Economic Overview: Historically, Barbados’ economy has been dependent on sugar cane cultivation and related production, but has diversified in recent years through the development of manufacturing and tourism. The implementation of the Port Charles Marina project in Speightstown stimulated the development of tourism in 1996-2000. Offshore financial services and offshore programming are important sources of foreign exchange earnings, and there are also light industrial enterprises. The government continues to make efforts to reduce the excessively high unemployment rate, attract foreign direct investment and privatize state-owned enterprises. Growth should continue in 2001 thanks to new opportunities in the tourism sector. See businesscarriers.com to know more about Barbados Economics and Business.
GDP: at purchasing power parity – $ 4 billion (2000 est.).
Real GDP growth rate: 2.8% (2000 est.).
GDP per capita: Purchasing Power Parity $14,500 (2000 est.)
The composition of GDP by sectors of the economy: agriculture: 4%; industry: 16%; services: 80% (1998).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 2% (2000).
Labor force: 136,000 people (1998 est.).
Employment structure: services 75%, industry 15%, agriculture 10% (1996 est.).
Unemployment rate: 11% (1999 est.).
Budget: revenues: $725.5 million; expenses: $750.6 million, including capital expenditures of $126.3 million (FY97-98 est.).
Spheres of economy: tourism, sugar industry, light industry, export assembly production.
Growth in industrial production: 0.8% (1996).
Electricity generation: 718 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 667.7 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: sugar cane, vegetables, cotton.
Export: $260 million (2000 est.)
Exports: sugar and molasses, rum, other food and beverages, chemicals, electrical components, clothing.
Export partners: UK 14.8%, US 11.6%, Trinidad and Tobago 7.6%, Venezuela 6.1%, Jamaica 5.8% (1998).
Imports: $800.3 million (2000 est.)
Imports: consumer goods, machinery, food, building materials, chemicals, fuels, electrical components.
Import partners: US 30.7%, Trinidad and Tobago 10.2%, Japan 8.3%, UK 7.7%, Canada 2.2% (1998).
External debt: $425 million (2000 est.). Economic aid recipient: $9.1 million (1995)
Economic aid donor:
Currency: Barbados dollar.
Currency code: BBD.
Exchange rate: BBD/USD – 2.0000 (fixed exchange rate pegged to the US dollar).
Fiscal year: April 1-March 31.
Telecommunications Telephone lines: 108,000 (1999).
Mobile Cell Phones: 8013 (1997).
Telephone system: domestic: island-wide automatic telephone system; international: 4 ground satellite stations Intelsat (Atlantic Ocean); troposcatter link with Trinidad and Saint Lucia.
Broadcast stations: AM – 2, FM – 3, shortwave – 0 (1998).
Radio receivers: 237,000 (1997).
Television broadcast stations: 1 (and two cable channels) (1997).
TVs: 76,000 (1997).
Internet country code: bb
Internet service providers: 19 (2000).
Number of users: 6000 (2000).
Transport Railways: 0 km.
Roads: total: 1,600 km; coated: 1,578 km; unpaved: 22 km (1998 est.).
Ports and harbours: Bridgetown, Speightstown (Port Charles Marina).
Merchant fleet: total: 47 ships (displacement of 1,000 tons or more) with a total displacement of 671,545 gross] register tons / 1,125,635 long tons of carrying capacity; ships of different types: dry cargo ships – 10, cargo ships – 28, combined dry cargo ships – 1, container ships – 2, oil tankers – 4, refrigerated ships – 1, ferries 1; note: including foreign vessels, for- ; registered here for flag of convenience reasons: Canada 2, Hong Kong 1 (2000 est.).
Airports: 1 (2000 est.).
Airports with paved runways: total: 1; over 3,047 m: 1 (2000 est.).
Airports with unpaved runways:
Branches of the armed forces: Royal Barbados Defense Force (includes ground forces and coast guard), Royal Barbados Police Force.
Total military manpower: male 15 to 49: 78,069 (2001 est.).
Eligible for military service: men 15 to 49 pets: 53,576 (2001 est.).
Number of persons reaching military age each year:
Military spending in dollar terms: not available.
Military spending as part of GDP: no data available.
International issues International disputes: no.
Illicit Drugs: One of many drug transit points in the Caribbean destined for the US and Europe. ?
BASSAS DA INDIA
General: This atoll is a volcanic rock surrounded by reefs, at high tide it is hidden under water. French confluence since 1897, since 1968 managed by a commissioner located in Réunion. Geography
Location: South Africa, an island in the southern part of the Mozambique Channel, about halfway from Madagascar to Mozambique.
Geographical coordinates: 21° 30′ S. latitude, 39° 50′ E.
Reference map: Africa.
Area: total: 0.2 km2; land surface area: 0.2 km2; water surface area: 0 km2
Comparative area: about three times smaller than the Mall Park in Washington.
Land borders: 0 km.
Coastline: 35.2 km.
Maritime claims: exclusive economic zone: 200 nautical miles; territorial waters: 12 nautical miles.
Relief: volcanic rock.
Maximum and minimum heights: lowest point: Indian Ocean 0 m; highest point: unnamed height 2.4 m.
Natural resources: none.
Land use: arable land: 0%; cultivated land: 0%; pasture: 0%; forests and plantations: 0%; others: 100% (rock).
Irrigated land: 0 sq. km. (1993).
Natural Hazards: Dangerous for navigation as the rock is usually completely submerged at high tides and surrounded by reefs; periodic cyclones.
Current environmental issues: no data available. Population Population: uninhabited (July 2001 est.). State Name:
International agreements on environmental protection:
Note to the section “Geography”:
Common long form: absent;
Common short form: Bassas da India. Dependency state: possession of France; administered by the High Commissioner of the Republic, based in Réunion.