Barbados has a GDP of $7.16B compared to $1.71T for South Korea, ranking 158/197 and 15/197 by economy size, respectively.
Barbados has $7.48B in government debt (99% of GDP), compared to $868B (54.5% of GDP) in South Korea.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Barbados
|
South Korea
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $80,021,847 | $1,704,405,288 | $3,958,811,881 | $25,704,085,715 |
| 1961 | $85,363,759 | $1,835,585,349 | $2,417,628,737 | $27,486,919,212 |
| 1962 | $88,782,583 | $2,001,903,306 | $2,814,615,385 | $28,557,609,626 |
| 1963 | $99,893,761 | $1,900,238,227 | $3,988,461,538 | $31,133,668,302 |
| 1964 | $99,252,731 | $1,995,342,789 | $3,459,019,943 | $34,083,217,465 |
| 1965 | $105,021,997 | $2,223,507,114 | $3,120,861,499 | $36,577,575,097 |
| 1966 | $113,195,123 | $2,312,522,359 | $3,929,055,144 | $40,964,673,583 |
| 1967 | $125,554,009 | $2,558,485,385 | $4,855,892,446 | $44,684,104,770 |
| 1968 | $125,733,669 | $2,735,579,172 | $6,119,394,892 | $50,567,110,467 |
| 1969 | $141,393,142 | $2,941,251,088 | $7,678,698,838 | $57,930,372,849 |
| 1970 | $166,210,203 | $3,220,946,507 | $9,005,144,969 | $63,753,959,605 |
| 1971 | $186,826,503 | $3,346,973,204 | $9,903,571,249 | $70,477,142,055 |
| 1972 | $213,725,217 | $3,389,606,971 | $10,862,211,761 | $75,561,617,309 |
| 1973 | $260,767,828 | $3,435,051,446 | $13,876,472,208 | $86,819,030,861 |
| 1974 | $311,804,630 | $3,275,292,656 | $19,543,973,941 | $95,077,114,202 |
| 1975 | $402,178,605 | $3,213,062,096 | $21,784,297,521 | $102,531,096,576 |
| 1976 | $435,911,269 | $3,353,158,383 | $29,902,479,339 | $116,087,191,991 |
| 1977 | $495,097,668 | $3,475,287,311 | $38,446,487,603 | $130,407,687,326 |
| 1978 | $552,883,707 | $3,644,774,964 | $51,972,107,438 | $144,691,222,664 |
| 1979 | $670,362,452 | $3,932,457,349 | $66,946,900,826 | $157,237,726,607 |
| 1980 | $1,012,280,615 | $4,104,426,257 | $65,398,377,598 | $154,650,084,774 |
| 1981 | $1,114,204,743 | $4,026,452,355 | $72,933,533,012 | $165,856,302,541 |
| 1982 | $1,163,923,830 | $3,829,118,402 | $78,358,416,171 | $179,685,530,559 |
| 1983 | $1,236,016,507 | $3,848,311,978 | $87,760,553,262 | $203,720,580,661 |
| 1984 | $1,346,890,071 | $3,986,865,604 | $97,510,744,119 | $225,216,443,661 |
| 1985 | $1,409,536,121 | $4,030,650,950 | $101,296,177,099 | $242,870,854,435 |
| 1986 | $1,547,755,183 | $4,236,382,092 | $116,836,246,285 | $270,381,470,486 |
| 1987 | $1,704,370,308 | $4,346,145,354 | $147,948,709,376 | $304,783,976,339 |
| 1988 | $1,812,757,918 | $4,498,494,363 | $199,591,287,825 | $341,320,612,493 |
| 1989 | $2,006,165,167 | $4,660,440,160 | $246,928,837,311 | $365,461,856,267 |
| 1990 | $2,012,131,457 | $4,506,291,754 | $283,365,844,161 | $401,560,542,994 |
