Published: Monday, 21th October 2024
In this page, you will find a detailed guide on the standard of living in Barbados, covering various aspects such as economy, health system factors, environment, import-export, taxes and finances.
 Indicators  | Barbados  |
|---|---|
Gross Domestic Product (GDP) (2023)  | $6.220 billion USD |
GDP Per Capita (2023)  | 21,442 USD |
GINI Ratio (2023)  | Yet to Update |
Inflation on Consumer Prices (2023)  | 9.79 % anually |
Central Government Debt (2023)  | 146.5 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Barbados is $6.220 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
Indicators | Barbados |
|---|---|
Human Development Index (HDI) (2023)  | 0.809 |
Human Capital Index (HCI) (2023)  | Yet to Update |
Literacy Rate (2023)  | 99.5% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 76.8 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years |
Poverty Ratio (2023)  | Yet to Update |
Unemployment Rate (2023)  | 7.95% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living. This is expressed as a value between 0 and 1. The higher a country's human development, the higher its HDI value.
Indicators | Barbados |
|---|---|
Gross National Expenditure (2023)  | 104.06% of GDP |
Total Health Expenditure (2023)  | 8.09% of GDP |
Research and Development Expenditure (2023)  | Yet to Update |
Government Expenditure on Education (2023)  | 5.13% of GDP |
International Tourism Expenditure (2023)  | 99 million USD |
Number of International Tourists Arrivals (2023)  | 966,000 |
Military Expenditure (2023)  | Yet to Update |
Indicators | Barbados |
|---|---|
Number of Doctors (2023)  | 28.8 (Per 10,000 People) |
Number of Nurses (2023)  | 31.36 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update |
Available Hospital Beds (2023)  | 5.97 (Per 10,000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 93.4% of total Population |
Indicators | Barbados |
|---|---|
Agricultural Land (2023)  | 100 sq km |
Forest Area (2023)  | 63 sq km |
CO2 Emissions (2023)  | 0.27 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100% of total Population |
Access to Internet (2023)  | 85.82% of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.07 Billion cubic meters |
100% of the total Population of Barbados has access to the electricity in their homes.
85.82% of the total Population of Barbados has access to the Internet.
Indicators | Barbados |
|---|---|
Time Required to Start a Business (2023)  | 16 Days |
New Businesses Registered (2023)  | 1,028 (New Businesses) |
New Businesses Registration Density (2023)  | 5.46 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 7.3% of GNI Per Capita |
In the year 2023, 1,028 new businesses got registered in Barbados.
It usually takes 16 days in Barbados to register a new business legally and systematically.
Indicators | Barbados |
|---|---|
Imports of Goods and Services (2023)  | 42.18% of GDP |
Total Fuel Imports (2023)  | 24.8% of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,776 USD |
Time to Import Border Compliance (2023)  | 81 Hours |
Cost to Import Documentary Compliance (2023)  | 150 USD |
Time to Import Documentary Compliance (2023)  | 46 Hours |
Indicators | Barbados |
|---|---|
Exports of Goods and Services (2023)  | 34.28% of GDP |
Total Fuel Exports (2023)  | 8.61% of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 486 USD |
Time to Export Border Compliance (2023)  | 41.38 Hours |
Cost to Export Documentary Compliance (2023)  | 117 USD |
Time to Export Documentary Compliance (2023)  | 48 Hours |
Indicators | Barbados |
|---|---|
Gross National Savings (2023)  | 4.96% of GDP |
Tax Revenue (2023)  | 27.39% of GDP |
Taxes on Exports (2023)  | 0.04% of Tax Revenue |
Taxes on Goods and Services (2023)  | 45.88% of Tax Revenue |
Taxes on International Trade (2023)  | 8.57% of Revenue |
Time to Prepare and Pay Taxes (2023)  | 241 Hours |
Customs and Other Import Duties (2023)  | 9.23% of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living in Barbados.
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