Business Barbados

LocationCaribbean, island in the North Atlantic Ocean, northeast of Venezuela
Geographic coordinates13 10º N, 59 32º W
Map referencesCentral America and the Caribbean
AreaTotal: 430 sq. km Land: 430 sq. km Water: 0 sq. km
Land boundaries0 km
Coastline97 km
Maritime claimsTerritorial sea: 12 nm Exclusive economic zone: 200 nm
ClimateTropical; rainy season (June to October)
TerrainRelatively flat; rises gently to central highland region
Elevation extremesLowest point: Atlantic Ocean 0 m Highest point: Mount Hillaby 336 m
Natural resourcesPetroleum, fish, natural gas
Land useArable land: 27.91% Permanent crops: 2.33% Other: 69.77% (2011)
Irrigated land54.35 sq. km (2003)
Total renewable water resources0.08 cu km (2011)
Freshwater withdrawal (domestic/industrial/ agricultural)Total: 0.1 cu km/yr. (20%/26%/54%) Per capita: 371 cu m/yr. (2009)
Natural hazardsInfrequent hurricanes; periodic landslides
Environment – current issuesPollution of coastal waters from waste disposal by ships; soil erosion; illegal solid waste disposal threatens contamination of aquifers
Environment – international agreementsParty to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands. Signed, but not ratified: none of the selected agreements

Source: World Fact Book

Population288,725 (July 2013 est.) country comparison to the world: 180
Age structure0-14 years: 18.6% (male 26,849/female 26,853) 15-24 years: 13.8% (male 19,937/female 19,852) 25-54 years: 45.4% (male 65,153/female 65,902) 65 years and over: 10.2% (male 11,642/female 17,885) (2013 est.)
Population growth rate0.34% (2013 est.) country comparison to the world: 165
Net migration rate-0.3 migrant(s)/1,000 population (2013 est.) country comparison to the world: 125
Urbanizationurban population: 44% of total population (2010) rate of urbanization: 1.7% annual rate of change (2010-15 est.)
Sex ratioat birth: 1.01 male(s)/female 0 to 14 years: 1 male(s)/female 15-24 years: 1.01 male(s)/female 25-54 years: 0.99 male(s)/female 55-64 years: 0.86 male(s)/female 65 years and over: 0.65 male(s)/female total population: 0.94 male(s)/female (2013 est.)
Health Expenditures8% of GDP (2010) country comparison to the world: 61
Nationalitynoun: Barbadian(s) or Bajan (colloquial) adjective: Barbadian or Bajan (colloquial)
Ethnic groupsblack 93%, white 3.2%, mixed 2.6%, East Indian 1%, other 0.2% (2000 census)
ReligionsProtestant 63.4% (Anglican 28.3%, Pentecostal 18.7%, Methodist 5.1%, other 11.3%), Roman Catholic 4.2%, other Christian 7%, other 4.8%, none or unspecified 20.6% (2008 est.)
LanguagesEnglish
Literacydefinition: age 15 and over has ever attended school total population: 99.7%male: 99.7%female: 99.7% (2002 est.)
Education expenditures7.5% of GDP (2010) country comparison to the world: 18