| 1991 | $2,020,583,702 | $4,330,550,570 | $330,647,042,837 | $444,840,963,701 |
| 1992 | $1,957,000,000 | $4,084,033,071 | $355,524,903,068 | $472,415,066,062 |
| 1993 | $2,063,342,117 | $4,116,422,240 | $392,665,710,525 | $504,905,290,010 |
| 1994 | $2,151,344,901 | $4,199,194,541 | $463,619,823,515 | $551,703,276,663 |
| 1995 | $2,216,974,096 | $4,283,766,242 | $566,581,003,128 | $604,747,148,974 |
| 1996 | $2,363,645,403 | $4,454,109,195 | $610,167,053,824 | $652,465,952,372 |
| 1997 | $2,498,384,130 | $4,665,238,573 | $569,755,022,973 | $692,726,706,029 |
| 1998 | $2,817,083,478 | $4,839,180,328 | $383,331,833,682 | $657,193,648,716 |
| 1999 | $2,951,822,205 | $4,855,374,938 | $497,514,040,642 | $732,553,666,047 |
| 2000 | $3,059,500,000 | $5,071,302,668 | $576,179,387,820 | $798,929,132,744 |
| 2001 | $3,054,500,000 | $4,951,342,796 | $547,656,279,895 | $837,696,366,558 |
| 2002 | $3,106,500,000 | $4,990,329,769 | $627,246,933,730 | $902,409,606,062 |
| 2003 | $3,209,500,000 | $5,098,893,435 | $702,714,855,194 | $930,811,064,125 |
| 2004 | $3,444,500,000 | $5,170,869,329 | $793,175,561,887 | $979,188,957,980 |
| 2005 | $3,819,500,000 | $5,375,400,852 | $934,901,071,333 | $1,021,377,732,487 |
| 2006 | $4,217,323,400 | $5,701,717,045 | $1,053,216,909,888 | $1,075,146,392,090 |
| 2007 | $4,675,767,950 | $5,820,266,226 | $1,172,614,086,540 | $1,137,500,027,632 |
| 2008 | $4,790,410,400 | $5,857,135,319 | $1,047,339,010,225 | $1,171,772,731,392 |
| 2009 | $4,466,809,600 | $5,563,266,710 | $943,941,876,219 | $1,181,061,361,994 |
| 2010 | $5,191,188,500 | $5,439,889,540 | $1,143,672,241,150 | $1,261,430,519,849 |
| 2011 | $5,342,183,800 | $5,400,100,308 | $1,253,289,537,501 | $1,307,922,658,113 |
| 2012 | $5,271,257,500 | $5,383,181,192 | $1,278,046,536,287 | $1,339,345,905,332 |
| 2013 | $5,361,158,350 | $5,328,790,506 | $1,370,632,955,321 | $1,381,732,300,870 |
| 2014 | $5,365,976,700 | $5,333,181,722 | $1,484,488,526,272 | $1,425,981,639,370 |
| 2015 | $5,288,057,750 | $5,288,057,750 | $1,466,038,936,206 | $1,466,038,936,206 |
| 2016 | $5,330,761,500 | $5,382,816,061 | $1,499,679,823,910 | $1,509,241,369,554 |
| 2017 | $5,517,340,450 | $5,389,730,073 | $1,623,074,183,502 | $1,556,927,899,271 |
| 2018 | $5,629,916,200 | $5,326,451,133 | $1,725,373,496,825 | $1,602,194,079,769 |
| 2019 | $5,788,288,000 | $5,361,210,777 | $1,651,422,932,448 | $1,638,146,960,195 |
| 2020 | $5,168,344,450 | $4,554,114,648 | $1,644,312,831,906 | $1,626,525,694,050 |
| 2021 | $5,275,242,050 | $4,542,503,210 | $1,818,432,106,880 | $1,696,543,311,943 |
| 2022 | $6,257,303,500 | $5,352,561,585 | $1,673,916,511,800 | $1,740,868,427,277 |
| 2023 | $6,720,733,200 | $5,571,685,827 | $1,712,792,854,202 | $1,764,487,367,949 |
