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%.
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.
Barbados GDP from 1980 to 2024
The total market value of goods and services produced annually in Barbados.
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 1B 18M | $ 4,036.51 | $ 6,000.70 | $ 1B 513M | 4.371 % | -2.672 % | 18.15 % | 0 % | 252,000 people |
1981 | $ 1B 120M | $ 4,427.06 | $ 6,421.08 | $ 1B 625M | -1.9 % | -11.255 % | 12.11 % | 0 % | 253,000 people |
1982 | $ 1B 171M | $ 4,611.69 | $ 6,464.35 | $ 1B 641M | -4.9 % | -3.554 % | 15.67 % | 0 % | 254,000 people |
1983 | $ 1B 243M | $ 4,882.79 | $ 6,733.11 | $ 1B 714M | 0.5 % | -4.152 % | 12.77 % | 0 % | 255,000 people |
1984 | $ 1B 355M | $ 5,308.31 | $ 7,208.15 | $ 1B 839M | 3.6 % | 0.827 % | 14.63 % | 0 % | 255,000 people |
1985 | $ 1B 418M | $ 5,539.56 | $ 7,496.41 | $ 1B 919M | 1.1 % | 0.332 % | 13.45 % | 0 % | 256,000 people |
1986 | $ 1B 557M | $ 6,062.78 | $ 8,011.93 | $ 2B 57M | 5.1 % | -1.028 % | 12.58 % | 0 % | 257,000 people |
1987 | $ 1B 714M | $ 6,653.72 | $ 8,395.33 | $ 2B 163M | 2.6 % | -3.127 % | 10.47 % | 0 % | 258,000 people |
1988 | $ 1B 823M | $ 7,052.01 | $ 8,963.73 | $ 2B 317M | 3.5 % | 0.129 % | 15.03 % | 0 % | 259,000 people |
1989 | $ 2B 17M | $ 7,776.71 | $ 9,615.95 | $ 2B 495M | 3.6 % | -0.131 % | 16.13 % | 0 % | 259,000 people |
1990 | $ 2B 24M | $ 7,772.17 | $ 9,612.68 | $ 2B 503M | -3.3 % | -1.856 % | 14.15 % | 0 % | 260,000 people |
1991 | $ 2B 32M | $ 7,777.87 | $ 9,517.31 | $ 2B 487M | -3.9 % | -1.162 % | 12.02 % | 0 % | 261,000 people |
1992 | $ 1B 957M | $ 7,464.87 | $ 9,147.53 | $ 2B 398M | -5.7 % | 7.426 % | 15.02 % | 0 % | 262,000 people |
1993 | $ 2B 75M | $ 7,886.78 | $ 9,406.78 | $ 2B 475M | 0.8 % | 3.329 % | 13.52 % | 0 % | 263,000 people |
1994 | $ 2B 163M | $ 8,194.38 | $ 9,765.44 | $ 2B 578M | 2 % | 6.474 % | 17.55 % | 7.955 % | 264,000 people |
1995 | $ 2B 229M | $ 8,414.11 | $ 10,135.64 | $ 2B 686M | 2.023 % | 2.611 % | 16.43 % | 7.72 % | 265,000 people |
1996 | $ 2B 377M | $ 8,938.57 | $ 10,690.92 | $ 2B 843M | 3.966 % | 3.724 % | 17.57 % | 5.058 % | 266,000 people |
1997 | $ 2B 513M | $ 9,412.37 | $ 11,347.98 | $ 3B 29M | 4.74 % | -1.411 % | 16.14 % | 6.64 % | 267,000 people |
1998 | $ 2B 833M | $ 10,573.11 | $ 11,860.11 | $ 3B 178M | 3.74 % | -3.029 % | 18.02 % | 7.273 % | 268,000 people |
1999 | $ 2B 969M | $ 11,039.10 | $ 12,023.52 | $ 3B 233M | 0.326 % | -4.586 % | 17.02 % | 6.807 % | 269,000 people |