| Page 3 of 5 | |||||||||
| Barbados | |||||||||
| Article Outline | |||||||||
|
Introduction;
Land and Resources;
People;
Economy; Government |
|||||||||
|
|
Map of Barbados |
||||||||
| Economy | |||||||||
|
The economy of Barbados traditionally relied on growing sugarcane; processing it into refined sugar, molasses, and rum; and exporting these sugarcane-derived products. However, by the 1970s tourism had become far more important to the economy. In the 1980s and 1990s the government sought to further diversify the economy by encouraging foreign financial institutions to establish operations in Barbados and by creating a favorable environment for the establishment of new manufacturing industries. The gross domestic product (GDP) for Barbados was $2.80 billion in 2004, or $10,400 per person, one of the highest per capita GDPs in Latin America. GDP is a measure of the value of all goods and services a country produces |
|||||||||
|
|
Agriculture |
||||||||
|
The agricultural sector, historically the backbone of the economy, is today small, contributing along with forestry and fishing 5.4 percent of GDP and employing about 5 percent of the labor force. Sugarcane remains the leading crop of Barbados, although annual production has steadily declined since the 1960s due largely to low prices and production inefficiencies. Many growers have sold their land for housing or tourism developments. The sugarcane harvest in 2005 totaled 430,000 metric tons. Other crops include vegetables and fruit grown primarily for local use. Fishing has increased in importance. |
|||||||||
| Manufacturing | |||||||||
|
In addition to processing sugarcane and other locally grown farm products, manufacturing plants in Barbados produce paper products, furniture, chemicals, clothing, and household appliances. Computer components and building materials are also manufactured, and an oil refinery in Bridgetown processes petroleum. |
|||||||||
| Services Tourism | |||||||||
|
Service industries, including tourism, are the most important sector of the economy of Barbados. They account for nearly three-fourths of the GDP and employ more than half of the workforce. Many international companies have registered in Barbados, and their operations contribute revenue to the local economy. Many North American firms, most notably insurance companies and airlines, employ well-educated Barbadians to enter data into computerized records. |
|||||||||
|
Tourism is a major contributor to GDP and a major employer on Barbados. Most tourists stay on the southern and western coasts. A large number of visitors come from the United States, Canada, and the United Kingdom. In addition, cruise ships dock at a terminal in Bridgetown. |
|||||||||
| Currency and Trade | |||||||||
|
In 1972 a central bank was established and a new unit of currency adopted, the Barbados dollar (2 Barbados dollars equal U.S.$1; 2004 average). The bank of issue is the Central Bank of Barbados, founded in 1972. Barbados imports more goods than it exports, yet in most years its foreign earnings from services in tourism, finance, and data entry enable it to achieve a surplus in its account balance. Budget revenues in fiscal year 2004 totaled $1,229 million; expenditures were $966 million. Barbados is a member of two free-trade organizations, the Caribbean Community and Common Market (CARICOM) and the Association of Caribbean States (ACS). The establishment of these organizations created a wider market for Barbadian goods. |
|||||||||
| Previous I 1 I 2 I 3 I 4 I 5 I Next | |||||||||
|
|
||
|
|
||
|
Home • Crop Over • Dictionary • News • Music • About Us • Photo Gallery • Downloads • Contact Us • Advertising Sister Site: I cropovercarnival.com I © 2008 Bajanfuhlife LLC. All right reserved. |
||
2008 Copyright © Bajanfuhlife.com Use of this web site constitutes acceptance of the Bajanfuhlife.com User Agreement
and
Privacy Policy.
Designated trademarks and brands are the property of their
respective owners.
:::RSS Sindicate:::
I BLOG I
PHOTOS I
EVENTS I
Help us continue
to improve Bajanfuhlife.com
-
Send
Us Your Suggestions
|
