Barbados Business, Taxation and Offshore Information
Barbados Is In The Caribbean And Caricom
Barbados is a sub-tropical island in the Caribbean; it is a member of Caricom, the Caribbean Common Market. Quite densely populated, with just over 288,000 people of mostly African descent on 430 sq km, Barbados is an independent Commonwealth member. It is politically stable; English is the official language; and the Barbadian dollar is fixed against the US dollar at 2:1. The climate is warm and humid; sea breezes compensate for high summer temperatures. GNP/head of USD25,500 (2012) at PPP is reasonable.
One-Crop Economy Has Successfully Diversified
Barbados was mostly a sugar producer but the island has diversified into tourism, manufacturing (with a host of incentives), informatics and financial services. After a bad time in the 1980s, Barbados has grown well in the 1990s, although slowing down in 1998/99. The impact of 9/11 was moderately serious, with the economy contracting slightly in 2002, but rebounding between 2003 and 2008. In the wake of the global financial crises the economy contracted by 5.3% in 2009. It has seen slight growth of 0.2%, 0.6% and 0.7% in 2010, 2011 and 2012 respectively. Unemployment had been reduced from catastrophically high levels to less than 10% but a rise to 11.2% was recorded in 2012. In the last ten years the Government has been business-friendly and economically sound. More »