Source: World Fact Book

GDP (purchasing power parity)$7.169 billion (2012 est.) country comparison to the world: 160; $7.169 billion (2011 est.), $7.128 billion (2010 est.) Note: data are in 2010 US dollars
GDP (official exchange rate)$4.49 billion (2012 est.)
GDP – real growth rate0% (2012 est.) country comparison to the world: 184; 0.6% (2011 est.) 0.2% (2010 est.)
GDP – per capita (PPP)$25,800 (2012 est.) country comparison to the world: 60 $25,900 (2011 est.) $25,800 (2010 est.) Note: data are in 2012 US dollars
GDP – composition by sectorAgriculture: 3.1% Industry: 13.9% Services: 83% (2012 est.)
Labor force137,500 (2012 est.) country comparison to the world: 179
Labor force – by occupationAgriculture: 10% Industry: 15% Services: 75% (1996 est.)
Unemployment rate11.6% (2012 est.) country comparison to the world: 122 10.8% (2010 est.)
Population below poverty lineNA%
Household income or consumption by percentage shareLowest 10% NA% Highest 10% NA%
Investment (gross fixed)27.4% of GDP (2010 est.) country comparison to the world: 43
BudgetRevenues: $1.194 billion Expenditures: $1.513 billion (2012 est.)
Taxes and Other Revenues26.6% of GDP (2012 est.) country comparison to the world: 112
 Budget surplus (+) or deficit (-)-7.1% of GDP (2012 est.) country comparison to the world: 187
Public debt82.9% of GDP (2012 est.) country comparison to the world: 27 80.1% of GDP (2011 est.)
Inflation rate (consumer prices)4.8% (2012 est.) country comparison to the world: 141 9.4% (2011 est.)
Central bank discount rate7% (31 December 2010 est.) country comparison to the world: 39 7% (31 December 2009 est.)
Commercial bank prime lending rate8.5% (31 December 2012 est.) country comparison to the world: 107 8.7% (31 December 2011 est.)
Economic aid – recipient$2.07 million (2005)
Reserves of foreign exchange and gold$773.1 million (31 December 2012) country comparison to the world: 143 $812.6 million (31 December 2011 est.)
Debt – external$4.49 billion (2010 est.) country comparison to the world: 125 $668 million (2003 est.)
Market value of publicly traded shares$4.571 billion (31 December 2011) country comparison to the world: 85 $4.366 billion (31 December 2010) $4.39 billion (31 December 2009)
Currency (code)Barbadian dollar (BBD)

Source: World Fact Book

Country NameConventional long form: none Conventional short form: Barbados
 Government TypeParliamentary democracy and a Commonwealth realm
 CapitalName: Bridgetown; Geographic coordinates: 13 06 N, 59 37 W; Time difference: UTC-4 (1 hour ahead of Washington, DC during Standard Time)
 Administrative Divisions11 parishes and 1 city*; Bridgetown*, Christ Church, Saint Andrew, Saint George, Saint James, Saint John, Saint Joseph, Saint Lucy, Saint Michael, Saint Peter, Saint Philip, Saint Thomas
 Independence 30 November 1966 (from the UK)
 Constitution30 November 1966
Legal SystemEnglish common law no judicial review of legislative acts
International law organization participation Accepts compulsory ICJ jurisdiction with reservations accepts ICCt jurisdiction
Suffrage18 years of age; universal
Executive BranchChief of state: Queen ELIZABETH II (since 6 February 1952); represented by acting Governor General Elliot BELGRAVE (since 1 November 2012); Head of government: Prime Minister Fruendel STUART (since 23 October 2010)Cabinet: Cabinet appointed by the governor general on the advice of the prime minister(For more information visit the World Leaders website )Elections: the monarchy is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed prime minister by the governor general; the prime minister recommends the deputy prime minister
Legislative BranchBicameral Parliament consists of the Senate (21 seats; members appointed by the governor general – 12 on the advice of the Prime Minister, 2 on the advice of the opposition leader, and 7 at his discretion) and the House of Assembly (30 seats; members are elected by direct popular vote to serve five-year terms); Elections: House of Assembly – last held on 21 February 2013 (next to be called in 2018); Election results: House of Assembly – percent of vote by party – DLP 51.3%, BLP 48.3%; seats by party – DLP 16, BLP 14
JudicialSupreme Court of Judicature consists of a High Court and a Court of Appeal (judges are appointed by the Service Commissions for the Judicial and Legal Services); Caribbean Court of Justice or CCJ is the highest court of appeal; based in Port of Spain, Trinidad and Tobago
Political Parties & LeadersBarbados Labor Party or BLP [Owen ARTHUR]; Democratic Labor Party or DLP [Freundel STUART]; People’s Empowerment Party or PEP [David COMISSIONG]
Political Pressure Groups & Leaders Barbados Secondary Teachers’ Union or BSTU [Mary REDMAN]; Barbados Union of Teachers or BUT [Karen BEST]; Congress of Trade Unions and Staff Associations of Barbados or CTUSAB, (includes the BWU, NUPW, BUT, and BSTU) [Leroy TROTMAN]; Barbados Workers Union or BWU [Leroy TROTMAN]; Clement Payne Labor Union [David COMISSIONG]; National Union of Public Workers [Walter MALONEY]
International Organization ParticipationACP, AOSIS, C, Caricom, CDB, CELAC, FAO, G-77, IADB, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ISO, ITSO, ITU, ITUC (NGOs), LAES, MIGA, NAM, OAS, OPANAL, OPCW, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Barbados is a parliamentary democracy. Executive authority is vested in the Prime Minister and Cabinet, which is collectively responsible to the Parliament. The Prime Minister is appointed by the Governor General as the member of the House of Assembly best able to command the support of the majority of the members. The Prime Minister usually selects a cabinet from his party members in the legislature.The present constitution provides for the separation of powers under the Governor General, Parliament, the Executive, the Judiciary and the Public Service.

