Barbados in brief

Geography, Population and Language
The most easterly of the Caribbean islands, Barbados is located 13 degrees north of the Equator, on the south eastern border of the Caribbean Sea. It is a compact one hundred and sixty six square miles, with a population of 260,000 persons. English is the official language.

Government
Barbados became a sovereign state in 1966, and has continued its tradition of responsible, democratic, parliamentary government in the British tradition. The island continues to maintain its reputation for political stability.

Economic background
Barbados is a member state of the Caribbean Community (CARICOM), an economic grouping of Caribbean territories. With its per capita income of approximately USD$7,000 in 2004, Barbados is rated as one of the wealthiest nations of this grouping.

Activity within the national economy has been steadily increasing, with the principal engine of growth being the tourism sector.

Business transactions remain relatively unaffected by the nominal/low rate of inflation which exists.
The island, which has a strong investment culture, has attracted many foreign companies and investors.

Currency
The currency used is the Barbados dollar. It is linked to the United States dollar at the official exchange rate of USD$1=BDS$2.