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Barbados
Quick Facts
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Government
- Governor General - Sir Clifford HUSBANDS
- Prime Minister - David THOMPSON
- Minister in the office of the Prime Minister - Sen. Maxine P.O. McCLEAN
- Min. of Agriculture & Rural Development - Haynesley BENN
- Min. of Community Development and Culture - Steve D. BLACKETT
- Min. of Education and Human Resources Dev. - Ronald D. JONES
- Min. of Family, Youth Affairs, Sports and the Environment - Dr. Esther BYER-SUCKOO
- Min. of Finance, Economic Affairs & Developement, Labour, Civil Service and Energy - David THOMPSON
- Min. of Foreign Affairs, Foreign Trade and International Business - Christopher P. SINCKLER
- Min. of Health, National Insurance and Social Security - Dr. David ESTWICK
- Min. of Home Affairs - Freundel STUART
- Min. of Housing and Lands - Michael A. LASHLEY
- Min. of Social Care, Constituency Empowerment and Urban Development - Dr. Denis S. LOWE
- Min. of Tourism - Richard L. SEALY
- Min. of Trade, Industry and Commerce - E. George HUTSON
- Min. of Transport, Works and International Transport - John D. E. BOYCE
- Min. of State for Foreign Affairs & Foreign Trade and International Business - Donville INNISS
- Min. of State for Finance, Economic Affairs & Developement, Labour, Civil Service and Energy - Darcy BOYCE
- Min. of State for Finance, Economic Affairs & Developement, Labour, Civil Service and Energy - Arni WALTERS
- Min. of State for Social Care, Constituency Empowerment and Urban Development - Patrick TODD
- Attorney General - Freundel STUART
- Governor, Central Bank - Marion WILLIAMS
- Ambassador to the US - Michael KING
- Permanent Representative to the UN, New York - Christopher HACKETT
Public Holidays: New Year's Day (01 January); Errol Barrow Day (21 January); Good Friday, Easter Monday, National Heroes Day (28 April), Labour Day (01 May); Whit Monday (01 June); Emancipation Day (01 August); Kadooment Day (First Monday in August); Independence Day (30 November); Christmas Day (25 December); Boxing Day (26 December). Holidays that fall on a Sunday are observed the following Monday
Economic Development
Economic Survey of the Caribbean 2007-2008
The survey provides an overview of the economic performance of countries of the Caribbean Development and Cooperation Committee (CDCC) for the year 2007 and their outlook for 2008. The last chapter presents country briefs with the main macroeconomic developments in 2007 and the outlook for 2008.
In 2007, Barbados recorded an overall GDP growth rate of 3.2%, driven once more by a solid performance in the services sector namely tourism and financial services. The unemployment rate, after six years of consecutive growth commensurately fell at its lowest recorded level to reach 7.4%. Inflation was at its lowest in three years at 4% despite a context of high food and oil prices.
The external sector registered a boom on the capital and financial account due to strong net capital flows that resulted in a balance of payments surplus of 8% of GDP and an increase in net international reserves by more than 30%. Ongoing concerns, however, remain with respect to persistent deficits on the current account, set at 7% of GDP in 2007, and the containment of the overall fiscal deficit.
The latter is set to be above the 2.5% target to reach 3.5% of GDP in fiscal year 2007-2008. Concurrently the maintenance of government debt to around 76% of GDP and the ongoing poor performance of other foreign exchange earning sectors outside tourism and financial services could pose challenges in a context of future liberalization on sustainability of the peg will be a key objective in the future. Following lower public sector demand and a likely decrease in tourism demand from the United States, the economy is expected to grow by 2.7% in 2008.
The new government of the Democratic Labour Party, elected in January 2008 and led by David Thomson, is committed to follow broad economic policy continuity with a focus on the rising cost of living in Barbados.
Domestic Economic Review for the First Half of 2008
According to the Barbados Budget Prosposal 2008, mirroring the global slowdown, growth in the Barbadian economy slowed to an estimated 1.8% during the first six months of 2008, in comparison to the 4.2% average rate of expansion registered in the corresponding periods between 2004 and 2007.Lower rates of growth in both the traded and non-traded sectors contributed to this outturn.
