Property frontiers

Barbados:
Country Economic Overview

an overview of the barbadian economy

Sample

An Overview of the Economy

In the past Barbados relied heavily on its sugarcane industry to maintain its economy but in recent years the country has concentrated on manufacturing and tourism to achieve good economic growth. For the last decade the island has seen a boom within the construction industry as more hotels, offices and property is being either developed or redeveloped. Several factors affected economic growth between 2001 and 2002, mainly due to a reduction in tourist interest following the September 11th disaster. Since then Barbados has been enjoying the on-going boom in its property market, tourist and manufacturing sectors. The government is currently focusing on reducing unemployment rates, promoting direct foreign investment and continuing to generate tourist interest.

statistics
GDP (PPP) (IMF) (US$Billions)	5.3
GDP (PPP) (CIA) (US$Billions)	5.3
GDP Growth (IMF) (%)	4.2%
GDP Growth (CIA) (%)	4.2%
GDP Per Capita (PPP) (IMF) (US$)	19,347
GDP Per Capita (PPP) (CIA) (US$)	19,300
GDP by Sector (%)	Agriculture: 6% Services: 78% Industry: 16%
Inflation (%)	5.5%
Population Below the Poverty Line (%)	-
Labour Force (Millions)	0.129
Labour Force by Occupation (%)	Agriculture: 10% Services: 75% Industry: 15%
Unemployment (%)	10.7%
Main Industries	Tourism, sugar, light manufacturing, component assembly for export.

^{Sources: CIA World Factbook, IMF}

GDP

economic indicators	2003	2004	2005	2006	2007
GDP (US$Billions)	2.8	2.9	3.2	3.5	3.7
GDP Growth (%)	1.9%	4.8%	4.2%	4.2%	4.0%
GDP Per Capita (US$)	10,152	10,418	11,478	12,487	19,347
GDP Per Capita (PPP) (US$)	15,860	16,825	17,610	18,381	19,300
Inflation (%)	1.6%	1.4%	5.9%	6.2%	5.5%
Unemployment (%)	10.0%	10.7%	10.7%	10.7%	10.7%
Mobile Phone Users	8,013	140,000	140,000	206,200	206,200
Internet Users	6,000	100,000	100,000	160,000	160,000

^{Sources: CIA World Factbook, IMF}

Major Exports & Imports

Barbados generates the majority of its income from tourism therefore the country has to import a considerable amount of goods into the country to cater for the holidaymakers. The island still produces some agriculture which it exports to neighbouring countries but importing goods is necessary for the country to succeed as a top tourist destination.