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Economy of Barbados vs Papua New Guinea compared: GDP & Debt

Updated on by Georank

Barbados has a GDP of $8.02B compared to $32.5B for Papua New Guinea, ranking 157/197 and 111/197 by economy size, respectively.

Barbados has $7.55B in government debt (94.2% of GDP), compared to $16.9B (52.1% of GDP) in Papua New Guinea.

Barbados vs Papua New Guinea GDP by year

Barbados
Papua New Guinea
1x
Year GDP, current $
Barbados Papua New Guinea
2025 $8,016,550,000 $32,498,658,654
2024 $7,597,571,450 $30,803,971,189
2023 $7,223,248,150 $30,816,328,066
2022 $6,886,644,900 $31,653,230,962
2021 $5,948,900,600 $26,113,409,478
2020 $5,403,246,950 $23,848,447,850
2019 $6,166,710,800 $24,750,626,030
2018 $6,001,101,550 $24,109,780,708
2017 $5,847,381,600 $22,742,699,138
2016 $5,679,029,450 $20,758,876,953
2015 $5,699,619,150 $21,723,437,010
2014 $5,684,901,000 $23,210,823,987
2013 $5,660,059,700 $21,261,338,065
2012 $5,486,500,500 $21,295,168,666
2011 $5,563,162,050 $17,985,138,066
2010 $5,428,683,250 $14,250,786,675
2009 $4,466,809,600 $11,619,456,449
2008 $4,790,410,400 $11,670,892,801
2007 $4,675,767,950 $9,545,028,944
2006 $4,217,323,400 $8,354,911,041
2005 $3,819,500,000 $4,865,892,972
2004 $3,444,500,000 $3,927,157,867
2003 $3,209,500,000 $3,536,411,824
2002 $3,106,500,000 $2,999,511,040
2001 $3,054,500,000 $3,081,024,212
2000 $3,059,500,000 $3,521,339,699
1999 $2,951,822,205 $3,477,038,204
1998 $2,817,083,478 $3,789,443,015
1997 $2,498,384,130 $4,936,615,299
1996 $2,363,645,403 $5,155,311,077
1995 $2,216,974,096 $4,636,057,476
1994 $2,151,344,901 $5,502,786,070
1993 $2,063,342,117 $4,974,550,286
1992 $1,957,000,000 $4,377,980,510
1991 $2,020,583,702 $3,787,394,958
1990 $2,012,131,457 $3,219,729,083
1989 $2,006,165,167 $3,546,472,566
1988 $1,812,757,918 $3,656,177,881
1987 $1,704,370,308 $3,143,851,794
1986 $1,547,755,183 $2,647,995,602
1985 $1,409,536,121 $2,423,339,172
1984 $1,346,890,071 $2,552,662,617
1983 $1,236,016,507 $2,562,351,551
1982 $1,163,923,830 $2,368,719,683
1981 $1,114,204,743 $2,498,190,847
1980 $1,012,280,615 $2,545,808,456
1979 $670,362,452 $2,293,760,511
1978 $552,883,707 $1,947,878,831
1977 $495,097,668 $1,640,746,619
1976 $435,911,269 $1,511,843,235
1975 $402,178,605 $1,356,603,608
1974 $311,804,630 $1,467,417,672
1973 $260,767,828 $1,299,079,410
1972 $213,725,217 $858,761,926
1971 $186,826,503 $717,750,278
1970 $166,210,203 $645,568,215
1969 $141,393,142 $551,263,864
1968 $125,733,669 $485,184,190
1967 $125,554,009 $441,728,183
1966 $113,195,123 $390,992,063
1965 $105,021,997 $344,176,055
1964 $99,252,731 $305,312,049
1963 $99,893,761 $275,968,044
1962 $88,782,583 $261,184,042
1961 $85,363,759 $244,832,039
1960 $80,021,847 $230,496,037

