BERT back in action!! by Hanna Tamm

Population

hannat2004 — 2024-02-14 13:15:52 UTC

300k

Economic sectors

hannat2004 — 2024-02-14 13:23:51 UTC

-Dominated by the services sector (tourism)

-Agriculture sector (not fully recovered due the bad weather)

-Industrial sector (rebounded 5% in 2022)

-Private sector (mains low, but has started growing at the low rate of 3.7% in 2022)

GDP

hannat2004 — 2024-02-14 13:25:59 UTC

2022 was GDP 5.7 billion, GDP growth increased from -0.8% in 2021 to 11.3% in 2022 thanks to the recovery of tourism (services sector).

National debt

hannat2004 — 2024-02-14 13:28:13 UTC

7.33 billion in 2023

The BERT act seeks to reduce public debt by 60% of GDP by 2035.

Inflation

hannat2004 — 2024-02-14 13:30:28 UTC

Inflation reached historic high of 9.2% in 2022.

Minimum wage

hannat2004 — 2024-02-14 13:33:14 UTC

Minimum wage has increased by 36% from 2020 to 2022.

Export and import

hannat2004 — 2024-02-14 13:36:19 UTC

The total value of exports in 2021 was 350 million Barbados Dollars. The total value of imports in 2021 was 1.673 million Barbados Dollars. Over 1000 products were exported to 108 countries and over 3500 products were imported from 142 countries.

Unemployment

hannat2004 — 2024-02-14 13:38:06 UTC

Unemployment Rate in Barbados averaged 10.66% from 2008 to 2023.