mortality caused by road traffic injury, per 100,000 people | 5.6 | 6.4 |
| Intentional homicides, per 100,000 people | 10.5 | 1.5 |
| International tourism, number of arrivals | 680k | 707k |
Government debt & reserves
| Stat | Barbados | North Macedonia |
|---|---|---|
| Central government debt, % of GDP | 124.5% | 39.5% |
| External debt stocks, % of GNI | N/A | 72% |
| External debt stocks | N/A | $8.7B |
| Short-term debt, % of total reserves | N/A | 40.9% |
| Total debt service, % of exports and primary income | N/A | 16.6% |
| Adjusted net savings including particulate emission damage, % of GNI | -6.8% | 15.4% |
| Gross savings, % of GDP | -0.5% | 33% |
| Gross capital formation, % of GDP | 11.3% | 33% |
| Total reserves including gold | $431.8M | $3.3B |
| Foreign direct investment net inflows | $195.1M | $648.7M |
Exports, imports and economic structure
| Stat | Barbados | North Macedonia |
|---|---|---|
| Exports of goods and services, % of GDP | 42% | 60.3% |
| Imports of goods and services, % of GDP | 40.9% | 72.9% |
| Current account balance (balance of payments) | -$248.2M | -$25.6M |
| Revenue excluding grants, % of GDP | 26.7% | 26.8% |
| Grants excluding technical cooperation, BoP | $13.8M | $133.8M |
| Personal remittances received | $108.3M | $344.5M |
| Industry including construction value added, % of GDP | 14% | 23.6% |
| Agriculture, forestry and fishing value added, % of GDP | 1.3% | 7.2% |
| Charges for the use of intellectual property, payments BoP | $12.1M | $188.8M |
| Charges for the use of intellectual property, receipts BoP | $33.4M | $11.8M |
| Expense, % of GDP | 35.2% | 27.9% |
| Government Expenditure, % of GDP | 32% | 31.1% |