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

GeoRank.org/economy/barbados/papua-new-guinea | CC BY

GDP per capita in Barbados vs Papua New Guinea by year

Barbados
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $28,365 - $3,020 -
2024 $26,897 $24,823 $2,912 $4,875
2023 $25,584 $23,660 $2,966 $4,668
2022 $24,393 $22,193 $3,102 $4,420
2021 $21,084 $17,683 $2,608 $3,977
2020 $19,181 $16,555 $2,430 $3,900
2019 $21,929 $19,971 $2,576 $4,060
2018 $21,378 $19,777 $2,566 $3,910
2017 $20,871 $18,437 $2,478 $3,923
2016 $20,311 $19,176 $2,316 $3,813
2015 $20,429 $19,186 $2,485 $3,670
2014 $20,424 $18,595 $2,723 $3,500
2013 $20,384 $19,032 $2,561 $3,110
2012 $19,811 $19,605 $2,635 $3,026
2011 $20,146 $20,316 $2,288 $2,919
2010 $19,723 $20,033 $1,867 $2,912
2009 $16,295 $20,324 $1,569 $2,692
2008 $17,566 $21,376 $1,625 $2,583
2007 $17,235 $20,949 $1,371 $2,622
2006 $15,620 $20,076 $1,238 $2,444
2005 $14,214 $18,450 $744 $2,322
2004 $12,886 $17,299 $621 $2,187
2003 $12,076 $16,707 $577 $2,142
2002 $11,760 $16,133 $506 $2,125
2001 $11,640 $15,866 $538 $2,168
2000 $11,675 $15,914 $636 $2,196
1999 $11,244 $14,873 $650 $2,280
1998 $10,734 $14,621 $733 $2,285
1997 $9,522 $13,941 $990 $2,432
1996 $9,012 $13,090 $1,071 $2,578
1995 $8,460 $12,375 $998 $2,436
1994 $8,223 $11,900 $1,228 $2,558
1993 $7,905 $11,448 $1,151 $2,451
1992 $7,519 $11,127 $1,051 $2,100
1991 $7,790 $11,576 $942 $1,869
1990 $7,781 $11,687 $826 $1,703
1989 $7,773 - $934 -
1988 $7,033 - $985 -
1987 $6,625 - $865 -
1986 $6,031 - $745 -
1985 $5,510 - $697 -
1984 $5,284 - $750 -
1983 $4,866 - $769 -
1982 $4,599 - $726 -
1981 $4,417 - $781 -
1980 $4,025 - $813 -
1979 $2,668 - $748 -
1978 $2,198 - $648 -
1977 $1,968 - $558 -
1976 $1,734 - $525 -
1975 $1,601 - $482 -
1974 $1,243 - $533 -
1973 $1,042 - $483 -
1972 $856 - $327 -
1971 $750 - $279.7 -
1970 $666 - $257.6 -
1969 $567 - $225.3 -
1968 $506 - $202.9 -
1967 $508 - $189 -
1966 $462 - $171.1 -
1965 $433 - $153.9 -
1964 $414 - $139.5 -
1963 $421 - $128.9 -
1962 $377 - $124.7 -
1961 $366 - $119.7 -
1960 $347 - $115.5 -

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

GeoRank.org/economy/barbados/papua-new-guinea | CC BY

Barbados' GDP per capita is $28,365, ranking 48/197, compared to $3,020 in Papua New Guinea, ranking 147/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Barbados Papua New Guinea
Gross domestic product
$8.02B
2025
$32.5B
2025
GDP rank
157/197
2025
111/197
2025
GDP growth
2.7%
2024-2025
5.64%
2024-2025
GDP per capita
$28,365
2025
$3,020
2025
GDP per capita rank
48/197
2025
147/197
2025
GDP per capita, PPP
$24,823
2024
$4,875
2024
GDP per capita PPP rank
84/197
2024
159/197
2024
Government debt
$7.55B
2025
$16.9B
2025
Debt-to-GDP ratio
94.2%
2025
52.1%
2025
Government debt per person
$26,731
2025
$1,575
2025
Government debt per person rank
28/185
2025
129/185
2025
Average annual personal income after taxes
$19,127
2026
$2,615
2026
Market capitalization of domestic companies
$2.78B
2020
$1.68B
2017
Number of billionaires
1
2026
n/a
Income share by richest 10%
25.8%
2016
31%
2009
Income share by poorest 10%
2.5%
2016
1.9%
2009
Government expenditure, % of GDP
27%
2025
19.7%
2025
Consumer prices inflation
0.85%
2024-2025
4.42%
2024-2025
Central bank interest rate
2%
2020
5%
2025
Unemployment rate
6.03%
2024
2.69%
2022
Population
282789
11045681

