Economist Intelligence Unit (EIU)
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EIU Barbados

Overview

Although the countries of the Caribbean Community (Caricom) will continue to enjoy broad political stability in the outlook period, there is a risk of increased volatility as most countries struggle to return to positive economic growth following deep recessions and high unemployment in 2009. As governments attempt to deal with severe fiscal constraints amid rising levels of public debt, inequality and poverty levels will rise, reversing much of the progress made in the past decade. However, the Economist Intelligence Unit does not expect rising discontent to threaten the region's long democratic tradition. Earnings from the tourism sector, the region's main source of employment and foreign exchange, will remain weak in the outlook period as economic growth in the US and UK slowly recovers following deep recessions in 2009. Economic recovery in the Caribbean will lag a recovery in the US and UK by at least six months. As such, most economies in the region will not return to positive real GDP growth until the second half of 2010. In 2011 growth will again slow, owing to a renewed reduction in US domestic demand as the impact of the 2009 fiscal stimulus fades. The public finances will remain under pressure in most countries during the outlook period, owing to weak revenue collection. Extremely high levels of public debt will continue to threaten fiscal stability in an economic environment characterised by extremely tight liquidity. Throughout the region, the illegal drug trade will continue to represent a threat to security and stability.

Key Reports Available for Barbados
  • Country Report
  • Country Profile
  • Basic Data

    Land area
    431 sq km; the most easterly of the Caribbean islands, situated 460 km north-west of Venezuela
    Population
    272,400 (mid-2005 official estimate)
    Main town
    Bridgetown (capital), population 108,000 (1990)
    Climate
    Subtropical
    Weather in Bridgetown (altitude 55 metres)
    Hottest months, June-August, 23-31°C; coldest month, February, 21-28°C (average monthly minimum and maximum); driest month, February, 28 mm average rainfall; wettest month, November, 206 mm average rainfall
    Language
    English
    Measures
    Metric system
    Currency
    Barbados dollar (Bd$)=100 cents; the Barbados dollar is pegged to the US dollar at an exchange rate of Bd$2.00:US$1
    Time
    4 hours behind GMT
    Public holidays
    January 1st; January 21st (Errol Barrow Day); April 28th (National Heroes' Day); Good Friday; Easter Monday; Whit Monday (seven weeks after Easter Monday); May 1st (Labour Day); August 1st (Emancipation Day); First Monday in August (Kadooment Day); First Monday in October (UN Day); November 30th (Independence Day); December 25th-26th
    SOURCE: Country Profile


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