Average output in the non-traded sectors, the main engine of growth from 2005, grew by approximately 2.0%, substantially below the average first-half expansion of 5.1% recorded between 2005 and 2007.
Real output in the traded sectors expanded by an estimated 1.1%, compared with the 2.4% increase one year earlier, reflecting declines in manufacturing output and sugar production, as well as a moderation in tourism value-added. The 2008 sugar harvest yielded approximately 31,600 tonnes of sugar, some 2,300 tonnes less than the 2007 crop year.
The reduction in tourism output growth, from 3.1% in the first half of 2007 to an estimated 2.7% during the review period, came as April tourist arrivals returned to pre-CWC 2007 levels, leading to a sharp decline in the second quarter of 2008. This was partially offset by a double-digit expansion in the first quarter, as arrivals remained strong despite the slowdown in Barbados’ major source markets during the period.
The Report 'Towards A Single Development Vision and the Role of the Single Economy' by Norman Girvan, UWI. 2007, is meant to provide a vision for the development of the Caribbean Community to which all stakeholders can give their support. It serves as the
basis for decisions by the Heads of Government on a ‘road map’ for the further
implementation of the Caricom Single Market and Economy.
Main Source:Economic and Financial Policies of the Government of Barbados 2007, Review of the Economy for 2006, Economic and Financial Statistics February 2007
Link:Central Bank Economic Press Releases
The high levels of publicity and exposure of the World Cup 2007 precipitated into large increases in the construction sector (moving from 2.8% to 13.4% in 2005). Other sectors that played a supporting cause were, agriculture (rising from -5.7% in 2004 to 3.5% in 2005) and light manufacturing (increasing marginally by 1%in 2005). In light of the emergence of these industries, the country’s economic advancement could have been predicted, yet, due to negative growth in the countries main source of income (Tourism) economic growth fell by a near percentage point in 2005.
Estimates for Three Quarters of 2006
Estimations by the Central Bank of Barbados indicate that tourism output for the first three quarters has increased to 1.9% compared to the -3.1% in 2005. The construction sector expanded by a further 9.5%, and with the increasing interests of foreign investment in offshore financing or international businesses, the economy is developing another sector that assists in Barbados’ output. In three quarters, economic growth stood at 3.7%, and the Barbados economy is forecasted to grow between 3.5% and 4% in 2006 propelled by the budding construction sector.
The Financial Sector
Statistics show 224 new licences were awarded to international business and financial services firms, compared to 218 in the corresponding period of 2005. Of the new licences, 180 were issued for international business companies, 40 to societies with restricted liability and 4 to exempt insurance companies. Statements from Moody’s Investment Services, one of the most respectable country analyst, points to Barbados’ economy as being most vulnerable in their Financial Services Sector. The deterioration of vulnerability started in 2001, where foreign money is easily withdrawn from the Finance sector, unlike in other countries where the foreign dollars are in the highly speculative investment arena.
Social Development
Barbados currently ranks 31st in the UN Human Development Index. This is the top rank in the Caribbean. Barbadians enjoy a high quality of life. The National Strategic Plan 2005-2025, is the country’s development strategy that incorporates the objectives of the Millennium Development Goals. It is the country’s blueprint for becoming a developed society by 2025.
THE NATIONAL STRATEGIC PLAN OF BARBADOS 2005-2025
Global Excellence, Barbadian Traditions.
The National Strategic Plan of Barbados 2005–2025: Global Excellence, Barbadian Traditions provides the blueprint for the realisation of Barbados’ vision of becoming a fully developed society that is prosperous, socially just and globally competitive by the end of the first quarter of this century.
The Plan first presents an economic and social picture of Barbados as it sets out on its journey. This picture, sketched from the last twelve years, shows a Barbados that has achieved remarkable economic and social progress. One defining indicator of this performance is its 29th ranking among all countries in the world in the United Nations Human Development Report 2004 and its designation as a leading developing country.
This picture further highlights Barbados’ strengths, weaknesses, opportunities and threats. The analysis supports the firm conclusion that Barbados can secure its desired place in the world as a fully developed society that is prosperous, socially just and globally competitive.
