k trident centered on the gold band; the
trident head represents independence and a break with the past (the
colonial coat of arms contained a complete trident)

Economy Barbados

Economy - overview:
Historically, the Barbadian economy had been dependent on sugarcane
cultivation and related activities, but production in recent years
has diversified into light industry and tourism. Offshore finance
and information services are important foreign exchange earners. The
government continues its efforts to reduce unemployment, to
encourage direct foreign investment, and to privatize remaining
state-owned enterprises. The economy contracted in 2002-03 mainly
due to a decline in tourism. Growth was positive in 2005-06, as
economic conditions in the US and Europe moderately improved.

GDP (purchasing power parity):
$5.108 billion (2006 est.)

GDP (official exchange rate):
$3.157 billion (2006 est.)

GDP - real growth rate:
4% (2006 est.)

GDP - per capita (PPP):
$18,200 (2006 est.)

GDP - composition by sector:
agriculture: 6%
industry: 16%
services: 78% (2000 est.)

Labor force:
128,500 (2001 est.)

Labor force - by occupation:
agriculture: 10%
industry: 15%
services: 75% (1996 est.)

Unemployment rate:
10.7% (2003 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
-0.5% (2003 est.)

Budget:
revenues: $847 million (including grants)
expenditures: $886 million; including capital expenditures of $NA
(2000 est.)

Agriculture - products:
sugarcane, vegetables, cotton

Industries:
tourism, sugar, light manufacturing, component assembly for export

Industrial production growth rate:
-3.2% (2000 est.)

Electricity - production:
896 million kWh (2004)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption:
833.3 million kWh (2004)

Electricity - exports:
0 kWh (2004)

Electricity - imports:
0 kWh (2004)

Oil - production:
1,000 bbl/day (2004)

Oil - consumption:
11,000 bbl/day (2004 est.)

Oil - exports:
NA bbl/day (2001)

Oil - imports:
NA bbl/day (2001)

Oil - proved reserves:
1.254 million bbl (1 January 2002)

Natural gas - production:
29.17 million cu m (2004 est.)

Natural gas - consumption: