The Business Barbados Fast Facts Guide

About Barbados

Location

Barbados, the most easterly of the Caribbean islands, is located to the east of the Windward islands and 460 km (285.7 miles) northwest of Venezuela. By air it is about 4.5 hours from New York, 5 hours from Toronto and 8 hours from London. The island’s geographic location makes it very convenient for doing business with North America.

Climate and Geography

The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336 m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy.

The Government

Settled in 1627 by the British, Barbados remained a British colony until its independence on November 30, 1966. A member of the British Commonwealth, Barbados’ constitution is based on the British style of parliamentary democracy, with elections being held every five years. The island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for over 375 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. The Governor General, who represents the British Monarch, is Head of State while executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament.

Legal System

The legal system is derived from English common law and statutes. The courts administer the laws of Barbados, which consist solely of local legislation. The judicial system comprises a lower Magistrates court and the Supreme Court, which includes a Court of Appeal and a High Court. The Attorney General is responsible for the administration of the legal and judicial system. In February of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Court of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian courts is to the CCJ, which is based in Trinidad. Prior to 2005, final appeal was to the Privy Council in England.

Population And Labour Force

The resident population of Barbados is estimated at 273,824 at the end of second quarter for 2018 . The ethnic mix consists of 93% of

Facts At A Glance

Land Area

Population (July 2016 est.)

Time Zone

Capital City

Currency Language

Literacy

Life Expectancy at Birth (years)

Country Phone Code

Unemployment (2016P)

Labour Force (2016P)

Exchange Rate (BB$ to US$)

Major Industries

Principal Exports

Principal Imports

Major Trading Partners

431Km/166sq. miles

273,824

EST +1/0; GMT-4/ -5 *

Bridgetown

Barbadian Dollar

English

99.7%

75.7 years

246 10.0%

144, 300

2:1

Tourism, Financial Services, Agriculture, Light manufacturing

Tourism, Financial Services, Sugar, Rum, Chemicals, Electrical Components

Machinery, Food and Beverages, Construction Materials

USA, Canada, Caricom**, Japan, UK

**Barbados is a founding member of the Caribbean Community and Common Market (CARICOM). Other member States are Antigua and Barbuda, The Bahamas, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts-Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Haiti (July 2002).

African descent, 3.2% European, 2.6% of mixed race and 1% East Indian. The population density is high, with 85% of the population living in urban areas.

Barbados’ high standar d of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. The labour force is estimated at 144,300. The Central Bank of Barbados Economic Review for January to June 2018 stated that the twelve-month moving average unemployment rate ending August 2018, remained on par with the average for the comparable 2017 period at 10%.

The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay.