30 November 2016 - Business View Caribbean
Ministry of Industry, International Bu
and Small Business Developme
Encouraging economic development
Historically, the economy of Barbados was dependent
on agriculture – primarily sugar cane production - with
as much as 60 percent of GDP (Gross Domestic Prod-
uct) attributed to the sugar industry in the mid-1960s.
Barbados gained its independence from Great Britain
in 1966, and, since that time, successive national gov-
ernments have developed a more diversified economy
in order to facilitate the country’s sustainable develop-
ment.
Today, the four main foreign exchange earning sectors
are tourism, international business services, manufac-
turing, and agriculture. The other sectors contributing
to GDP include transportation, storage and communi-
cations, construction, manufacturing, electricity, gas
and water, non-sugar agriculture, mining and quarry-
ing, and sugar.
The Ministry of Industry, International Business, Com-
merce, and Small Business Development was created
to encourage economic development and the improve-
ment of the quality of life of the people of Barbados.
