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Overview

Since achieving independence in 1966, the island nation of Barbados has transformed itself from a low-income economy dependent upon sugar production, into a upper-middle-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of steady decline brought on by fundamental macroeconomic imbalances. After a painful readjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%-5% since then. Year 1966 (MCMLXVI) was a common year starting on Saturday (link will display full calendar) of the 1966 Gregorian calendar. ... This article is about sugar as food and as an important and widely-traded commodity. ... “Tourist” redirects here. ... In macroeconomics, the definition of recession is a decline in any countrys Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. ...

The people of Barbados are referred to as Barbadians or Bajans. Bajan or as called by the industrialised world Barbadian Creole is an English-based creole language spoken by persons on the West Indian island of Barbados. ...

History

Pre-independence

Since the first settlement by the British in 1625, through history the economy of Barbados was primarily dependent on agriculture. It had been recorded that minus the marshes and gully regions, during the 1630s much of the desirable land had been deforested across the entire island. Quickly Barbados was then divided into large estate-plantations and using indentured labour mainly from the British Isles for the cultivation of both the crops Tobacco and Cotton were first introduced. The island, facing a large amount of competition from the North American Colonies and the other Caribbean islands switched to the crop of sugar cane. Cultivation of sugar cane was quickly introduced by the exiled Jewish community which immigrated into Barbados from Brazil during the mid-1600s. This became the single best move ever for the Barbados economy at the time, the economy boomed and Barbados had become populated with so many windmills that the island had the second highest density of windmills per square mile in the world, second only to the Netherlands [1]. For about the next 100 years Barbados remained the richest of all the European colonies in the Caribbean region. The prosperity in the colony of Barbados remained regionally unmatched until sugar cane production grew larger in geographically larger countries such as Haiti, Jamaica and elsewhere. Despite being eclipsed by larger makers of sugar, Barbados continued to produce the crop well into the 1900s and to this day. Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in the genus Nicotiana. ... For other uses, see Cotton (disambiguation). ... Species Ref: ITIS 42058 as of 2004-05-05 Sugarcane is one of six species of a tall tropical southeast Asian grass (Family Poaceae) having stout fibrous jointed stalks whose sap at one time was the primary source of sugar. ... The word Jew ( Hebrew: יהודי) is used in a wide number of ways, but generally refers to a follower of the Jewish faith, a child of a Jewish mother, or someone of Jewish descent with a connection to Jewish culture or ethnicity and often a combination...

With the emancipation of the African slaves in the British Empire in 1834, thereafter many Barbadians started to place more emphasis on upward mobility and strong education to combat plantation living.

During the 1930s, politicians in Barbados started pushing for more self-government along with Barbados seeking to retain more of the profits from the economic growth within the country. At the time much of the profits were being repatriated by the British government to the United Kingdom. As the 1940s-1950s rolled around, Barbados moved towards developing political ties with neighboring Caribbean islands. By 1958 the West Indies Federation was created by Britain for Barbados and nine other Caribbean territories. The Federation was first led by the premier for the colony of Barbados, however the experiment ended by 1962. Later Barbados tried to negotiate several other unions with other islands, yet it became likely that Barbados needed to move on. The island peacefully negotiated with Britiain its own indpendence and became a sovereign nation at midnight on November 30, 1966. Flag Motto To dwell together in unity Anthem God Save the Queen Capital Chaguaramas Language(s) English Government Constitutional monarchy Queen Elizabeth II Governor-General Lord Hailes Prime minister Grantley Herbert Adams¹ History  - Established January 3, 1958  - Disestablished May 31, 1962 Area  - 1960 20,253 km² Population  - 1960 est. ... is the 334th day of the year (335th in leap years) in the Gregorian calendar. ... Year 1966 (MCMLXVI) was a common year starting on Saturday (link will display full calendar) of the 1966 Gregorian calendar. ...

Post independence

Following independence from the United Kingdom on November 30, 1966 sugar cane still remained a chief money-maker for Barbados. The island's politicians tried to diversify the economy from just agriculture. During the 1950s-1960s visitors from both Canada and the United Kingdom started transforming tourism into a huge contributor for the Barbadian economy. The man-made Deep Water Harbour port at Bridgetown had been completed in 1961, and there-after the island could handle most modern ocean going ships for shipping sugar or handling cargoes at the port facility. is the 334th day of the year (335th in leap years) in the Gregorian calendar. ... Year 1966 (MCMLXVI) was a common year starting on Saturday (link will display full calendar) of the 1966 Gregorian calendar. ... The Deep Water Harbour (a. ... This article does not cite any references or sources. ...

