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Economy of Barbados vs Tanzania compared: GDP & Debt

Updated on by Georank team

Barbados has a GDP of $7.5B compared to $78.8B for Tanzania, ranking 157/197 and 82/197 by economy size, respectively.

Barbados has $7.97B in government debt (106.3% of GDP), compared to $39.3B (49.9% of GDP) in Tanzania.

Barbados vs Tanzania GDP by year

Barbados
Tanzania
1x
Year GDP, current $
Barbados Tanzania
2024 $7,498,050,000 $78,844,405,385
2023 $7,223,250,000 $79,030,935,627
2022 $6,884,900,000 $75,749,121,843
2021 $5,947,550,000 $70,655,628,148
2020 $5,407,050,000 $66,068,737,786
2019 $6,161,850,000 $61,026,731,926
2018 $6,001,950,000 $57,003,712,892
2017 $5,683,150,000 $53,274,884,533
2016 $5,674,600,000 $49,774,409,374
2015 $5,698,150,000 $47,413,919,817
2014 $5,620,600,000 $49,986,726,461
2013 $5,667,200,000 $45,648,857,242
2012 $5,761,450,000 $39,650,394,363
2011 $5,663,100,000 $34,657,140,096
2010 $5,672,900,000 $32,012,892,919
2009 $4,466,809,600 $29,400,573,554
2008 $4,790,410,400 $27,947,821,398
2007 $4,675,767,950 $21,860,434,823
2006 $4,217,323,400 $18,619,859,795
2005 $3,819,500,000 $18,395,383,647
2004 $3,444,500,000 $16,673,062,473
2003 $3,209,500,000 $15,211,487,709
2002 $3,106,500,000 $14,129,651,896
2001 $3,054,500,000 $13,563,990,022
2000 $3,059,500,000 $13,371,767,082
1999 $2,951,822,205 $12,704,334,196
1998 $2,817,083,478 $12,172,790,056
1997 $2,498,384,130 $11,158,197,942
1996 $2,363,645,403 $9,433,528,150
1995 $2,216,974,096 $7,631,431,840
1994 $2,151,344,901 $6,550,480,484
1993 $2,063,342,117 $6,182,872,708
1992 $1,957,000,000 $6,681,997,469
1991 $2,020,583,702 $7,197,768,159
1990 $2,012,131,457 $6,184,384,225
1989 $2,006,165,167 $6,418,799,007
1988 $1,812,757,918 $7,406,614,407
1987 $1,704,370,308 $7,824,193,222
1986 $1,547,755,183 $10,840,864,521
1985 $1,409,536,121 $15,328,295,175
1984 $1,346,890,071 $12,906,635,133
1983 $1,236,016,507 $14,049,883,809
1982 $1,163,923,830 $13,927,383,240
1981 $1,114,204,743 $13,161,540,378
1980 $1,012,280,615 $11,409,228,087
1979 $670,362,452 $9,804,637,491
1978 $552,883,707 $9,261,675,710
1977 $495,097,668 $7,732,598,995
1976 $435,911,269 $6,472,511,988
1975 $402,178,605 $5,729,917,840
1974 $311,804,630 $4,977,337,978
1973 $260,767,828 $4,144,104,535
1972 $213,725,217 $3,472,787,266
1971 $186,826,503 $3,050,673,517
1970 $166,210,203 $2,851,419,386
1969 $141,393,142 $5,142,066,811
1968 $125,733,669 $4,895,251,824
1967 $125,554,009 $4,565,132,048
1966 $113,195,123 $4,377,998,825
1965 $105,021,997 $3,817,226,546
1964 $99,252,731 $3,748,840,925
1963 $99,893,761 $3,456,579,293
1962 $88,782,583 $3,101,589,993
1961 $85,363,759 $2,826,179,031
1960 $80,021,847 $2,651,729,807