The Governor General

The country is a constitutional monarchy with a parliamentary system of government. Therefore at the helm is the monarchy and acting on its behalf is the Governor General.

Parliament

This consists of Her Majesty, a Senate and a House of Assembly. The Senate is the Upper nominated House. The Constitution provides for 21 persons. Twelve of these are government senators, appointed by the Governor General on the advice of the Prime Minister, two are the Opposition’s choice and seven are appointed to represent various interest groups. The House of Assembly is the Lower House. There are now 30 members elected for a maximum of five years. Any citizen of Barbados who is 21 years of age or older and resident in Barbados is eligible for election to the House of Assembly.

Executive Powers

Under this area the Constitution lists Her Majesty, the Cabinet, the Leader of the Opposition and the Privy Council and a Director of Public Prosecutions. The Cabinet – this consists of the Prime Minister and not fewer than five other Ministers. Leader of the Opposition – the Governor General appoints as Leader of the Opposition the person who, in his/her judgement, is best able to command the support of a majority of those members of the House who do not support the Government. The Privy Council – members of this body are appointed by the Governor General after consultation with the Prime Minister. According to the provision of the Constitution no person can serve on the body for more than 15 years. The Council advises the Governor General in the exercise of the Royal Prerogative of Mercy and in the exercise of disciplinary powers over members of the Public and Police Services, who may appeal to the Council in cases of disciplinary actions against them. Director of Public Prosecutions – is a public office free of political interference.

The Judiciary

This is a branch of government free from executive interference and comprises the Magistrate Courts, a High Court and a Court of Appeal.

Public Service

The Services Commission is made up of the Judicial, Legal and Public Service Commissions. These Commissions have executive powers to deal with the appointment, dismissal and discipline of members of the services for which they are respectively responsible. Source: World Fact Book

Indicator# of Countries SurveyedRankingAreaPublicationYear Published
Availability of Latest Technologies13837thWorldwideGlobal Competitiveness Report2016/2017
3rdLatin America/ Caribbean
Economic Freedom 118646thWorldwideIndex of Economic Freedom2015
7thAmericas
FDI and Technology Transfer13834thWorldwideGlobal Competitiveness Report2016/2017
6thLatin America/ Caribbean
Global Competitiveness13872ndWorldwideGlobal Competitiveness Report2016/2017
7thLatin America/ Caribbean
Human Development Index 218857thWorldwideUnited Nations Human Development Report2015
 7thAmericas
5thLatin America/ Caribbean
Literacy1774thWorldwideUnited Nations Development Programme Report2007/2008
Networked Readiness Index14339thWorldwideWorld Economic Forum’s Global Information Technology Report2015
2ndLatin America/ Caribbean
Regulation of Securities Exchanges13856thWorldwideGlobal Competitiveness Report2016/2017
11thLatin America/Caribbean
Soundness of Banks13824thWorldwideGlobal Competitiveness Report2016/20177
4thLatin America/ Caribbean
Transparency17517thWorldwideTransparency International’s Corruption Perceptions Index2014
1stLatin America/ Caribbean

Updated: October 6, 2016

1 This demonstrates the relationship between economic freedom and positive social and economic values.

2 The Human Development Index (HDI) combines a number of indexes: life expectancy, literacy, educational attainment, and GDP per capita for countries worldwide. It is a measurement of a country’s development.

Source: Invest Barbados