BARBADOS
ECONOMY |
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Tourism continues to dominate the economy, accounting for more than half of
GDP. Weak tourist arrival numbers since early 2000 have slowed the economy,
however, and pressed the government into a tight fiscal corner. The dual-island
nation's agricultural production is focused on the domestic market and
constrained by a limited water supply and a labour shortage stemming from
the lure of higher wages in tourism and construction work. |
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Manufacturing comprises enclave-type assembly for export with major products
being bedding, handicrafts, and electronic components. Prospects for
economic growth in the medium term will continue to depend on income growth
in the industrialised world, especially in the United States, which accounts
for about one-third of all tourist arrivals. |
