Barbados

Flag: divided diagonally from the lower hoist side by a broad
black band bearing two white five-pointed stars; the black band is
edged in yellow; the upper triangle is green, the lower triangle is
red

Economy
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Economic overview: The economy has traditionally depended on the
growing and processing of sugarcane; decreasing world prices have
hurt the industry in recent years. Tourism and export-oriented
manufacturing have begun to assume larger roles. Most food is
imported. The newly elected government has undertaken a program
designed to revitalize the faltering sugar sector. It is also
working to improve revenue collection in order to better fund social
programs.

GDP: purchasing power parity - $220 million (1995 est.)

GDP real growth rate: 3% (1995 est.)

GDP per capita: $5,380 (1995 est.)

GDP composition by sector:
agriculture: 6.2%
industry: 35.7%
services: 58.1% (1994 est.)

Inflation rate (consumer prices): -0.9% (1995)

Labor force: 18,172 (June 1995); by occupation - services 69%,
manufacturing 31%

Unemployment rate: 4.3% (May 1995)

Budget:
revenues: $100.2 million
expenditures: $100.1 million, including capital expenditures of
$41.4 million (1996 est.)

Industries: sugar processing, tourism, cotton, salt, copra,
clothing, footwear, beverages

Industrial production growth rate: 5.9% (1992 est.)

Electricity:
capacity: 15,800 kW
production: 45 million kWh
consumption per capita: 990 kWh (1993)

Agriculture: sugarcane, rice, yams, vegetables, bananas; fishing
potential not fully exploited

Illicit drugs: transshipment point for South American drugs
destined for the US

Exports: $35.4 million (f.o.b., 1994 est.)
commodities: machinery, food, electronics, beverages and tobacco
partners: US 46.6%, UK 26.4%, Caricom nations 9.8% (1994)

Imports: $112.4 million (f.o.b., 1994 est.)
commodities: machinery, manufactures, food, fuels
partners: US 45%, Caricom nations 18.8%, UK 12.5%, Canada 4.2%,
Japan 4.2%, (1994)

External debt: $45.3 million (1994 est.)

Economic aid:
recipient: ODA, $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000
(fixed rate since 1976)

Fiscal year: calendar year

Transportation
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Railways:
total: 58 km
narrow gauge: 58 km 0.762-m gauge on Saint Kitts to serve sugarcane
plantations (