The Business Barbados Fast Facts Guide

SELECT ECONOMIC INDICATORS

Source: Barbados Statistical Service and Central Bank of Barbados (p) - Provisional (e) - Estimate

1 - Central Bank of Barbados Estimates

2 - Data to October 2017

3 - Data to September 2017

4 - Gross Public Sector Debt = Gross Central Government Debt - Domestic Debt held by NISDomestic Debt held by CBB + Other Public Sector Debt

Primary Sectors

Tourism

Tourism provides the main source of foreign exchange, economic activity and employment. The major elements of Barbados’ tourism product are its solid historical and cultural legacy, varied entertainment and its natural physical attributes. The four major markets for the Barbados tourist industry are the UK, USA, Continental Europe and Canada.

Accommodation facilities in Barbados include a wide range of hotels, apartments, luxury villas, cottages and beach houses. Barbados receives just over one million visitors per year, with cruise ship arrivals narrowly surpassing long-stay arrivals in recent years. For 2018, arrivals from the United Kingdom grew by 3.6%, while arrivals from the US and Canada have increased by 8.9% and 3.0% respectively1. Overall, a 3.4% increase in visitor arrivals, has been reported for the first half of 20182. The Port Authority has invested in a dredging exercise to facilitate mega cruise liners, which has expanded its berthing capacity and the potential to earn more foreign exchange. Cruise visitors declined following a reduction in ship calls for the six months ending June 2018.

International Business and Financial Services

Low tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major international business and financial services centre. The key components of this sector are the banking and financial institutions and offshore businesses.

Total Number of International Businesses

Source: International Business Division, Ending September 30, 2018

Tourism Arrivals (excluding cruise ship arrivals)

* No. of cruise ship passengers who did not permanently disembark in Barbados

Source: Barbados Tourism Marketing Inc.