Economy of Barbados
Barbados is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Barbados may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Barbados exports around $1.05 billion and imports roughly $1.67 billion. 9.7% of population in the country are unemployed. The total number of unemployed people in Barbados is 27,780. Government expenditure on education is 6.6% of GDP. The Gini Index of the country is 47. Barbados is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Barbados has a Human Development Index (HDI) of 0.776. Barbados has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The strength of legal rights index for Barbados is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
Currency
The currency of Barbados is Barbadian dollar. The plural form of the word Barbadian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as BBD. The Barbadian dollar is divided into Cent; there are 100 in one dollar.
Credit rating
The depth of credit information index for Barbados is 0, which means that information, if any, is scarce, of insufficient details and almost inaccessible. According to the S&P credit-rating agency, Barbados has a credit rating score of BB+, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Barbados has a credit rating score of Baa3, and the prospects of this rating are negative.
Central bank
The prime lending rate of Barbados's commercial banks is 9. In Barbados, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Barbados. The average deposit interest rate offered by local banks in Barbados is 2.5%.
Public debt
Barbados has a government debt of 30.8% of the country's Gross Domestic Product (GDP), as assessed in 2014.
Tax information
The corporate tax in Barbados is set at 25%. Personal income tax ranges from 25% to 38%, depending on your specific situation and income level. VAT in Barbados is 17.5%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Barbados is $4567 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Barbados was last recorded at $16 million. PPP in Barbados is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Barbados is 4,228 billion. Based on this statistic, Barbados is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Barbados was last recorded at $15 million. The average citizen in Barbados has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Barbados averaged -0.6% in 2014. According to this percentage, Barbados is currently experiencing modest decline. Countries that are experiencing modest decline may see a small reduction in personal consumption, employment rate, or personal income. A modest decline in GDP can signal a risky location for investments; however, some strong economic nations occasionally experience modest decline and are still safe investment locations. To read more about financial information click on finances of Barbados.
Industry
Major industries in the country are tourism, sugar, light manufacturing, component assembly for export. The total labor force of Barbados is 152,930 people, wherein 9.7% of population in the country are unemployed. The total number of unemployed people in Barbados is 27,780. The Industrial Production growth rate of Barbados is -3.2%.To read more about industrial information within Barbados click on industry of Barbados.
Agriculture
There are 160 km2 of arable land in Barbados, and it comprises 37% of the country's total territory. There are 170 km2 of cultivated land in Barbados. The country's major agricultural crops and products are sugarcane, vegetables, cotton.To read more about agriculture click on agriculture of Barbados.