Barbados: Services, value added (annual % growth)

Key figures

Over five years it is up 3.54 percentage points from -0.1% in 2019. Since 1976 it is up 2.07 percentage points from 1.37% in 1976.

What the numbers say

In 2024, Barbados' services, value added (annual % growth) rose 1.21 percentage points on 2023 (from 2.22% to 3.44%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.01 percentage points and a typical year strayed about 26.72 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 101.12 percentage points in 2006 and the biggest yearly fall was 91.64 percentage points in 2007. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 8% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Barbados had the 10th highest value of the 26 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Barbados in the 2024 ranking

• Turks and Caicos Islands — 7th of 26: 5.11%
• United Arab Emirates — 8th of 26: 4.92%
• Cayman Islands — 9th of 26: 3.93%
• Timor-Leste — 11th of 26: 3.41%
• Türkiye — 12th of 26: 3.13%
• Suriname — 13th of 26: 2.63%

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Limitations: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 49 values

Services, value added (annual % growth) in nearby economies

• Antigua and Barbuda — 4.04% (2025)
• Argentina — 3.73% (2025)
• Aruba — 6.01% (2023)
• Bahamas, The — 2.04% (2024)
• Belize — 2.93% (2025)
• Bolivia — 0.89% (2024)
• Brazil — 1.82% (2025)
• Cayman Islands — 3.93% (2024)
• Chile — 3.18% (2025)
• Colombia — 3.95% (2025)
• Costa Rica — 4.16% (2025)
• Cuba — -0.05% (2024)
• Dominica — 3.46% (2025)
• Dominican Republic — 2.84% (2025)
• Ecuador — 3.58% (2025)

More economic policy & debt data for Barbados

• GDP (current US$) — US$8.02 billion (2025)
• GDP (current LCU) — 16.03 billion (2025)
• GDP (constant 2015 US$) — US$6.5 billion (2025)
• GDP (constant LCU) — 15.34 billion (2025)
• GDP per capita (current US$) — US$28,365 (2025)
• GDP per capita (current LCU) — 56,730 (2025)
• GDP per capita (constant 2015 US$) — US$23,014 (2025)
• GDP per capita (constant LCU) — 54,263 (2025)
• GNI (current US$) — US$7.69 billion (2025)
• GNI (current LCU) — 15.38 billion (2025)
• GNI per capita (current LCU) — 54,417 (2025)
• GDP (annual % growth) — 2.7% (2025)
• GDP per capita (annual % growth) — 2.64% (2025)
• GNI, Atlas method (current US$) — US$7.65 billion (2025)
• GNI per capita, Atlas method (current US$) — US$27,080 (2025)

Every indicator for Barbados is on the Barbados data page.

Reading data like this

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Questions people ask

What is Barbados's services, value added (annual % growth)?

3.44% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1976?

It is up 2.07 percentage points from 1.37% in 1976. The highest value was 94.71% in 2006 and the lowest -19.48% in 2020.

How does Barbados rank?

10th highest of 26 economies with data for 2024.

Is the latest change in services, value added (annual % growth) unusual for Barbados?

In 2024, Barbados' services, value added (annual % growth) rose 1.21 percentage points on 2023 (from 2.22% to 3.44%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.01 percentage points and a typical year strayed about 26.72 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Where does this data come from?

The World Bank's World Development Indicators, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB).

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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