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

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

GDP per capita in Barbados vs Tanzania by year

Barbados
GDP per capita

GDP per capita, PPP
Tanzania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Barbados Tanzania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $26,545 $24,823 $1,150 $4,221
2023 $25,584 $23,660 $1,186 $4,019
2022 $24,387 $22,193 $1,171 $3,800
2021 $21,080 $17,683 $1,125 $3,493
2020 $19,194 $16,555 $1,084 $3,291
2019 $21,912 $19,971 $1,031 $2,982
2018 $21,381 $19,777 $992 $2,728
2017 $20,285 $18,437 $957 $2,472
2016 $20,296 $19,176 $925 $2,435
2015 $20,424 $19,186 $911 $2,317
2014 $20,193 $18,595 $993 $2,221
2013 $20,410 $19,032 $935 $2,176
2012 $20,804 $19,605 $837 $2,083
2011 $20,508 $20,316 $753 $2,211
2010 $20,611 $20,033 $715 $2,069
2009 $16,295 $20,324 $674 $1,972
2008 $17,566 $21,376 $657 $1,908
2007 $17,235 $20,949 $528 $1,820
2006 $15,620 $20,076 $462 $1,707
2005 $14,214 $18,450 $469 $1,598
2004 $12,886 $17,299 $438 $1,482
2003 $12,076 $16,707 $410 $1,379
2002 $11,760 $16,133 $391 $1,302
2001 $11,640 $15,866 $385 $1,229
2000 $11,675 $15,914 $390 $1,164
1999 $11,244 $14,873 $382 $1,120
1998 $10,734 $14,621 $375 $1,082
1997 $9,522 $13,941 $353 $1,059
1996 $9,012 $13,090 $305 $1,026
1995 $8,460 $12,375 $251.2 $981
1994 $8,223 $11,900 $222.5 $958
1993 $7,905 $11,448 $218.2 $959
1992 $7,519 $11,127 $243.4 $955
1991 $7,790 $11,576 $268.8 $952
1990 $7,781 $11,687 $236.9 $925
1989 $7,773 - $252.3 -
1988 $7,033 - $299 -
1987 $6,625 - $326 -
1986 $6,031 - $466 -
1985 $5,510 - $681 -
1984 $5,284 - $593 -
1983 $4,866 - $667 -
1982 $4,599 - $683 -
1981 $4,417 - $665 -
1980 $4,025 - $595 -
1979 $2,668 - $527 -
1978 $2,198 - $515 -
1977 $1,968 - $446 -
1976 $1,734 - $387 -
1975 $1,601 - $355 -
1974 $1,243 - $320 -
1973 $1,042 - $276.1 -
1972 $856 - $239.8 -
1971 $750 - $218.4 -
1970 $666 - $211.3 -
1969 $567 - $394 -
1968 $506 - $388 -
1967 $508 - $374 -
1966 $462 - $370 -
1965 $433 - $333 -
1964 $414 - $337 -
1963 $421 - $320 -
1962 $377 - $295.7 -
1961 $366 - $277.4 -
1960 $347 - $267.8 -

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

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

Barbados' GDP per capita is $26,545, ranking 46/197, compared to $1,150 in Tanzania, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Barbados ranks 84th at $24,823, while Tanzania ranks 165th at $4,221.

Economic indicators

Barbados Tanzania
Gross domestic product
$7.5B
2024
$78.8B
2024
GDP rank
157/197
2024
82/197
2024
GDP growth
2.48%
2023-2024
5.53%
2023-2024
GDP per capita
$26,545
2024
$1,150
2024
GDP per capita rank
46/197
2024
170/197
2024
GDP per capita, PPP
$24,823
2024
$4,221
2024
GDP per capita PPP rank
84/197
2024
165/197
2024
Government debt
$7.97B
2024
$39.3B
2024
Debt-to-GDP ratio
106.3%
2024
49.9%
2024
Government debt per person
$28,218
2024
$573
2024
Government debt per person rank
26/185
2024
160/185
2024
Average annual personal income after taxes
$18,869
2026
$2,309
2026
Market capitalization of domestic companies
$2.78B
2020
$7.32B
2024
Number of billionaires
1
2025
1
2025
Income share by richest 10%
25.8%
2016
33.1%
2018
Income share by poorest 10%
2.5%
2016
2.9%
2018
Government expenditure, % of GDP
30.2%
2024
19.1%
2024
Consumer prices inflation
-0.44%
2023-2024
3.06%
2023-2024
Central bank interest rate
2%
2020
6%
2024
Unemployment rate
6.54%
2023
2.43%
2024
Population
282798
73145892

