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Economy of Barbados vs Sri Lanka compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $99B for Sri Lanka, ranking 157/197 and 72/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $99.8B (100.8% of GDP) in Sri Lanka.

Barbados vs Sri Lanka GDP by year

Barbados
Sri Lanka
1x
Year GDP, current $
Barbados Sri Lanka
2024 $7,498,050,000 $98,963,185,510
2023 $7,223,250,000 $83,716,142,582
2022 $6,884,900,000 $74,143,020,263
2021 $5,947,550,000 $88,556,698,938
2020 $5,407,050,000 $84,335,574,582
2019 $6,161,850,000 $88,998,706,297
2018 $6,001,950,000 $94,450,015,983
2017 $5,683,150,000 $94,369,350,286
2016 $5,674,600,000 $88,000,211,172
2015 $5,698,150,000 $85,090,301,052
2014 $5,620,600,000 $82,531,125,191
2013 $5,667,200,000 $76,976,203,829
2012 $5,761,450,000 $70,447,217,164
2011 $5,663,100,000 $67,753,285,897
2010 $5,672,900,000 $58,636,049,434
2009 $4,466,809,600 $42,066,224,093
2008 $4,790,410,400 $40,713,826,215
2007 $4,675,767,950 $32,350,238,760
2006 $4,217,323,400 $28,267,410,543
2005 $3,819,500,000 $24,405,791,045
2004 $3,444,500,000 $20,662,525,941
2003 $3,209,500,000 $18,881,765,437
2002 $3,106,500,000 $16,536,535,647
2001 $3,054,500,000 $15,749,753,805
2000 $3,059,500,000 $16,595,882,819
1999 $2,951,822,205 $15,711,933,513
1998 $2,817,083,478 $15,760,736,956
1997 $2,498,384,130 $15,091,913,884
1996 $2,363,645,403 $13,897,738,375
1995 $2,216,974,096 $13,029,697,561
1994 $2,151,344,901 $11,717,604,209
1993 $2,063,342,117 $10,338,679,636
1992 $1,957,000,000 $9,703,011,636
1991 $2,020,583,702 $9,000,362,582
1990 $2,012,131,457 $8,032,551,173
1989 $2,006,165,167 $6,987,267,684
1988 $1,812,757,918 $6,978,371,581
1987 $1,704,370,308 $6,682,167,120
1986 $1,547,755,183 $6,405,210,564
1985 $1,409,536,121 $5,978,460,972
1984 $1,346,890,071 $6,043,474,843
1983 $1,236,016,507 $5,167,913,302
1982 $1,163,923,830 $4,768,765,017
1981 $1,114,204,743 $4,415,844,156
1980 $1,012,280,615 $4,024,621,900
1979 $670,362,452 $3,364,611,432
1978 $552,883,707 $2,733,183,857
1977 $495,097,668 $4,104,509,583
1976 $435,911,269 $3,591,319,857
1975 $402,178,605 $3,791,298,146
1974 $311,804,630 $3,574,586,466
1973 $260,767,828 $2,875,625,000
1972 $213,725,217 $2,553,936,348
1971 $186,826,503 $2,369,308,600
1970 $166,210,203 $2,296,470,588
1969 $141,393,142 $1,965,546,218
1968 $125,733,669 $1,801,344,538
1967 $125,554,009 $1,859,465,021
1966 $113,195,123 $1,751,470,588
1965 $105,021,997 $1,698,319,328
1964 $99,252,731 $1,309,747,899
1963 $99,893,761 $1,240,672,269
1962 $88,782,583 $1,434,156,379
1961 $85,363,759 $1,444,327,731
1960 $80,021,847 $1,409,873,950

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

GeoRank.org/economy/barbados/sri-lanka | CC BY

GDP per capita in Barbados vs Sri Lanka by year

Barbados
GDP per capita

GDP per capita, PPP
Sri Lanka
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Sri Lanka
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $4,516 $15,633
2023 $25,584 $23,660 $3,799 $14,456
2022 $24,387 $22,193 $3,343 $14,194
2021 $21,080 $17,683 $3,997 $14,316
2020 $19,194 $16,555 $3,848 $12,941
2019 $21,912 $19,971 $4,082 $14,113
2018 $21,381 $19,777 $4,359 $14,178
2017 $20,285 $18,437 $4,399 $13,610
2016 $20,296 $19,176 $4,149 $13,079
2015 $20,424 $19,186 $4,058 $12,227
2014 $20,193 $18,595 $3,972 $11,721
2013 $20,410 $19,032 $3,739 $11,253
2012 $20,804 $19,605 $3,328 $10,249
2011 $20,508 $20,316 $3,225 $9,076
2010 $20,611 $20,033 $2,808 $8,234
2009 $16,295 $20,324 $2,027 $7,576
2008 $17,566 $21,376 $1,974 $7,317
2007 $17,235 $20,949 $1,579 $6,820
2006 $15,620 $20,076 $1,389 $6,261
2005 $14,214 $18,450 $1,207 $5,679
2004 $12,886 $17,299 $1,029 $5,216
2003 $12,076 $16,707 $946 $4,850
2002 $11,760 $16,133 $835 $4,522
2001 $11,640 $15,866 $804 $4,328
2000 $11,675 $15,914 $860 $4,368
1999 $11,244 $14,873 $829 $4,103
1998 $10,734 $14,621 $848 $3,952
1997 $9,522 $13,941 $827 $3,804
1996 $9,012 $13,090 $776 $3,582
1995 $8,460 $12,375 $742 $3,454
1994 $8,223 $11,900 $678 $3,260
1993 $7,905 $11,448 $607 $3,067
1992 $7,519 $11,127 $580 $2,851
1991 $7,790 $11,576 $546 $2,713
1990 $7,781 $11,687 $491 $2,527
1989 $7,773 - $430 -
1988 $7,033 - $434 -
1987 $6,625 - $420 -
1986 $6,031 - $407 -
1985 $5,510 - $385 -
1984 $5,284 - $391 -
1983 $4,866 - $336 -
1982 $4,599 - $312 -
1981 $4,417 - $292.5 -
1980 $4,025 - $271.1 -
1979 $2,668 - $230.8 -
1978 $2,198 - $191 -
1977 $1,968 - $292.1 -
1976 $1,734 - $260.3 -
1975 $1,601 - $279.8 -
1974 $1,243 - $268.7 -
1973 $1,042 - $220.2 -
1972 $856 - $199.4 -
1971 $750 - $188.8 -
1970 $666 - $186.9 -
1969 $567 - $163.6 -
1968 $506 - $153.5 -
1967 $508 - $162.3 -
1966 $462 - $156.6 -
1965 $433 - $155.6 -
1964 $414 - $122.9 -
1963 $421 - $119.4 -
1962 $377 - $141.4 -
1961 $366 - $145.9 -
1960 $347 - $145.9 -

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

GeoRank.org/economy/barbados/sri-lanka | CC BY

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $4,516 in Sri Lanka, ranking 124/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Sri Lanka ranks 111th at $15,633.

Economic indicators

Barbados Sri Lanka
Gross domestic product
$7.5B
2024
$99B
2024
GDP rank
157/197
2024
72/197
2024
GDP growth
2.48%
2023-2024
5.01%
2023-2024
GDP per capita
$26,545
2024
$4,516
2024
GDP per capita rank
46/197
2024
124/197
2024
GDP per capita, PPP
$24,823
2024
$15,633
2024
GDP per capita PPP rank
84/197
2024
111/197
2024
Government debt
$7.97B
2024
$99.8B
2024
Debt-to-GDP ratio
106.3%
2024
100.8%
2024
Government debt per person
$28,218
2024
$4,554
2024
Government debt per person rank
26/185
2024
85/185
2024
Average annual personal income after taxes
$18,869
2026
$2,874
2026
Market capitalization of domestic companies
$2.78B
2020
$19.5B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
25.8%
2016
30.8%
2019
Income share by poorest 10%
2.5%
2016
3.1%
2019
Government expenditure, % of GDP
30.2%
2024
19.3%
2024
Consumer prices inflation
-0.44%
2023-2024
-0.43%
2023-2024
Central bank interest rate
2%
2020
7.75%
2025
Unemployment rate
6.54%
2023
4.67%
2023
Population
282798
22185425