Source: Barbados. Min. of Finance & Economic Affairs
2005 Country Reports on Human Rights Practices (Western Hemisphere)
All men and women desire and deserve to live in dignity and liberty. As President Bush said: "The advance of freedom is the great story of our time." Promoting human rights and democracy is a worldwide phenomenon and there is a growing global discussion of democracy and the universal values protected by democratic governance.
By defending and advancing human rights and democratic principles, we keep faith with our country’s most cherished values and lay the foundation for lasting peace. Fulfilling the promise of the United Nations Universal Declaration of Human Rights and building vibrant democracies worldwide will take generations, but it is work of the utmost urgency that cannot be delayed. Source: US Department of State
Education
Environment
A Global Report REDUCING DISASTER RISK: A CHALLENGE FOR DEVELOPMENT 2004
The Report addresses four key questions: - How are disaster risks and human vulnerability to natural hazards distributed globally between countries ? - What are the development factors and underlying processes that configure development? - H ow can appropriate development policy and practice contribute to the reduction of disaster risks? - How can disaster risk assessment be enhanced in order to inform development policy and practice?
The Disaster Risk Index (DRI),which is presented as the centrepiece of this Report, is a first step in addressing these questions.The DRI provides the first global assessment of disaster risk factors through a c o u n t ry - b y - c o u n t ry comparison of human vulnerability and exposure to three critical natural hazards :earthquake, tropical cycl ones and flooding, and the identification of development factors that contribute to risk. Volcanic eruption is important internationally, but lacks sufficient data for analysis at this time (see Technical Annex).
Similarly, the development of a drought DRI revealed a series of unresolved methodological and conceptual challenges, which imply that its results do not yet have the required degree of confidence. Nevertheless, the e x p l o ra t i on of these ch a llenges in itself prov i d e s important insights into drought risk and vulnerability and is presented in the Report as a work in progress. Reliance on internationally available data and the use of human deaths as a proxy for disaster losses meant that certain types of disasters were excluded from the model. An example of this is fire, which can cause widespread damage with few deaths.
Source:UNDP
Health
The publication serves to display the extensive availability of detailed mortality data in countries of the Americas. It also highlights the importance of addressing deficiencies in data coverage and quality in order to improve the reliability and usefulness of registered mortality information. Despite improvements over the years, much more needs to be done to strengthen the civil registration and vital statistics systems in countries where they are deficient. The Pan American Health Organization gratefully acknowledges the continued cooperation and support of its Member States in providing this information for dissemination. I am confident that this information can contribute toward health situation analyses used by policymakers to make decisions that improve the health of the populations of the Americas.
Legislation
Statistics
ICT Profile
| POLICY STATEMENTS
Barbados' Information Society Country Profile. ECLAC, September 2006. A nation with a population of less than 300,000, facing global competition on all sectors and major regional transformations, Barbados has chosen to be ready for an ever changing world and is betting its future on:
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Barbados' Information Technology Indicators Study |
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This portal provides online government services which can be accessed on a 24 hour basis from anywhere in the world. In its initial phase, the portal will provide e-services where land tax can be calculated online, polling district information can be accessed and taxi fares for specific destinations can be determined. In the future, the portal is expected to expand its services to include; payment of drivers' licenses and permits, as well as application for and payment of registration of birth, death and baptism certificates. |
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| ICT INDICATORS collected by Statistical Offices |
More Information
Committed to ICT development
By Patricia Thangaraj
COUNTRIES who have placed Information and Communications Technology (ICT) at the top of their agenda, have managed to achieve financial, cultural and social progress. This has encouraged the Government of Barbados to develop initiatives that will allow the island to take part in IT initiatives and ensure that they can make the industry more innovative.
Source:The Barbados Advocate
Launch of new CaribVision, Friday, August 4, 2006
BRIDGETOWN, Barbados:
The Barbados-based Caribbean Media Corporation (CMC) has launched its Caribbean channel, CaribVision
Source:Caribbean Net News
Caribbean tourism accommodations sector undertakes study
Wednesday 22nd February 2006
The Caribbean Hotel Association and PRO INVEST, an agency of the Centre for Development Enter-prise of the European Union, announced the launch of a research study to gauge how much the Caribbean tourism accommodation sector spends on locally-provided goods and services, including its tax contribution to governments.