As 1970s rolled around, global companies started to recognize Barbados for its highly educated population. In May of 1972 Barbados formed its own Central Bank, breaking off from the East Caribbean Currency Authority (ECCA). By 1975 the Barbadian dollar was changed to a new fixed / constant rate of exchange rate with the US$ with the rate being changed to present day US$1 = BDS$2.00 (BDS$1.00 = US$0.50).

By the 1980s a growing manufacturing industry was seen as a considerable earner for the Barbados economy. With manufacturing then being led by companies such as Intel Corporation and others, the Manufacturing industry contributed greatly to the economy during the 1980s and early 1990s.

As one of the founding members, Barbados joined the World Trade Organization on 1 January 1995. Following the membership in the WTO, the Government of Barbados aggressively tried to make the Barbados economy fully WTO compliant. This led to collapse of much of the manufacturing industry of Barbados during the late 1990s in favour of many companies like Intel and others moving to lower cost Asian economies. During the late 1990s more companies started to become interested in Barbados' offshore sector, until it over took sugar as the new chief money maker. In 1999-2000 the OECD "blacklist" was circulated with Barbados listed in error. The negative fallout stymied new investment into Barbados' offshore sector Barbados for near 2 years as Barbados authorities acted swiftly successfully proving that Barbados' economy was regulated sufficiently to ward off financial criminal activity and that it was not a "Tax Haven" as charged, but instead a low-tax regime. is the 1st day of the year in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ...

As the global recession hit in 2001, the offshore sector in Barbados slightly contracted further thereby making Tourism as the new chief money maker, after having earlier eclipsed Manufacturing and Sugar Cane. The Government of Barbados further changed legislation to transform the Barbados economy into one which fosters investment. Leading to several new Hotel developments. The government continues to try maintaining constraint from personal involvement in the Hotel activity and instead seeks private investment into the Barbados economy for future growth.

Several large hotel projects like the Port Charles Marina project in Speightstown helped the tourism industry continue to expand in 1996-99, and more recently the new Hilton Hotel on Needhams Point, Saint Michael in 2005. The Port Saint Charles marina is an affluent and upscale luxury marina development situated on the western coast of Barbados. ... One of the larger cities of Barbados, along with Holetown and the capital Bridgetown. ...

Current

Offshore finance and informatics are important foreign exchange earners, and there is also a light manufacturing sector. The government continues its efforts to reduce the unacceptably high unemployment rate which it met in the 1990s, encourage direct foreign investment, and privatize remaining state-owned enterprises. The Barbados dollar – currency symbol $ or Bds$ – is the national unit of currency of Barbados. ... For other uses of the initials WTO, see WTO (disambiguation). ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Gross domestic product (by purchasing power parity) in 2006 The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... This article does not cite any references or sources. ... “Tourist” redirects here. ... This article is about sugar as food and as an important and widely-traded commodity. ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... Grants are funds given to tax-exempt nonprofit organizations or local governments by foundations, corporations, governments, small business and individuals. ... This article is in need of attention. ... This article is in need of attention. ...

The main factors responsible for the improvement in economic activity include an expansion in the number of tourist arrivals, an increase in manufacturing, and an increase in sugar production. Recently, offshore banking and financial services also have become an important source of foreign exchange and economic growth. For other uses, see Bank (disambiguation). ... The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... World GDP/capita changed very little for most of human history before the industrial revolution. ...

Economic growth has led to net increases in employment in the tourism sector, as well as in construction and other services sub-sectors of the economy. The public service remains Barbados' largest single employer. Total labor force has increased from 126,000 in 1993 to 140,000 persons in 2000, and unemployment has dropped significantly from over 20% in the early 1990s to 9.3% at the end of 2000.

The Barbados government encourages the development in: financial services, informatics, e-commerce, tourism, educational and health services, and cultural services for the future. In 2000 based on Barbados' level of growth - (at the time) Barbados was supposed to become the world's smallest developed country by 2008. The Government has since stated that the country is still on course for this to happen instead by around 2025.

Taxation

General

In 1997 Barbados implemented a general taxation which covers most items. Known as the Value-Added Tax ("VAT") it covers almost all items at a 15% tax rate and a 7.5% for hotel accommodations. Exported goods and services, prescription drugs and a few other specific items are zero rated under the legislation. The VAT replaced several other taxes such as: the Consumption Tax, Stamp Duty, Surcharge, Excise Tax and an Environmental Levy. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Value added tax (VAT), or goods and services tax (GST), is...