| 2024 | $7,165,000,000 | $5,783,409,907 | - | - |
Economic indicators
|
Barbados
|
South Korea
|
|
|---|---|---|
| Gross domestic product |
$7.16B
2024 |
$1.71T
2023 |
| GDP rank |
158/197
2024 |
15/197
2023 |
| GDP growth |
6.61%
2023-2024 |
2.32%
2022-2023 |
| GDP per capita |
$25,366
2024 |
$33,121
2023 |
| GDP per capita rank |
47/197
2024 |
36/197
2023 |
| GDP per capita, PPP |
$22,672
2024 |
$52,204
2023 |
| Government debt |
$7.48B
2024 |
$868B
2023 |
| Debt-to-GDP ratio |
99%
2025 |
54.5%
2025 |
| Government debt per person |
$26,478
2024 |
$16,791
2023 |
| Government debt per person rank |
27/185
2024 |
36/185
2023 |
| Average annual personal income after taxes |
$17,631
2025 |
$23,981
2025 |
| Market capitalization of domestic companies |
$2.78B
2020 |
$1.56T
2024 |
| Number of millionaires | n/a |
1,295,674
2024 |
| Number of billionaires |
1
2025 |
30
2025 |
| Income share by richest 10% |
25.8%
2016 |
24.6%
2021 |
| Income share by poorest 10% |
2.5%
2016 |
2.9%
2021 |
| Government expenditure, % of GDP |
27.7%
2025 |
23.3%
2025 |
| Consumer prices inflation |
-0.46%
2023-2024 |
2.32%
2023-2024 |
| Central bank interest rate |
2%
2020 |
2.5%
2025 |
| Unemployment rate |
6.54%
2023 |
2.78%
2024 |
| Population |
282698
|
51700480
|
GDP per capita in Barbados vs South Korea
Barbados' GDP per capita is $25,366, ranking 47/197, compared to $33,121 in South Korea, ranking 36/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 85th at $22,672, while South Korea ranks 39th at $52,204.
| Year | Current $ | |||
|---|---|---|---|---|
|
Barbados
|
South Korea
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $347 | - | $158.3 | - |
| 1961 | $366 | - | $93.8 | - |
| 1962 | $377 | - | $106.2 | - |
| 1963 | $421 | - | $146.3 | - |
| 1964 | $414 | - | $123.6 | - |
| 1965 | $433 | - | $108.7 | - |
| 1966 | $462 | - | $133.5 | - |
| 1967 | $508 | - | $161.2 | - |
| 1968 | $506 | - | $198.4 | - |
| 1969 | $567 | - | $243.4 | - |
| 1970 | $666 | - | $279.3 | - |
| 1971 | $750 | - | $301 | - |
| 1972 | $856 | - | $324 | - |
| 1973 | $1,042 | - | $407 | - |
| 1974 | $1,243 | - | $563 | - |
| 1975 | $1,601 | - | $617 | - |
| 1976 | $1,734 | - | $834 | - |
| 1977 | $1,968 | - | $1,056 | - |
| 1978 | $2,198 | - | $1,406 | - |
| 1979 | $2,668 | - | $1,784 | - |
| 1980 | $4,025 | - | $1,715 | - |
| 1981 | $4,417 | - | $1,883 | - |
| 1982 | $4,599 | - | $1,993 | - |
| 1983 | $4,866 | - | $2,199 | - |
| 1984 | $5,284 | - | $2,413 | - |
| 1985 | $5,510 | - | $2,482 | - |
| 1986 | $6,031 | - | $2,835 | - |
| 1987 | $6,625 | - | $3,555 | - |
| 1988 | $7,033 | - | $4,749 | - |
| 1989 | $7,773 | - | $5,817 | - |
| 1990 | $7,781 | $11,072 | $6,610 | $8,355 |
| 1991 | $7,790 | $10,966 | $7,637 | $9,475 |
| 1992 | $7,519 | $10,541 | $8,127 | $10,185 |