Source:The Barbados ADVOCATE
Top Central Bank official offers small business owners advice
Wednesday 15th February, 2006
JEFFERSON Reeves, Director of Foreign Exchange and Export Credit at the Central Bank of Barbados, offered a number of comprehensive platforms which small businesses in Barbados should hold to bring consistent development to their companies.
The ability of small businesses to keep proper records was one of the major concerns explained by Reeves, in his remarks on the small business sector at the recent National Small Business Awards Launch.
Source:The Barbados ADVOCATE
Key Documents
Up one level- A look at inward foreign direct investment (FDI) transactions for Barbados
- Impact of changes in the European Union import regimes for sugar, banana and rice on selected CARICOM countries: LC/CAR/L.168
- AN ASSESSMENT OF THE AGRI-FOOD DISTRIBUTION SERVICES INDUSTRY IN CARICOM
- Economic Survey of Latin America and the Caribbean 2007-2008
- Central Bank of Barbados Economic Review September 2008
- IMF Executive Board Concludes 2008 Article IV Consultation with Barbados
- ADDRESS BY THE RT. HON. OWEN ARTHUR PRIME MINISTER AT THE OPENING SESSION OF THE NATIONAL ECONOMIC CONSULTATION SHERBOURNE CONFERENCE CENTRE
- Toward a Caribbean Vision 2020: A Regional Perspective on Development Challenges, Opportunities and Strategies for
- Barbados Budget Prosposal 2008
- Barbados Economic and Financial Policies.
- Economic and financial policies of the Government of Barbados. Preented by Rt. Hon. Owen Arthur Minister of Finance
- Economic and Financial Policies of the Government of Barbados
- CTO. Latest Tourism Statistics for the Caribbean 2008
- Economic Survey of the Caribbean 2007-2008
- Green paper on telecommunications sector policy. Government of Barbados. 20 December 2000.
- Assessment of the Telecommunication Services Sector in CARICOM: Convergence Issues at the Regional and International Level
- Towards a Single Economy and a Single Development Vision
- CARIBBEAN CONNECT: A HIGH LEVEL SYMPOSIUM ON THE CARICOM SINGLE MARKET 28 - 30 June, 2006, Sherbourne Conference Centre, Two Mile Hill, St. Michael, BarbadosND ECONOMY.
- The National Strategic Plan of Barbados: Global Excellence, Barbadian Tradition. 2005-2025
- Trade Integration in the Americas
Bibliography
Up one level- Oils and Fats Agreement 1963-1966
- The Impact of Globalization on the Caribbean Sugar and Banana Industries
- CARIFORUM and European Union: Caribbean Agriculture & Fisheries Programme (CAFP)
- Barbados: Crop Over Festival
- THE CULTURAL INDUSTRIES IN CARICOM: TRADE AND DEVELOPMENT CHALLENGES
- Strategies adopted by Caribbean Family Planning Associations to Address Declining International Funding
- Draft of The Barbados National Anti-Drug Plan 2002 - 2007
- Foreign Investment in Latin America and the Caribbean 2007
- Central Bank of Barbados Working Papers 2005
- Barbados Economic Press Releases from the Central Bank of Barbados from 1998 - 2007
- Select List of Barbados Economic and Financial Statistics
- Central Bank of Barbados Annual Report 2006
- The World Economic Outlook. 2008
- BIDC (the Barbados Investment and Development Corporation) - the right climate for business
- Challenges and Opportunities: The IMF and the Caribbean: Address by Shigemitsu Sugisaki, Deputy Managing Director of the International Monetary Fund At the High Level Seminar on the Caribbean St. Peter, Barbados, February 8, 2000
- Latin America and the Caribbean in the World Economy 2006. Trends 2007
- Economic and financial policies of government presented by the Rt. Hon. Owen Arthur Prime Minister and Minister of Finance and Economic Affairs, Barbados. August 8, 2001
- National emergency Economic and Financial Programme (NEEFP), Barbados. Ministry of Economic Development. October 29, 2001
- Financial statement: economic and financial policies of government. Presented by Owen Arthur, Prime Minister and Minister of Finance and Economic Affairs. Barbados. October 22, 2002.
- Barbados budget 2002/2003: executive overview