Spending and national debt comparison by year

Barbados
Spending

Debt
Sri Lanka
Spending

Debt
1x
Year % of GDP
Barbados Sri Lanka
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 19.3% 100.8%
2023 28.8% 113.4% 19.5% 110.4%
2022 30.3% 116.9% 18.6% 115.9%
2021 32.5% 130.2% 20% 102.7%
2020 30.3% 128.4% 22.1% 96.9%
2019 23.9% 109.5% 19.5% 82.6%
2018 26.9% 115% 17.5% 83.6%
2017 29.8% 143.6% 17.9% 72.3%
2016 30.7% 136.5% 18.2% 75%
2015 31.4% 131.9% 19.3% 76.3%
2014 29% 122% 17.2% 69.6%
2013 30.8% 118.6% 16.6% 69.5%
2012 30.6% 109.4% 17.3% 67.5%
2011 27.7% 98.7% 19.1% 69.4%
2010 29.7% 96% 19.3% 68.7%
2009 29.5% 88.5% 21% 72.8%
2008 28.1% 72.6% 19.1% 68.8%
2007 27.8% 69% 19.9% 71.8%
2006 27.2% 69.8% 20.5% 74.3%
2005 28.7% 68.2% 20.1% 76.6%
2004 28.5% 66.5% 19.3% 86.5%
2003 29.8% 66.6% 19.3% 86.5%
2002 31% 66.1% 20.8% 96.3%
2001 22% 62.6% 22.4% 84.4%
2000 20.8% 56.6% 21.7% 79.2%
1999 19.7% 50.1% 20.5% 77.7%
1998 19% 50.5% 21.4% 74.2%
1997 21.5% 56.9% 21.4% 70.1%
1996 20.5% 56.1% 23.1% 76.2%
1995 18.6% 55.9% 24.8% 77.8%
1994 17% 55% 24.1% 77.9%
1993 - - 23.2% 79.2%
1992 - - 23% 77.9%
1991 - - 26.4% 80.5%
1990 - - 25.4% 78.9%

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

GeoRank.org/economy/barbados/sri-lanka | CC BY

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Sri Lanka spent $19.1B, or 19.3% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 100.8% in Sri Lanka, ranking 18/185 and 23/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Sri Lanka
1x
Year Deficit/surplus, % of GDP
Barbados Sri Lanka
2024 -0.89% -5.64%
2023 -1.71% -8.32%
2022 -1.96% -10.2%
2021 -4.65% -11.7%
2020 -4.16% -13.4%
2019 3.08% -7.52%
2018 -0.34% -4.96%
2017 -3.89% -5.1%
2016 -4.88% -5%
2015 -8.16% -6.64%
2014 -6.57% -5.99%
2013 -8.98% -5%
2012 -7.07% -5.44%
2011 -3.63% -6.01%
2010 -7.55% -6.73%
2009 -6.56% -8.33%
2008 -4.1% -5.93%
2007 -4.34% -5.81%
2006 -3.41% -5.91%
2005 -3.03% -5.93%
2004 -2.97% -6.32%
2003 -3.08% -6.15%
2002 -5.28% -6.9%
2001 4.07% -8.48%
2000 4.94% -7.78%
1999 5.39% -5.58%
1998 6.03% -6.79%
1997 5.64% -5.71%
1996 3.76% -6.89%
1995 6.22% -7.11%
1994 6.72% -7.41%
1993 - -5.77%
1992 - -4.95%
1991 - -7.97%
1990 - -6.39%

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

GeoRank.org/economy/barbados/sri-lanka | 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 Sri Lanka's deficit of $5.58B, or 5.64% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Sri Lanka ran a deficit in 31 years. On average, Barbados posted an annual deficit equal to 1.66% of GDP, compared to deficit of 6.92% of GDP for Sri Lanka.