Spending and national debt comparison by year

Barbados
Spending

Debt
Tanzania
Spending

Debt
1x
Year % of GDP
Barbados Tanzania
Government spending Government debt Government spending Government debt
2024 30.2% 106.3% 19.1% 49.9%
2023 28.8% 113.4% 19% 47.8%
2022 30.3% 116.9% 19.1% 44.9%
2021 32.5% 130.2% 18.4% 43.4%
2020 30.3% 128.4% 17.4% 41.3%
2019 23.9% 109.5% 17.3% 40.4%
2018 26.9% 115% 17.3% 42%
2017 29.8% 143.6% 16.4% 40.1%
2016 30.7% 136.5% 16.9% 39.8%
2015 31.4% 131.9% 17.2% 39.5%
2014 29% 122% 17.3% 36.4%
2013 30.8% 118.6% 18.8% 32.7%
2012 30.6% 109.4% 19.6% 30%
2011 27.7% 98.7% 19% 28.4%
2010 29.7% 96% 19.8% 27.6%
2009 29.5% 88.5% 19.6% 23.9%
2008 28.1% 72.6% 18.1% 21.6%
2007 27.8% 69% 17.8% 23.8%
2006 27.2% 69.8% 17.6% 17.4%
2005 28.7% 68.2% 18.3% 25.4%
2004 28.5% 66.5% 17% 44.5%
2003 29.8% 66.6% 15.4% 44.4%
2002 31% 66.1% 13.6% 47.4%
2001 22% 62.6% 12.4% 50.8%
2000 20.8% 56.6% 12.3% 55.4%
1999 19.7% 50.1% 12.8% 62.9%
1998 19% 50.5% 11.4% 62.2%
1997 21.5% 56.9% 12.8% 73.4%
1996 20.5% 56.1% 13.4% 89.6%
1995 18.6% 55.9% 15.6% 111.1%
1994 17% 55% 16.8% 126%
1993 - - 16.4% 129.2%
1992 - - 17.6% 117.6%
1991 - - 14.2% 106.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1991–2000, retrieved 2026-02-20).

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

In 2024, Barbados' government spending was $2.26B, accounting for 30.2% of its GDP, while Tanzania spent $15.1B, or 19.1% of GDP.

Debt-to-GDP ratio is 106.3% in Barbados and 49.9% in Tanzania, ranking 18/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Barbados

Tanzania
1x
Year Deficit/surplus, % of GDP
Barbados Tanzania
2024 -0.89% -3.03%
2023 -1.71% -3.67%
2022 -1.96% -3.92%
2021 -4.65% -3.55%
2020 -4.16% -2.56%
2019 3.08% -2.06%
2018 -0.34% -2.01%
2017 -3.89% -1.14%
2016 -4.88% -2.08%
2015 -8.16% -3.17%
2014 -6.57% -2.91%
2013 -8.98% -3.76%
2012 -7.07% -4%
2011 -3.63% -3.51%
2010 -7.55% -4.74%
2009 -6.56% -4.46%
2008 -4.1% -1.92%
2007 -4.34% -1.44%
2006 -3.41% -3.38%
2005 -3.03% -3.28%
2004 -2.97% -2.43%
2003 -3.08% -1.77%
2002 -5.28% -0.73%
2001 4.07% -0.41%
2000 4.94% -0.73%
1999 5.39% -1.14%
1998 6.03% 0.13%
1997 5.64% -0.03%
1996 3.76% 1.57%
1995 6.22% -2.12%
1994 6.72% -3.74%
1993 - -2.02%
1992 - -4.96%
1991 - 0.6%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).

GeoRank.org/economy/barbados/tanzania | 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 Tanzania's deficit of $2.39B, or 3.03% of GDP.

Over the past 31 years, Barbados recorded a fiscal deficit in 22 of those years, while Tanzania ran a deficit in 29 years. On average, Barbados posted an annual deficit equal to 1.66% of GDP, compared to deficit of 2.32% of GDP for Tanzania.

