Barbados Business

By | March 3, 2021

According to commit4fitness, Barbados is a small Caribbean island nation that is known for its tourism industry. It has a vibrant economy that is driven by tourism, finance and business services, international trade, manufacturing and agriculture. Barbados also has an established offshore financial sector and is a popular destination for international businesses looking to set up operations in the country. Tourism is the largest contributor to Barbados’ economy and the country attracts millions of visitors each year, who come to enjoy its tropical climate and beautiful beaches. The government of Barbados has invested heavily in infrastructure projects such as roads and bridges which have helped to improve access to tourist attractions across the island. Additionally, Barbados’ banking system is highly sophisticated and offers a wide range of services including wealth management, private banking and asset management.

According to abbreviationfinder, BB is the 2 letter abbreviation for the country of Barbados.


Sugar production has traditionally been the mainstay of the island’s economy, and half the area is covered by sugar plantations. However, during the 1960s, sugar was replaced by tourism as the main source of income. The tourist facilities, which have raised major land claims, have also had sugar cultivation gradually decline. The service industries account for most of the employment and are heavily dependent on tourism.

Gross Domestic Product (GDP) of Barbados

The industry is dominated by the production of food and textiles. There are some natural gas and oil deposits as well as an oil refinery.

Both sugar and tourism are cyclically sensitive sources of income. Declines in world market prices and the tourist flow have hit the country’s economy hard in the last decade and have caused constant high unemployment. The government has tried to encourage the cultivation of other crops such as cotton and vegetables, and has sought to make the industry more versatile through, among other things, subsidies to foreign companies that establish themselves in the country. According to Countryaah, the economy is heavily dependent on imports, and foreign trade shows a deficit, which is to some extent covered by tourism income, money from the many emigrants and foreign aid.

BARBADOS. – Island of the West Indies, located at about 59 ° 37 ′ long. O. and 13 ° 4 ‘lat. N. about 34 km long. and 431 sq km wide. The population was calculated at 198,588 residents in 1901 and 169,385 in 1926. The structure of this island, which is an eastern outpost of the Antilles has aroused much interest, as the coral limestone rises in some places up to 335 meters above sea level and the living coral formations surround it largely extending up to more than 4 km. from the coast. Under this limestone there are oceanic deposits, such as globigerine and radiolarî muds, as well as red clays, all formations of deep water. Below these, there are still folded layers, at the edges of which oceanic formations have deposited. These folded layers are carboniferous and in some places contain petroleum and anthracite. The temperature of the island is relatively mild, compared to latitude, and oscillates between 18 ° and 30 ° with prevailing rains in the hot season (June-October), which reach an average of 1500 mm per year. The island is frequently damaged by cyclones (memorable those of 1780, 1831, 1898).

The island of Barbados is an important transit site (Bridgetown has about 20,000 residents), a traffic center for all the West Indies.

Barbados is one of the most densely populated islands in the world, averaging 394 residents. per sq. km. About 10% of the residents is given by Whites, while the remainder is made up of Negroes and black people, who form a very distinct group by type and dialect. The soil, which is fertile, has been producing sugar since the 10th century. XVII and the irregular supply of beets during the war of 1914-18 favored the production of Barbados to such an extent that in 1924 the export rose to a value of 1,500,000 pounds of sugar and derivatives; a certain amount of cotton was also exported. Most of the products go to Canada.