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Defining a Domestic PSD Programme
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| Barbados
development story |
Barbados experienced economic
growth largely due to FDI promotion, a skilled workforce, the
focus on potential in traditional sectors (agriculture and tourism)
with gradual shift to services, and various tax incentives
| Key indicators and growth facts |
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Basic indicators
- Population: 272,229 (2003)
- GDP per capita, US$ at PPP: 15,290 (2002)
- GDP per capita annual growth rate: 1.6% (1990-2002)
- HDI (2002): a) Value: 0.888; b) Rank: 29*
(highest in Latin America and the Caribbean)
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Economic indicators
- Value added (% GDP), 2002 in: agriculture:
5.8%; industry: 20.8%; services: 73.4%
- FDI inflows, 2003: US$ 121 m (24% gross fixed
capital formation); annual average, 1985-1995:
- US$10 m
- Unemployment rate: 11% (2003)
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- Since independence in 1966, the focus of the economy
has moved steadily up the value-added chain from sugar
production to services; at present, tourism, international
business and financial services dominate
- Between 1993 and 2000, Barbados experienced 8 consecutive
years of steady economic growth; per capita GDP increased
while unemployment decreased (10% at end 2001)
- Informal economy is estimated to be between 10%-15%
of GDP (2003), slightly below OECD’s of 16.8
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