Barbados's GDP changed from approximately $1B 18M in 1980 to $6B 863M in 2024, showing an overall 574.2% sharply increased during the period.
The lowest GDP was recorded in 1980 at $1B 18M, and the highest in 2024 at $6B 863M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.4%.
For comparison, the average annual growth rate of Trinidad and Tobago was 3.5%, and that of Saint Lucia was 6.4%.
Barbados GDP from 1980 to 2024
The total market value of goods and services produced annually in Barbados.
Overview of Barbados's GDP (1980–2024)
The Gross Domestic Product (GDP) of Barbados recorded a 574.2% sharply increased from 1980 to 2024.
The average GDP during this period was $3B 387M, and the median was $3B 106M.
GDP fluctuated within a range of $5B 845M, with a standard deviation of $1B 579M.
The average annual change was $117M 856K.
Highest and Lowest GDP Records
- Lowest GDP: 1980, $1B 18M
- Highest GDP: 2024, $6B 863M
- Most Recent GDP: 2024, $6B 863M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Barbados's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $5B 367M → $4B 780M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $4B 674M → $4B 466M
- Outcome: declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $3B 59M → $3B 55M
- Outcome: remained stable
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $2B 513M → $2B 833M
- Outcome: sharply increased
Key Economic Indicators of Barbados (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 4.371 % | $ 1B 18M | $ 1B 513M | $ 4,036.51 | $ 6,000.70 | 18.15 % | 252,000 people | -2.672 % | 0 % |
1981 | -1.9 % | $ 1B 120M | $ 1B 625M | $ 4,427.06 | $ 6,421.08 | 12.11 % | 253,000 people | -11.255 % | 0 % |
1982 | -4.9 % | $ 1B 171M | $ 1B 641M | $ 4,611.69 | $ 6,464.35 | 15.67 % | 254,000 people | -3.554 % | 0 % |
1983 | 0.5 % | $ 1B 243M | $ 1B 714M | $ 4,882.79 | $ 6,733.11 | 12.77 % | 255,000 people | -4.152 % | 0 % |
1984 | 3.6 % | $ 1B 355M | $ 1B 839M | $ 5,308.31 | $ 7,208.15 | 14.63 % | 255,000 people | 0.827 % | 0 % |
1985 | 1.1 % | $ 1B 418M | $ 1B 919M | $ 5,539.56 | $ 7,496.41 | 13.45 % | 256,000 people | 0.332 % | 0 % |
1986 | 5.1 % | $ 1B 557M | $ 2B 57M | $ 6,062.78 | $ 8,011.93 | 12.58 % | 257,000 people | -1.028 % | 0 % |
1987 | 2.6 % | $ 1B 714M | $ 2B 163M | $ 6,653.72 | $ 8,395.33 | 10.47 % | 258,000 people | -3.127 % | 0 % |
1988 | 3.5 % | $ 1B 823M | $ 2B 317M | $ 7,052.01 | $ 8,963.73 | 15.03 % | 259,000 people | 0.129 % | 0 % |
1989 | 3.6 % | $ 2B 17M | $ 2B 495M | $ 7,776.71 | $ 9,615.95 | 16.13 % | 259,000 people | -0.131 % | 0 % |
1990 | -3.3 % | $ 2B 24M | $ 2B 503M | $ 7,772.17 | $ 9,612.68 | 14.15 % | 260,000 people | -1.856 % | 0 % |
1991 | -3.9 % | $ 2B 32M | $ 2B 487M | $ 7,777.87 | $ 9,517.31 | 12.02 % | 261,000 people | -1.162 % | 0 % |
1992 | -5.7 % | $ 1B 957M | $ 2B 398M | $ 7,464.87 | $ 9,147.53 | 15.02 % | 262,000 people | 7.426 % | 0 % |
1993 | 0.8 % | $ 2B 75M | $ 2B 475M | $ 7,886.78 | $ 9,406.78 | 13.52 % | 263,000 people | 3.329 % | 0 % |
1994 | 2 % | $ 2B 163M | $ 2B 578M | $ 8,194.38 | $ 9,765.44 | 17.55 % | 264,000 people | 6.474 % | 7.955 % |
1995 | 2.023 % | $ 2B 229M | $ 2B 686M | $ 8,414.11 | $ 10,135.64 | 16.43 % | 265,000 people | 2.611 % | 7.72 % |
1996 | 3.966 % | $ 2B 377M | $ 2B 843M | $ 8,938.57 | $ 10,690.92 | 17.57 % | 266,000 people | 3.724 % | 5.058 % |
1997 | 4.74 % | $ 2B 513M | $ 3B 29M | $ 9,412.37 | $ 11,347.98 | 16.14 % | 267,000 people | -1.411 % | 6.64 % |
1998 | 3.74 % | $ 2B 833M | $ 3B 178M | $ 10,573.11 | $ 11,860.11 | 18.02 % | 268,000 people | -3.029 % | 7.273 % |
1999 | 0.326 % | $ 2B 969M | $ 3B 233M | $ 11,039.10 | $ 12,023.52 | 17.02 % | 269,000 people | -4.586 % | 6.807 % |