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Archive for the ‘Business and Economy’ Category

Economy of Barbados

Sunday, July 22nd, 2007

The economy of Barbados is clearly defined by sugarcane cultivation, with the harvest in 2002 totaling to 450,000 metric tons, and the production and export of refined sugar, molasses, and rum. Laying stress on sugarcane cultivation, these plants are widely cultivated on large estates rather. But the government, not wanting to totally depend on sugarcane products, has diversified into other segments like manufacture of clothing, furniture, electrical and electronic equipment, and plastic items. New avenues in petroleum and natural gas are also being exploited by the government. Along with fishing, the government has tried to take tourism to greater heights, with this industry earning more foreign revenue than the sugar industry. But the success of tourism was followed many problems like water pollution from waste disposal by ships, causing damage to surrounding reefs. Barbados is, in fact, a member of two free-trade organizations, the Caribbean Community and Common Market (CARICOM) and the Association of Caribbean States (ACS). The island is well served by roads, of which some 1,475 km are paved. An international airport is located at Seawell in the southeast.

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