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Barbados

Capital Bridgetown
Area Sq Km 430
Area Sq Miles 166
Population 276, 600
Languages English, Creole
Religions Protestant, Roman, Catholic
Currency Dollar
National Day

Barbados

Economy Overview
TheBajan economy traditionally relied on sugar production, but persistently lowworld market prices forced the Government to promote economic diversification.Most effort has been concentrated in tourism, which is now the largest employeron the island and continues to show steady growth. Cotton, flowers and plantsare being developed as export products. New light industral projects, such aselectronic components, have fared less well, mainly as a result of fallingdemand in the USA, the principal export market. The island's other importantindustry is oil. Two-thirds of offshore output is exported, with the remainderassigned for domestic consumption. Exploration activities have been intensifiedsince the mid-1990s. In the service sector, Barbados has developed an'offshore' financial industry which now accounts for 15 per cent of GDP.However, in June 2000, Barbados was identified by the Organisation for EconomicCooperation and Development (OECD) as one of 35 'tax havens' whose financiallaws are believed to encourage large-scale tax evasion and money-laundering. Ithas until 2005 to tighten its regime or face sanctions. Barbados receives someoverseas aid from British and American sources and is a member of the Caribbeaneconomic community, CARICOM, which has boosted regional trade. The island has agood transport and communications infrastructure which should assist futureeconomic development. The main trading partners are the USA, the UK and theother CARICOM nations.
Government
TheBritish monarch is head of state and is represented in Barbados by aGovernor-General who is advised by the Cabinet and appoints the Prime Minister.The legislature comprises the Governor-General, a 21-member Senate and the28-strong House of Assembly, members of which are elected by universal adultsuffrage for terms of up to five years.

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