Inflation comparison by year

Inflation
Barbados

Sri Lanka
1x
Year Consumer prices inflation
Barbados Sri Lanka
2024 -0.44% -0.43%
2023 9.79% 16.5%
2022 - 49.7%
2021 - 7.01%
2020 - 6.15%
2019 4.1% 3.53%
2018 3.67% 2.14%
2017 4.66% 7.7%
2016 1.28% 3.96%
2015 -1.11% 3.77%
2014 1.77% 3.18%
2013 1.81% 6.91%
2012 4.53% 7.54%
2011 9.43% 6.72%
2010 5.82% 6.22%
2009 3.64% 3.46%
2008 8.11% 22.6%
2007 4.03% 15.8%
2006 7.31% 10%
2005 6.08% 11.6%
2004 1.39% 7.58%
2003 1.62% 6.31%
2002 0.13% 9.55%
2001 2.58% 14.2%
2000 2.44% 6.18%
1999 1.56% 4.69%
1998 -1.27% 9.36%
1997 7.71% 9.57%

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

GeoRank.org/economy/barbados/sri-lanka | CC BY

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 9.34% in Sri Lanka. In 2024, inflation was -0.44% in Barbados and -0.43% in Sri Lanka.

Top exports between countries

Barbados
Export category Export value
Sri Lanka
Export category Export value
Wood & paper products $252K
Raw agricultural goods $120K
Textiles & consumer goods $37K
Processed food, beverages & tobacco $5K
Raw materials & minerals $5K

Balance of trade

Barbados Sri Lanka
Current account balance
-$296M
2017
$1.21B
2024
Current account balance ranking
100/190
2017
53/190
2024
Current account balance, % of GDP
-5.22%
2017
+1.22%
2024
Goods imports
$1.53B
2017
$18.8B
2024
Goods exports
$705M
2017
$12.8B
2024
Service imports
$687M
2017
$3.48B
2024
Service exports
$1.52B
2017
$6.91B
2024
Imports of goods and services, % of GDP n/a
22.5%
2024
Exports of goods and services, % of GDP
14.5%
2025
19.9%
2024

Economic freedom indices

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

Barbados Sri Lanka
Economic freedom 70.4 50.3
Economic freedom ranking 34/197 162/197
Property rights 76.4 47.3
Government integrity 71.3 37.3
Judicial effectiveness 87.3 47.2
Tax burden 83.2 77
Government spending 74.5 89
Fiscal health 76.5 0
Business freedom 72.3 60.1
Labor freedom 54.3 54.3
Monetary freedom 80.8 65.9
Trade freedom 48.2 65.6
Investment freedom 60 30
Financial freedom 60 30

Economic freedom comparison by year

Barbados
Sri Lanka
1x
Year Economic freedom index
Barbados Sri Lanka
2026 70.4 50.3
2025 68.9 49.4
2024 66.8 49.2
2023 69.8 52.2
2022 71.3 53.3
2021 65 55.7
2020 61.4 57.4
2019 64.7 56.4
2018 57 57.8
2017 54.5 57.4
2016 68.3 59.9
2015 67.9 58.6
2014 68.3 60
2013 69.3 60.7
2012 69 58.3
2011 68.5 57.1
2010 68.3 54.6
2009 71.5 56
2008 71.3 58.4
2007 70 59.4
2006 71.9 58.7
2005 70.1 61
2004 69.4 61.6
2003 71.3 62.5
2002 73.6 64
2001 71.5 66
2000 69.5 63.2
1999 66.7 64
1998 67.9 64.6
1997 64.5 65.5
1996 62.3 62.5
1995 - 60.6

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

GeoRank.org/economy/barbados/sri-lanka | CC BY

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 50.3 for Sri Lanka, ranking 162/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Sri Lanka
Services, % of GDP
75.5%
2024
57.5%
2024
Industry, % of GDP
12.4%
2024
25.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
8.3%
2024
GNI, Atlas method
$7.1B
2024
$84.6B
2024
GNI per capita, PPP
$23,850
2024
$15,240
2024
Total reserves including gold
$1.65B
2024
$6.09B
2024
Total reserves ranking
131/177
2024
92/177
2024
Net foreign direct investment
-$208M
2017
-$651M
2024
Net inflows of foreign direct investment
$303M
2024
$761M
2024
Net outflows of foreign direct investment
$18.6M
2024
$110M
2024
Servicing debt to the IMF, % of GNI n/a
4.98%
2024
Poverty at national poverty lines
25.7%
2016
14.3%
2019
Gross capital formation, % of GDP n/a
27%
2024

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/sri-lanka | 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 (2022–2024, 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.

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.