Inflation comparison by year

Inflation
Barbados

Tanzania
1x
Year Consumer prices inflation
Barbados Tanzania
2024 -0.44% 3.06%
2023 9.79% 3.8%
2022 - 4.35%
2021 - 3.69%
2020 - 3.29%
2019 4.1% 3.46%
2018 3.67% 3.49%
2017 4.66% 5.32%
2016 1.28% 5.17%
2015 -1.11% 5.59%
2014 1.77% 6.13%
2013 1.81% 7.87%
2012 4.53% 16%
2011 9.43% 12.7%
2010 5.82% 6.2%
2009 3.64% 12.1%
2008 8.11% 10.3%
2007 4.03% 7.03%
2006 7.31% 7.25%
2005 6.08% 5.03%
2004 1.39% 4.74%
2003 1.62% 5.3%
2002 0.13% 5.32%
2001 2.58% 5.15%
2000 2.44% 5.92%
1999 1.56% 7.89%
1998 -1.27% 12.8%
1997 7.71% 16.1%

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

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

Over the past 28 years, Barbados has recorded an average annual inflation rate of 3.63%, compared with 6.97% in Tanzania. In 2024, inflation was -0.44% in Barbados and 3.06% in Tanzania.

Top exports between countries

Barbados
Export category Export value
Miscellaneous $300K
Precious metals & jewellery $2K
Tanzania
Export category Export value
Textiles & consumer goods $1K

Balance of trade

Barbados Tanzania
Current account balance
-$296M
2017
-$2.38B
2024
Current account balance ranking
100/190
2017
147/190
2024
Current account balance, % of GDP
-5.22%
2017
-3.02%
2024
Goods imports
$1.53B
2017
$14.2B
2024
Goods exports
$705M
2017
$9.12B
2024
Service imports
$687M
2017
$2.8B
2024
Service exports
$1.52B
2017
$6.85B
2024
Imports of goods and services, % of GDP n/a
21.7%
2024
Exports of goods and services, % of GDP
14.5%
2025
19.8%
2024

Economic freedom indices

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

Barbados Tanzania
Economic freedom 70.4 59
Economic freedom ranking 34/197 106/197
Property rights 76.4 45.2
Government integrity 71.3 40.9
Judicial effectiveness 87.3 29.6
Tax burden 83.2 80.4
Government spending 74.5 89.1
Fiscal health 76.5 75
Business freedom 72.3 48.1
Labor freedom 54.3 62.3
Monetary freedom 80.8 73.4
Trade freedom 48.2 58.8
Investment freedom 60 55
Financial freedom 60 50

Economic freedom comparison by year

Barbados
Tanzania
1x
Year Economic freedom index
Barbados Tanzania
2026 70.4 59
2025 68.9 59.3
2024 66.8 59.1
2023 69.8 60
2022 71.3 59.5
2021 65 61.3
2020 61.4 61.7
2019 64.7 60.2
2018 57 59.9
2017 54.5 58.6
2016 68.3 58.5
2015 67.9 57.5
2014 68.3 57.8
2013 69.3 57.9
2012 69 57
2011 68.5 57
2010 68.3 58.3
2009 71.5 58.3
2008 71.3 56.5
2007 70 56.8
2006 71.9 58.5
2005 70.1 56.3
2004 69.4 60.1
2003 71.3 56.9
2002 73.6 58.3
2001 71.5 54.9
2000 69.5 56
1999 66.7 60
1998 67.9 59.6
1997 64.5 59.3
1996 62.3 57.5
1995 - 57.3

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

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

The Economic Freedom Index for Barbados is 70.4, ranking 34/197, compared to 59 for Tanzania, ranking 106/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Barbados Tanzania
Services, % of GDP
75.5%
2024
29.6%
2024
Industry, % of GDP
12.4%
2024
28.6%
2024
Agriculture, forestry, and fishing, % of GDP
1.58%
2024
23.3%
2024
GNI, Atlas method
$7.1B
2024
$80.2B
2024
GNI per capita, PPP
$23,850
2024
$4,130
2024
Total reserves including gold
$1.65B
2024
$5.05B
2018
Total reserves ranking
131/177
2024
101/177
2018
Net foreign direct investment
-$208M
2017
-$1.72B
2024
Net inflows of foreign direct investment
$303M
2024
$1.72B
2024
Net outflows of foreign direct investment
$18.6M
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
2.57%
2024
Poverty at national poverty lines
25.7%
2016
26.4%
2018
Gross capital formation, % of GDP n/a
39.8%
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/tanzania | 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 (1991–2024, 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. International Monetary Fund (IMF) | Public Finances in Modern History (1991–2000, retrieved 2026-02-20)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.