The island continues to wean off of taxes outside of the VAT system. In 2002 the Barbados government increased the level of people in Barbados who are exempt from having to pay taxes on their homes. This has steadily grown with the island heading for a possible rate of 0% taxation in all other areas.

The government has also toyed with the idea of making retirement savings as tax exempt, to encourage Barbadians to spend less on goods and to encourage Barbadians to save more income as they once used to.

Bilateral treaties

Barbados has several bilateral tax treaties, mostly aimed at removing double taxation on companies that operate in the Barbados economy. Since Barbados is at times considered an expensive place to conduct business, the treaties are mainly a measure to provide some savings to international businesses operating in Barbados. Some of the countries which Barbados has taxation agreements with are:

• Botswana,
• Canada,
• China,
• CARICOM,
• Cuba,
• Finland,
• Malta,
• Mauritius,
• Norway,
• Sweden,
• Switzerland,
• the United Kingdom,
• the United States and
• Venezuela.

Source: Barbados Government website containing the text of the majority of the above tax treaties The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas which came into effect on August 1, 1973. ...

The bilateral tax treaty negotiated with Canada in particular has been a political-football for the government of that country. The treaty was made to allow the profits for IBCs and offshore banking companies to be repatriated to Canada tax-free after paying taxes in Barbados. The aim was mainly for companies like the Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Scotiabank, which (along with Barclays of the United Kingdom), when-combined control a healthy majority of Barbados' local Commercial Banking sector. In essence the treaty makes the economy of Barbados almost an un-official part of the Canadian economy and it was aimed at allowing Canadian companies to extract profits back to Canada more easily. During the Canadian national elections of 2003 and 2006, it was cited that the former Minister of Finance and later Prime Minister Paul Martin had international shipping companies that operated in Barbados' offshore sector under the bilateral treaty possibly saving his company from higher taxes in Canada. The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, also French: Banque Canadienne Impériale de Commerce, is Canadas fifth largest bank with over 1,100 branches across Canada and over 38,500 employees is primarily marketed as CIBC. CIBC and its subsidiaries Amicus Bank and Presidents... The Royal Bank of Canada (TSX: RY, NYSE: RY) is Canadas largest company. ... Scotiabank (Banque Scotia)(TSX: BNS NYSE: BNS), formally known as The Bank of Nova Scotia is one of Canadas Big Five banks. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Paul Edgar Philippe Martin, PC, MP, BA, LLB, LLD (h. ...

Economic factors

Tourism

The economy of Barbados is susceptible to various issues. Changes in tourist arrivals currently has a direct effect on the Barbados economy. In order to stabilize tourism in Barbados the government has announced an initiative to have one major sporting event held in Barbados per year. In 2006 it was announced that the Sandy Lane Beach Hotel will host the Golf world cup. For 2007 several matches of the Cricket World Cup will be held on the island and the government promises that more big events will be lined up for 2008 and 2009 respectably. The Barbados government has also pursued 'home porting' agreements with several cruise-lines. As part of the deal, the Barbados government negotiates with cruise-lines, tourists fly to Barbados and are transported to the Deep Water Harbour in Bridgetown to begin their Caribbean cruise.

Natural resources

Aquaculture

Barbados has considered the sea surrounding the island a natural resource. For centuries ocean going fleets from Barbados would haul fresh fish and other marine species for food. Barbados was best known for the Flying Fish which once more heavily inhabited the warm waters around the island.

Fossil fuels

Global pricing on fossil fuels also has a direct impact on the Barbados economy. Barbados remains one of the few islands in the Caribbean with an oil/gas field within its territory. The island currently has an exploration agreement with US-based PhilipsConoco (and previously Mobil) around the Oistins, town of Christ Church. Oil and gas supplies in Barbados have been considered small and are used most commonly for local consumption to decrease the need to import some of the island's fuel. Under an agreement with neighboring Trinidad and Tobago since the 1990s, the government owned Barbados National Oil Company allows all crude to be refined via Trinidad and Tobago's booming oil industry. The Trinidad and Tobago government in turn provides an equivalent amount of processed fuel back to Barbados (minus some oil to recoup the cost of refining.) then the rest is given back to Barbados in the end product.

The Government of Barbados refused to sign on to a deal with many of the other Caribbean islands and Venezuela known as PetroCaribe citing it could force local privately owned companies out of business, since PetroCaribe partially seeks to re-nationalise all energy infrastructure and also that the Barbados economy could not forecast future costs from being in PetroCaribe. Petrocaribe S. A. is a Caribbean oil alliance with Venezuela to purchase their oil on conditions of preferential payment, launched in June of 2005. ...