Spending and national debt comparison by year

Barbados
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Barbados Papua New Guinea
Government spending Government debt Government spending Government debt
2025 27% 94.2% 19.7% 52.1%
2024 28.1% 98.9% 20.9% 53.3%
2023 26.5% 104.1% 22.3% 53.9%
2022 26.9% 104% 21.9% 48.2%
2021 27.1% 108.6% 22% 52.6%
2020 30.6% 129.6% 23.5% 48.7%
2019 22.2% 101.6% 21.3% 38.2%
2018 25% 107.2% 20.3% 36.7%
2017 28% 134.6% 18.4% 32.5%
2016 28.6% 127.1% 20.9% 33.7%
2015 29.2% 122.5% 22.8% 29.9%
2014 27.4% 115.1% 27.1% 26.9%
2013 29.1% 111.7% 27.6% 24.9%
2012 28.9% 103.5% 22.4% 19.1%
2011 26.5% 94.4% 19.7% 16.3%
2010 28% 90.3% 18.4% 17.3%
2009 27.8% 83.5% 24.7% 21.7%
2008 27.1% 69.8% 19.8% 21.6%
2007 26.1% 64.9% 18% 22.2%
2006 25% 64.1% 19.4% 26%
2005 26.4% 62.7% 20.6% 31.6%
2004 26.2% 61% 19.4% 37.2%
2003 27.7% 61.8% 18.7% 40.4%
2002 29.1% 62% 20.8% 48.4%
2001 20.7% 59% 21.6% 47.7%
2000 19.7% 53.6% 20.5% 42.3%
1999 18.5% 47% 21.4% 41.8%
1998 17.8% 47.2% 20% 45.7%
1997 19.6% 52% 20.6% 43.9%
1996 19.1% 52.3% 17.6% 37.8%
1995 17.3% 52% 17.1% 36.6%
1994 15.9% 51.4% 19.3% 40.1%
1993 - - 23.5% 30%
1992 - - 22.8% 30.4%
1991 - - 22.4% -
1990 - - 24.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-07-08).

GeoRank.org/economy/barbados/papua-new-guinea | CC BY

In 2025, Barbados' government spending was $2.16B, accounting for 27% of its GDP, while Papua New Guinea spent $6.4B, or 19.7% of GDP.

Debt-to-GDP ratio is 94.2% in Barbados and 52.1% in Papua New Guinea, ranking 28/185 and 99/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Barbados Papua New Guinea
2025 -0.31% -2.36%
2024 -0.84% -3.31%
2023 -1.57% -4.34%
2022 -1.74% -5.25%
2021 -3.88% -6.84%
2020 -4.19% -8.85%
2019 2.86% -4.98%
2018 -0.32% -2.58%
2017 -3.64% -2.47%
2016 -4.55% -4.75%
2015 -7.58% -4.55%
2014 -6.2% -6.27%
2013 -8.46% -6.87%
2012 -6.69% -1.19%
2011 -3.47% 2.22%
2010 -7.1% 3.06%
2009 -6.19% -5.48%
2008 -3.94% 2.73%
2007 -4.08% 6.9%
2006 -3.13% 5.34%
2005 -2.78% 2.85%
2004 -2.73% 2.03%
2003 -2.86% 0.19%
2002 -4.96% -1.75%
2001 3.83% -1.33%
2000 4.68% 0.3%
1999 5.06% -1.94%
1998 5.63% -0.16%
1997 5.15% 0.67%
1996 3.5% 2.05%
1995 5.79% 1.08%
1994 6.28% -1.01%
1993 - -4.9%
1992 - -4.33%
1991 - -0.62%
1990 - -2.04%

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

GeoRank.org/economy/barbados/papua-new-guinea | 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 Papua New Guinea's deficit of $766M, or 2.36% of GDP.

