Region: Caribbean

Capital: Bridgetown

Population: 281,968 (July 2008 est.)

Surface area: 431 sq km

Currency: Barbadian dollar (BBD)

GDP per capita: Purchasing power parity US $19,300 (2007 est.)

Background:
The island was uninhabited when first settled by the British in 1627. Slaves worked the sugar plantations established on the island until 1834 when slavery was abolished. The economy remained heavily dependent on sugar, rum, and molasses production through most of the 20th century. The gradual introduction of social and political reforms in the 1940s and 1950s led to complete independence from the UK in 1966. In the 1990s, tourism and manufacturing surpassed the sugar industry in economic importance.

Economy – Overview:
Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, production in recent years has diversified into light industry and tourism, with about three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues - reflecting its success in the higher-end segment. The country enjoys one of the highest per capita incomes in the region and an investment grade rating which benefits from its political stability and stable institutions. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises.

Major Export Commodities: manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components

 

Remittances inflows: US $100 million (2006)

Human Development Index 2007/2008 ranking: 31 out of 177

Official Development Assistance and Major Development Partners: Net ODA in 2006 was US $3.11 million. Major development partners include the European Community, the United Kingdom and the United States.

Total External Debt: $668 million (2003)

United Nations membership date: 9 December 1966

New York Mission:
Permanent Mission of Barbados to the United Nations
800 Second Avenue, 2nd Floor
New York, N.Y. 10017 USA
Telephone: 212-867-8431, 8432, 8433, 8434, 8435
Fax: 212-986-1030

Sources:

CIA World Factbook. Central Intelligence Agency. www.cia.gov 

World Development Indicators. World Bank www.worldbank.org

Development, Recipient Aid Charts. Organization for Economic Co-operation and Development. www.oecd.org

Human Development Report 2007/2008.United Nations Development Programme. www.undp.org

 

Updated June 2008