For that indicator, we provide data for Barbados from 1990 to 2022. The average value for Barbados during that period was 15145.23 U.S. dollars with a minimum of 12710.42 U.S. dollars in 1992 and a maximum of 17405.89 U.S. dollars in 2008.
The latest value from 2022 is 15106.78 U.S. dollars. For comparison, the world average in 2022 based on 177
countries is 22409.60 U.S. dollars.
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GDP per capita in Barbados and other countries is calculated as the Gross Domestic Product (GDP) divided by the population.
We show the GDP per capita in Purchasing Power Parity (PPP) terms, i.e. we calculate the GDP per capita in different countries using U.S. prices. The PPP measure is useful to compare income across countries. It allows us to answer the following question: 'What can the average person in some country buy if they paid U.S. prices?'
Moreover, we use constant prices. Using the prices from only one year allows us to compare GDP per capita over time as the effect of inflation is eliminated. Otherwise, we are not sure if the increase in GDP is due to price increases or to a growth in production.
GDP per capita varies considerably across countries. In advanced economies, it exceeds 35,000 dollars per year. In some very poor countries, it is less than 1000 dollars per year.
Definition: GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2011 international dollars.