Over the past 32 years, Barbados recorded a fiscal deficit in 23 of those years, while Papua New Guinea ran a deficit in 20 years. On average, Barbados posted an annual deficit equal to 1.51% of GDP, compared to deficit of 1.46% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Barbados

Papua New Guinea
1x
Year Consumer prices inflation
Barbados Papua New Guinea
2025 0.85% 4.42%
2024 1.45% 0.6%
2023 3.19% 2.3%
2022 - 5.25%
2021 - 4.48%
2020 - 4.87%
2019 1.68% 3.93%
2018 3.11% 4.37%
2017 4.66% 5.42%
2016 1.28% 6.67%
2015 -1.11% 6%
2014 1.77% 5.22%
2013 1.81% 4.96%
2012 4.53% 4.54%
2011 9.43% 4.44%
2010 5.82% 6.01%
2009 3.64% 6.92%
2008 8.11% 10.8%
2007 4.03% 0.91%
2006 7.31% 2.37%
2005 6.08% 1.78%
2004 1.39% 2.16%
2003 1.62% 14.7%
2002 0.13% 11.8%
2001 2.58% 9.3%
2000 2.44% 15.6%
1999 1.56% 14.9%
1998 -1.27% 13.6%
1997 7.71% 3.96%

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

GeoRank.org/economy/barbados/papua-new-guinea | CC BY

Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.22%, compared with 6.29% in Papua New Guinea. In 2025, inflation was 0.85% in Barbados and 4.42% in Papua New Guinea.

Balance of trade

Barbados Papua New Guinea
Current account balance
-$296M
2017
$4.77B
2024
Current account balance ranking
96/190
2017
32/190
2024
Current account balance, % of GDP
-5.07%
2017
+15.5%
2024
Goods imports
$1.53B
2017
$4.69B
2024
Goods exports
$705M
2017
$13.4B
2024
Service imports
$687M
2017
$2.4B
2024
Service exports
$1.52B
2017
$75.2M
2024
Imports of goods and services, % of GDP n/a
58.9%
2004
Exports of goods and services, % of GDP
14.5%
2026
72.2%
2004

Economic freedom indices

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

Barbados Papua New Guinea
Economic freedom 70.4 54.3
Economic freedom ranking 34/197 134/197
Property rights 76.4 45
Government integrity 71.3 30.8
Judicial effectiveness 87.3 41.1
Tax burden 83.2 70.9
Government spending 74.5 86.1
Fiscal health 76.5 65.3
Business freedom 72.3 34.2
Labor freedom 54.3 65.1
Monetary freedom 80.8 77.4
Trade freedom 48.2 80.2
Investment freedom 60 25
Financial freedom 60 30

Economic freedom comparison by year

Barbados
Papua New Guinea
1x
Year Economic freedom index
Barbados Papua New Guinea
2026 70.4 54.3
2025 68.9 52.5
2024 66.8 49.4
2023 69.8 51.7
2022 71.3 54.6
2021 65 58.9
2020 61.4 58.4
2019 64.7 58.4
2018 57 55.7
2017 54.5 50.9
2016 68.3 53.2
2015 67.9 53.1
2014 68.3 53.9
2013 69.3 53.6
2012 69 53.8
2011 68.5 52.6
2010 68.3 53.5
2009 71.5 54.8
2008 71.3 -
2007 70 -
2006 71.9 -
2005 70.1 -
2004 69.4 -
2003 71.3 -
2002 73.6 -
2001 71.5 57.2
2000 69.5 55.8
1999 66.7 56.3
1998 67.9 55.2
1997 64.5 56.7
1996 62.3 58.6

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

GeoRank.org/economy/barbados/papua-new-guinea | CC BY

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 54.3 for Papua New Guinea, ranking 134/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Papua New Guinea
Services, % of GDP
75.8%
2024
42%
2024
Industry, % of GDP
12.2%
2024
36.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.55%
2024
17%
2024
GNI, Atlas method
$7.65B
2025
$31.2B
2025
GNI per capita, PPP
$24,840
2025
$4,840
2025
Total reserves including gold
$1.65B
2024
$3.71B
2024
Total reserves ranking
131/177
2024
114/177
2024
Net foreign direct investment
-$208M
2017
$968M
2024
Net inflows of foreign direct investment
$303M
2024
-$198M
2024
Net outflows of foreign direct investment
$18.6M
2024
$770M
2024
Servicing debt to the IMF, % of GNI n/a
20.4%
2024
Poverty at national poverty lines
25.7%
2016
39.9%
2009
Gross capital formation, % of GDP n/a
20%
2004

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/papua-new-guinea | 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 (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, 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.

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.