In an effort to further decrease the island's over dependence on oil the Government of Barbados is investing in technologies to harness wind power for energy, as well as possibly using more of the islands' unused sugar cane for Ethanol fuel energy, similar to Brazil[5].

Cotton

The Government of Barbados has recently announced goals to restart Barbados' brand of cotton. Studies were carried out and found the island to be ideal for restarting a cotton industry. However, the Barbadian government continues to have problems finding enough workers for agriculture with many workers having to be lured from other Caribbean islands, Asian countries or Latin America.

Weather impacts

In 1994-1995 Barbados found itself to be vulnerable to large changes in the earth's weather patterns. A (one in one-hundred and fifty year) drought gripped the entire island and some residents were unable to draw adequate water supply. In order to prevent a repeat of this event, the island entered into an agreement Ionics Co. to build a desalination water plant. After its completion the water plant was able to provide up to one-third of Barbados' total daily water consumption. The drought delivered a huge blow to the island's agriculture industry. [6], [7]

Consumer spending

Spending in Barbados continues to be one of the immediate problems to the Barbados economy and the island's cash reserves to peg the currency to the US dollar. Barbadians continue to import large numbers of cars from Asia, despite the government slapping higher duties to discourage spending. As many as 500 cars continue to be added to Barbados' roads every month worsening chronic traffic problems and forcing the government to back more of this spending in order to maintain high levels in the nation's Foreign exchange reserves. [8]

Facts & figures

GDP (purchasing power parity)

$4.745 billion (2005 est.)

GDP (official exchange rate)

$2.964 billion (2005 est.)

GDP - real growth rate

4.1% (2005 est.)

GDP - per capita (PPP)

$17,000 (2005 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

7% (2006 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

819 million kWh (2003)

Electricity - consumption

761.7 million kWh (2003)

Electricity - exports

0 kWh (2003)

Electricity - imports

0 kWh (2003)

Oil - production

1,000 bbl/day (2003)

Oil - consumption

10,000 bbl/day (2003 est.)

Oil - exports

NA bbl/day

Oil - imports

NA bbl/day

Oil - proved reserves

1.254 million bbl (1 January 2002)

Natural gas - production

29.17 million cu m (2003 est.)

Natural gas - consumption

29.17 million cu m (2003 est.)

Natural gas - exports

0 cu m (2001 est.)

Natural gas - imports

0 cu m (2001 est.)

Natural gas - proved reserves

141.6 million cu m (1 January 2002)

Exports

$209 million (2004 est.)

Exports - commodities

sugar and molasses, rum, other foods and beverages, chemicals, electrical components

Exports - partners

Spain 14.3%, UK 12.9%, Trinidad and Tobago 12%, US 10.5%, Saint Lucia 5.9%, Jamaica 5.6%, France 4.6%, Saint Vincent and the Grenadines 4.4% (2005)

Imports

$1.476 billion (2004 est.)

Imports - commodities

consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components

Imports - partners

US 30.4%, Trinidad and Tobago 24.8%, UK 6.4%, Japan 4.5% (2005)

Debt - external

$668 million (2003)

Economic aid - recipient

$9.1 million (1995)

Currency (code)

Barbadian dollar (BBD)

Exchange rates

Barbadian dollars per US dollar - 2 (2005), 2 (2004), 2 (2003), 2 (2002), 2 (2001)

Fiscal year

1 April - 31 March

See also

• Barbadian dollar
• Central Bank of Barbados
• List of Barbadian companies

References

CIA World Factbook

• Barbados Eligible For Dividend Tax Benefits, Says IRS - Tax-News.com
• PM Authur on obtainment of "developed nation" status by 2025 -- World-class society by 2025, says Arthur - December 27, 2006
• Standard & Poor's review on B'dos Economy -- Positive points - July 27, 2006
• The economy of Barbados - The Commonwealth of Nations
• Issues of a 21st century Caribbean - March 7, 2006
• Bajans high on list of wealthiest - in the Americas - February 20, 2006
• WTO announces role for Barbados in Task Force - February, 09th, 2006
• A summary of the Budget - The B'dos Annual budget for the year 2006-2007
• Value Added Tax refunds total $44.2M (US$22.1M)
• Barbados 2005 economic performance to be reviewed
• THE STARK REALITY
• Barbados Ratings remain consistent - By Standard and Poors
• Double tax treaty to attract Int'l markets
• Barbados Economy

See also : Barbados

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