Compare Barbados (2008) - Barbados (2007)

Compare Barbados (2008) z Barbados (2007)

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	Barbados (2008)	Barbados (2007)

Economy - overview	Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, production in recent years has diversified into light industry and tourism, with nearly three-quarters of GDP and 80% of exports being attributed to services. Growth has rebounded since 2003, bolstered by increases in construction projects and tourism revenues - reflecting its success in the higher-end segment. The country enjoys one of the highest per capita incomes in the region and an investment grade rating which benefits from its political stability and stable institutions. Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises.	Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners. The government continues its efforts to reduce unemployment, to encourage direct foreign investment, and to privatize remaining state-owned enterprises. The economy contracted in 2002-03 mainly due to a decline in tourism. Growth was positive in 2005-06, as economic conditions in the US and Europe moderately improved.
Exchange rates	Barbadian dollars per US dollar - NA (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)	Barbadian dollars per US dollar - 2 (2006), 2 (2005), 2 (2004), 2 (2003), 2 (2002)
Executive branch	chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor General Sir Clifford Straughn HUSBANDS (since 1 June 1996) head of government: Prime Minister David THOMPSON (since 16 January 2008) cabinet: Cabinet appointed by the governor general on the advice of the prime minister elections: none; the monarch is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed prime minister by the governor general; the prime minister recommends the deputy prime minister	chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor General Sir Clifford Straughn HUSBANDS (since 1 June 1996) head of government: Prime Minister Owen Seymour ARTHUR (since 7 September 1994); Deputy Prime Minister Mia MOTTLEY (since 26 May 2003) cabinet: Cabinet appointed by the governor general on the advice of the prime minister elections: none; the monarch is hereditary; governor general appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed prime minister by the governor general; the prime minister recommends the deputy prime minister
Exports	1,666 bbl/day (2004)	NA bbl/day
Exports - commodities	manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components	sugar and molasses, rum, other foods and beverages, chemicals, electrical components
GDP - real growth rate	4% (2007 est.)	3.5% (2006 est.)
Imports	7,071 bbl/day (2004)	NA bbl/day
Inflation rate (consumer prices)	5.5% (2007 est.)	-0.5% (2003 est.)
International organization participation	ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ISO, ITSO, ITU, ITUC, LAES, MIGA, NAM, OAS, OPANAL, OPCW, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO	ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ISO, ITSO, ITU, ITUC, LAES, MIGA, NAM, OAS, OPANAL, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
Legislative branch	bicameral Parliament consists of the Senate (21 seats; members appointed by the governor general - 12 on the advice of the Prime Minister, 2 on the advice of the opposition leader, and 7 at his discretion) and the House of Assembly (30 seats; members are elected by direct popular vote to serve five-year terms) elections: House of Assembly - last held 15 January 2008 (next to be called in 2013) election results: House of Assembly - percent of vote by party - DLP 52.5%, BLP 47.3%; seats by party - DLP 20, BLP 10	bicameral Parliament consists of the Senate (21 seats; members appointed by the governor general) and the House of Assembly (30 seats; members are elected by direct popular vote to serve five-year terms) elections: House of Assembly - last held 21 May 2003 (next to be held by May 2008) election results: House of Assembly - percent of vote by party - NA; seats by party - BLP 23, DLP 7

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