Barbados: Taxes on goods and services (current LCU)

Key figures

What the numbers say

In 2016, Barbados' taxes on goods and services (current LCU) rose 7.4% on 2015 (from 1.23 billion to 1.32 billion).

Across the 12 yearly changes before that (2004 to 2015), the average change was +4.7% and a typical year strayed about 10.5% from that (the standard deviation). This year's change was 0.3 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 19.2% in 2011 and the biggest yearly fall was 10.9% in 2012. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2007 to 2016 the straight-line trend is upward, about 20.12 million a year. A straight line explains 36% of the movement over 10 observed years.

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

Closest to Barbados in the 2016 ranking

• Sudan — 1st of 2: 34.6 billion

What this measures

General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 14 values

Taxes on goods and services (current LCU) in nearby economies

• Argentina — 31.34 trillion (2024)
• Bahamas, The — 1.8 billion (2024)
• Belize — 533.03 million (2017)
• Brazil — 633.74 billion (2024)
• Chile — 31.92 trillion (2024)
• Colombia — 122.84 trillion (2024)
• Costa Rica — 3.65 trillion (2024)
• Dominican Republic — 620.9 billion (2024)
• Ecuador — 7.58 billion (2022)
• El Salvador — 3.98 billion (2024)

More public sector data for Barbados

• Intentional homicides (per 100,000 people) — 7.44 (2023)
• Intentional homicides, female (per 100,000 female) — 0.68 (2023)
• Intentional homicides, male (per 100,000 male) — 14.77 (2023)
• Armed forces personnel, total — 1,000 (2020)
• Armed forces personnel (% of total labor force) — 0.69% (2020)
• Statistical performance indicators (SPI): Pillar 1 data use score (scale 0-100) — 80 (2024)
• Statistical performance indicators (SPI): Pillar 3 data products score (scale 0-100) — 53.64 (2024)
• Net investment in nonfinancial assets (current LCU) — 126.37 million (2016)
• Net investment in nonfinancial assets (% of GDP)

Reading data like this

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Questions people ask

What is Barbados's taxes on goods and services (current LCU)?

1.32 billion in 2016, according to the World Bank (World Development Indicators).

How has it changed since 2003?

It is up 76.96% from 744.57 million in 2003 (4.49% a year on average, compounded). The highest value was 1.32 billion in 2016 and the lowest 744.57 million in 2003.

Is the latest change in taxes on goods and services (current LCU) unusual for Barbados?

In 2016, Barbados' taxes on goods and services (current LCU) rose 7.4% on 2015 (from 1.23 billion to 1.32 billion). Across the 12 yearly changes before that (2004 to 2015), the average change was +4.7% and a typical year strayed about 10.5% from that (the standard deviation). This year's change was 0.3 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: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).

Source

World Bank, World Development Indicators, indicator GC.TAX.GSRV.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) 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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