Barbados Rebases GDP to 2023 Base Year

Barbados Statistical Service has completed a rebasing of the national accounts, updating the base year for Gross Domestic Product from 2016 to 2023. Rebasing improves the accuracy and relevance of GDP estimates by reflecting more recent prices, production patterns, and data sources.

Rebasing is a standard statistical practice used by national statistical offices worldwide to ensure that GDP estimates remain representative as economies evolve. Barbados has undertaken similar exercises in the past, with GDP base years revised from 2000 to 2010, then to 2016, and now to 2023. These revisions are typically published with a lag to allow for the compilation of benchmark data and the application of updated methodology. The 2000 base year GDP was published in 2007, the 2010 base year in 2017, the 2016 base year in 2024, and the 2023 base year in 2025.

The 2023 rebasing incorporates updated price weights, expanded coverage of economic activities, and improved volume indicators. The work benefited from technical assistance from the International Monetary Fund Statistics Department and the Caribbean Regional Technical Assistance Centre.

Rebasing the GDP from base year 2016 to 2023 increased the previously estimated size of the economy in 2023 by 7.5%. The rebased GDP series provides a more accurate measure of the size and structure of the Barbadian economy and should be used for official statistical reporting and analysis going forward.

For further details, the updated GDP tables may be accessed on the Barbados Statistical Service website or directly from the office.