| 1993 | $7,905 | $10,845 | $8,885 | $11,031 |
| 1994 | $8,223 | $11,274 | $10,385 | $12,187 |
| 1995 | $8,460 | $11,723 | $12,565 | $13,503 |
| 1996 | $9,012 | $12,401 | $13,403 | $14,694 |
| 1997 | $9,522 | $13,207 | $12,398 | $15,722 |
| 1998 | $10,734 | $13,851 | $8,282 | $14,975 |
| 1999 | $11,244 | $14,090 | $10,672 | $16,807 |
| 2000 | $11,675 | $15,076 | $12,257 | $18,539 |
| 2001 | $11,640 | $15,030 | $11,561 | $19,724 |
| 2002 | $11,760 | $15,283 | $13,165 | $21,397 |
| 2003 | $12,076 | $15,827 | $14,673 | $22,096 |
| 2004 | $12,886 | $16,388 | $16,496 | $23,774 |
| 2005 | $14,214 | $17,478 | $19,403 | $25,187 |
| 2006 | $15,620 | $19,019 | $21,743 | $26,884 |
| 2007 | $17,235 | $19,846 | $24,086 | $29,065 |
| 2008 | $17,566 | $20,250 | $21,350 | $29,946 |
| 2009 | $16,295 | $19,253 | $19,144 | $29,508 |
| 2010 | $18,860 | $18,978 | $23,079 | $31,737 |
| 2011 | $19,346 | $19,165 | $25,098 | $32,547 |
| 2012 | $19,034 | $17,937 | $25,459 | $33,557 |
| 2013 | $19,308 | $18,005 | $27,180 | $34,244 |
| 2014 | $19,278 | $17,753 | $29,253 | $35,324 |
| 2015 | $18,954 | $17,805 | $28,737 | $37,908 |
| 2016 | $19,066 | $18,014 | $29,280 | $39,575 |
| 2017 | $19,693 | $17,899 | $31,601 | $40,957 |
| 2018 | $20,056 | $18,551 | $33,447 | $43,044 |
| 2019 | $20,584 | $18,760 | $31,902 | $43,865 |
| 2020 | $18,347 | $15,824 | $31,721 | $45,143 |
| 2021 | $18,697 | $15,684 | $35,126 | $48,420 |
| 2022 | $22,164 | $19,786 | $32,395 | $51,231 |
| 2023 | $23,804 | $21,336 | $33,121 | $52,204 |
| 2024 | $25,366 | $22,672 | - | - |
Spending and national debt comparison
In 2024, Barbados' government spending was $2.14B, accounting for 27.7% of its GDP, while South Korea's spent $397B, or 23.3% of GDP.
Debt-to-GDP ratio is 99% in Barbados and 54.5% in South Korea, ranking 24/185 and 98/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Barbados
|
South Korea
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | - | - | 17.9% | 13.7% |
| 1961 | - | - | 21.2% | 13.4% |
| 1962 | - | - | 22.3% | 13% |
| 1963 | - | - | 15.4% | 9.21% |
| 1964 | - | - | 12.1% | 6.57% |
| 1965 | - | - | 13.1% | 6.14% |
| 1966 | - | - | 16% | 4.44% |
| 1967 | - | - | 16.7% | 3.74% |
| 1968 | - | - | 18.5% | 2.76% |
| 1969 | - | - | 19.8% | 2.63% |
| 1970 | - | - | 17.5% | 6.95% |
| 1971 | - | - | 18.5% | 14.2% |
| 1972 | - | - | 18.5% | 17.9% |
| 1973 | - | - | 14.2% | 17.5% |
| 1974 | - | - | 16.1% | 18.3% |
| 1975 | - | - | 18.8% | 21.1% |
| 1976 | - | - | 17% | 20% |
| 1977 | - | - | 17.7% | 19.7% |
| 1978 | - | - | 15.7% | 18% |
| 1979 | - | - | 16.3% | 15.5% |
| 1980 | - | - | 16.8% | 18.2% |
| 1981 | - | - | 16.3% | 18.5% |
| 1982 | - | - | 17.8% | 20.2% |
| 1983 | - | - | 16% | 19% |
| 1984 | - | - | 15.6% | 16.7% |
