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Barbados Economy 1996
A per capita income of $9,200 gives Barbados one of the highest standards of
living of all the small island states of the eastern Caribbean.
Historically, the economy was based on the cultivation of sugarcane and
related activities. In recent years, however, the economy has diversified
into manufacturing and tourism. A moderate recovery that began in late 1993
after 3 years of contraction is mainly due to increased tourism and
expansion in the construction sector. Economic prospects for 1995 depend
mostly on continued growth in the industrialized countries, especially in
Europe, which would spur further expansion in tourism.
GDP - purchasing power parity - $2.4 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$636 million, including capital expenditures of $86 million (FY94/95 est.)
$161 million (f.o.b., 1993 est.)
sugar and molasses, rum, other foods and beverages, chemicals, electrical
components, clothing
US 13%, UK 10%, Trinidad and Tobago 9%, Windward Islands 8%
$703 million (c.i.f., 1993 est.)
consumer goods, machinery, foodstuffs, construction materials, chemicals,
fuel, electrical components
US 36%, UK 11%, Trinidad and Tobago 11%, Japan 3%
growth rate 2% (FY93/94 est.); accounts for about 10% of GDP
tourism, sugar, light manufacturing, component assembly for export
accounts for 6% of GDP; major cash crop is sugarcane; other crops -
vegetables, cotton; not self-sufficient in food
one of many Caribbean transshipment points for narcotics bound for the US
and Europe
US commitments, including Ex-Im (FY70-89), $15 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $171 million
1 Barbadian dollar (Bds$) = 100 cents
Barbadian dollars (Bds$) per US$1 - 2.0113 (fixed rate)
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