| 1985 | - | - | 15.5% | 16.1% |
| 1986 | - | - | 14.9% | 14.4% |
| 1987 | - | - | 14.3% | 15.2% |
| 1988 | - | - | 13.9% | 12.6% |
| 1989 | - | - | 15% | 12.3% |
| 1990 | - | - | 15.2% | 12.8% |
| 1991 | - | - | 15.4% | 11.9% |
| 1992 | - | - | 15.5% | 11.6% |
| 1993 | - | - | 15.1% | 10.9% |
| 1994 | 17% | 55% | 15.4% | 9.63% |
| 1995 | 18.6% | 55.9% | 13.5% | 8.48% |
| 1996 | 20.5% | 56.1% | 14% | 7.81% |
| 1997 | 21.5% | 56.9% | 13.9% | 9.69% |
| 1998 | 19% | 50.5% | 16% | 13.8% |
| 1999 | 19.7% | 50.1% | 16.1% | 15.8% |
| 2000 | 20.8% | 56.6% | 16% | 16.1% |
| 2001 | 22% | 62.6% | 16.9% | 16.6% |
| 2002 | 31% | 66.1% | 15.9% | 16.4% |
| 2003 | 29.8% | 66.6% | 17.9% | 19.1% |
| 2004 | 28.5% | 66.5% | 18.5% | 21.6% |
| 2005 | 28.7% | 68.2% | 18.2% | 24.9% |
| 2006 | 27.2% | 69.8% | 18.7% | 27% |
| 2007 | 27.8% | 69% | 18.8% | 26.3% |
| 2008 | 28.1% | 72.6% | 19.1% | 25.9% |
| 2009 | 29.5% | 88.5% | 19.5% | 28.8% |
| 2010 | 29.7% | 96% | 17.9% | 28.3% |
| 2011 | 27.7% | 98.7% | 18.3% | 31.7% |
| 2012 | 30.6% | 109.4% | 18.8% | 33.5% |
| 2013 | 30.8% | 118.6% | 19% | 36% |
| 2014 | 29% | 122% | 18.8% | 37.9% |
| 2015 | 31.4% | 131.9% | 18.8% | 38.8% |
| 2016 | 30.7% | 136.5% | 18.5% | 39.1% |
| 2017 | 29.8% | 143.6% | 18.6% | 38% |
| 2018 | 26.9% | 115% | 19.3% | 37.9% |
| 2019 | 23.9% | 109.5% | 21.3% | 39.7% |
| 2020 | 30.3% | 128.4% | 23.7% | 45.9% |
| 2021 | 32.5% | 130.2% | 24.1% | 48% |
| 2022 | 30.3% | 116.9% | 26.7% | 49.8% |
| 2023 | 28.8% | 113.4% | 23.2% | 50.7% |
| 2024 | 29.9% | 104.4% | 22.8% | 52.5% |
| 2025 | 27.7% | 99% | 23.3% | 54.5% |
Government deficit by year
In 2023, Barbados' government deficit, the difference between spending and revenue, was -$115M, equivalent to -1.71% of GDP. This compares to South Korea's deficit of -$11.5B, or -0.67% of GDP.
Over the past 30 years, Barbados recorded a fiscal deficit in 21 of those years, while South Korea ran a deficit in 4 years. On average, Barbados posted an annual deficit equal to -1.68% of GDP, compared to surplus of +1.25% of GDP for South Korea.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Barbados
|
South Korea
|
|
| 1953 | - | -4.14% |
| 1954 | - | -10.3% |
| 1955 | - | -10.6% |
| 1956 | - | -10.8% |
| 1957 | - | -10.1% |
| 1958 | - | -10% |
| 1959 | - | -6.52% |
| 1960 | - | -5.18% |
| 1961 | - | -9.48% |
| 1962 | - | -7.82% |
| 1963 | - | -4.32% |
| 1964 | - | -4.1% |
| 1965 | - | -3.43% |
| 1966 | - | -4.27% |
| 1967 | - | -2.87% |
| 1968 | - | -2.36% |
| 1969 | - | -2.85% |
| 1970 | - | -0.52% |
| 1971 | - | -1.3% |
| 1972 | - | -4.33% |
| 1973 | - | -1.72% |
| 1974 | - | -2.78% |
| 1975 | - | -3.68% |
| 1976 | - | -0.87% |
| 1977 | - | -1.81% |
| 1978 | - | -0.27% |
| 1979 | - | 0.47% |
| 1980 | - | 0.46% |
| 1981 | - | 0.99% |
| 1982 | - | -0.41% |
| 1983 | - | 1.05% |
| 1984 | - | 0.78% |
| 1985 | - | 0.47% |
| 1986 | - | 0.8% |
| 1987 | - | 1.7% |
| 1988 | - | 2.85% |
| 1989 | - | 2.27% |
| 1990 | - | 2.98% |
| 1991 | - | 1.94% |
| 1992 | - | 2.42% |
| 1993 | - | 3.21% |
| 1994 | 6.72% | 2.06% |
| 1995 | 6.22% | 2.16% |
| 1996 | 3.76% | 2.3% |
| 1997 | 5.64% | 2.31% |
| 1998 | 6.03% | 1.09% |
| 1999 | 5.39% | 1.15% |
| 2000 | 4.94% | 3.91% |
| 2001 | 4.07% | 2.42% |
| 2002 | -5.28% | 3.23% |
| 2003 | -3.08% | 1.51% |
| 2004 | -2.97% | 0.09% |
| 2005 | -3.03% | 0.95% |
| 2006 | -3.41% | 1.18% |
| 2007 | -4.34% | 2.49% |
| 2008 | -4.1% | 1.58% |
| 2009 | -6.56% | 0.24% |
| 2010 | -7.55% | 1.61% |
| 2011 | -3.63% | 1.72% |
| 2012 | -7.07% | 1.63% |
| 2013 | -8.98% | 0.79% |
| 2014 | -6.57% | 0.57% |
| 2015 | -8.16% | 0.5% |
| 2016 | -4.88% | 1.56% |
| 2017 | -3.89% | 2.08% |
| 2018 | -0.34% | 2.42% |
| 2019 | 3.08% | 0.35% |
| 2020 | -4.16% | -2.11% |
| 2021 | -4.65% | -0.02% |
| 2022 | -1.96% | -1.49% |
| 2023 | -1.71% | -0.67% |
| 2024 | -1.33% | -0.63% |
| 2025 | -0.27% | -0.4% |
Inflation comparison by year
Over the past 29 years, Barbados has recorded an average annual inflation rate of 3.58%, compared with 2.76% in South Korea. In 2024, inflation was -0.46% in Barbados and 2.32% in South Korea.
| Year | Inflation | ||
|---|---|---|---|
|
Barbados
|
South Korea
|
Barbados
|
South Korea
|
| 1996 | 2.39% | 4.92% | |
| 1997 | 7.71% | 4.44% | |
| 1998 | -1.27% | 7.51% | |
| 1999 | 1.56% | 0.81% | |
| 2000 | 2.44% | 2.26% | |
| 2001 | 2.58% | 4.07% | |
| 2002 | 0.13% | 2.76% | |
| 2003 | 1.62% | 3.51% | |
| 2004 | 1.39% | 3.59% | |
| 2005 | 6.08% | 2.75% | |
| 2006 | 7.31% | 2.24% | |
| 2007 | 4.03% | 2.53% | |
| 2008 | 8.11% | 4.67% | |
| 2009 | 3.64% | 2.76% | |
| 2010 | 5.82% | 2.94% | |
| 2011 | 9.43% | 4.03% | |
| 2012 | 4.53% | 2.19% | |
| 2013 | 1.81% | 1.3% | |
| 2014 | 1.77% | 1.27% | |
| 2015 | -1.11% | 0.71% | |
| 2016 | 1.28% | 0.97% | |
| 2017 | 4.66% | 1.94% | |
| 2018 | 3.67% | 1.48% | |
| 2019 | 4.1% | 0.38% | |
| 2020 | - | 0.54% | |
| 2021 | - | 2.5% | |
| 2022 | - | 5.09% | |
| 2023 | 9.79% | 3.6% | |
| 2024 | -0.46% | 2.32% | |
Top exports between countries
|
Barbados
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $116K |
| Metals | $46K |
| Wood & paper products | $18K |
| Miscellaneous | $2K |
|
South Korea
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $8.22M |
| Metals | $1.42M |
| Chemicals & pharma | $244K |
| Textiles & consumer goods | $124K |
| Raw materials & minerals | $118K |
| Processed food, beverages & tobacco | $115K |
| Wood & paper products | $27K |
Balance of trade
|
Barbados
|
South Korea
|
|
|---|---|---|
Current account balance
|
-$296M
2017 |
$99B
2024 |
| Current account balance ranking |
97/189
2017 |
6/189
2024 |
| Current account balance, % of GDP |
-5.37%
2017 |
+1.92%
2023 |
| Goods imports |
$1.53B
2017 |
$596B
2024 |
| Goods exports |
$705M
2017 |
$696B
2024 |
| Service imports |
$687M
2017 |
$163B
2024 |
| Service exports |
$1.52B
2017 |
$139B
2024 |
| Imports of goods and services, % of GDP | n/a |
43.9%
2023 |
| Exports of goods and services, % of GDP |
14.5%
2025 |
44%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Barbados
|
South Korea
|
|
|---|---|---|
| Economic freedom | 68.9 | 74 |
| Economic freedom ranking | 42/197 | 22/197 |
| Property rights | 72.8 | 89.4 |
| Government integrity | 71.7 | 68.8 |
| Judicial effectiveness | 86.9 | 77.3 |
| Tax burden | 83.6 | 59.6 |
| Government spending | 74.1 | 81.8 |
| Fiscal health | 68.8 | 93.8 |
| Business freedom | 73.1 | 90 |
| Labor freedom | 56.4 | 56.4 |
| Monetary freedom | 78.4 | 77.6 |
| Trade freedom | 40.8 | 73.2 |
| Investment freedom | 60 | 60 |
| Financial freedom | 60 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Barbados is 68.9, ranking 42/197, compared to 74 for South Korea, ranking 22/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Barbados
|
South Korea
|
|
| 1995 | - | 72 |
| 1996 | 62.3 | 73 |
| 1997 | 64.5 | 69.8 |
| 1998 | 67.9 | 73.3 |
| 1999 | 66.7 | 69.7 |
| 2000 | 69.5 | 69.7 |
| 2001 | 71.5 | 69.1 |
| 2002 | 73.6 | 69.5 |
| 2003 | 71.3 | 68.3 |
| 2004 | 69.4 | 67.8 |
| 2005 | 70.1 | 66.4 |
| 2006 | 71.9 | 67.5 |
| 2007 | 70 | 67.8 |
| 2008 | 71.3 | 68.6 |
| 2009 | 71.5 | 68.1 |
| 2010 | 68.3 | 69.9 |
| 2011 | 68.5 | 69.8 |
| 2012 | 69 | 69.9 |
| 2013 | 69.3 | 70.3 |
| 2014 | 68.3 | 71.2 |
| 2015 | 67.9 | 71.5 |
| 2016 | 68.3 | 71.7 |
| 2017 | 54.5 | 74.3 |
| 2018 | 57 | 73.8 |
| 2019 | 64.7 | 72.3 |
| 2020 | 61.4 | 74 |
| 2021 | 65 | 74 |
| 2022 | 71.3 | 74.6 |
| 2023 | 69.8 | 73.7 |
| 2024 | 66.8 | 73.1 |
| 2025 | 68.9 | 74 |
More economic indicators
|
Barbados
|
South Korea
|
|
|---|---|---|
| Services, % of GDP |
75.4%
2023 |
58.4%
2023 |
| Industry, % of GDP |
13.2%
2023 |
31.6%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
1.85%
2023 |
1.6%
2023 |
|
GNI, Atlas method
|
$6.68B
2024 |
$1.84T
2023 |
| GNI per capita, PPP |
$21,740
2024 |
$53,180
2023 |
| Total reserves including gold |
$1.65B
2024 |
$418B
2024 |
| Total reserves ranking |
131/177
2024 |
8/177
2024 |
|
Net foreign direct investment
|
-$208M
2017 |
$33.4B
2024 |
|
Net inflows of foreign direct investment
|
$303M
2024 |
$15.2B
2024 |
|
Net outflows of foreign direct investment
|
$18.6M
2024 |
$48.6B
2024 |
| Poverty at national poverty lines |
25.7%
2016 |
14.4%
2020 |
|
Gross capital formation, % of GDP
|
n/a |
32.1%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
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.